Stay tuned and be aware of possible pullbacks in April

As seen in February, when bond yields are rising due to positive factors (strong economic growth rather than Fed rate hikes), stocks can do well in this environment. Despite rising interest rates, the S&P and Nasdaq rose about 5% last month, and global stock markets also hit record highs, with many major global stock indexes hitting record highs, including Germany, France, and Japan. Chip stocks rose sharply, with NVIDIA rising another 30%, AMD rising 20%, Broadcom and TSMC rising 17%. The logic of chip stocks is that the closer they are to the upstream of the AI ​​industry chain, the more they will rise. As for downstream software companies, especially big technology, their performance is average. For example, Google fell by 4% in the past month, Apple fell by 2.4%, Microsoft rose by 3%, and Meta rose by 500 Billions of repurchases rose 27%. Crude oil prices edged higher with WTI approaching $80. The U.S. dollar index rose first and then fell, basically flat. Bitcoin and Ethereum are up nearly 50%.