CNBC Daily Open: A true bull market — it's not Wall Street

S&P 500 closes above 5,600 for the first time. Archegos founder convicted of market manipulation. Tesla is a "meme stock."

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Traders work the floor of the New York Stock Exchange on July 25, 2023, in New York City. Angela Weiss | AFP | Getty Images This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are.

Like what you see? You can subscribe here . What you need to know today S&P's record No. 37 The S&P 500 closed above 5,600 for the first time ahead of Thursday's inflation data , which could provide evidence for an interest rate cut.



The index rose for the seventh straight day, registering its 37th record close this year. The Nasdaq Composite also hit an all-time high. The Dow Jones Industrial Average added 258 points.

Chip stocks were among the winners, with Advanced Micro Devices rising almost 4% after agreeing to buy Silo AI . Industry leader Nvidia jumped and Apple clocked its seventh consecutive record high. The yield on the 10-year Treasury slipped, while U.

S. oil prices rose as OPEC forecast strong demand . You can read more on what to expect from the inflation report here.

Archegos Hwang guilty Archegos Capital Management founder Bill Hwang was convicted of fraud and other charges by a Manhattan jury. Prosecutors accused Hwang and his deputy, Patrick Halligan, of lying to banks to secure billions of dollars that were used to inflate stock prices. Archegos collapsed in 2021.

Both pleaded not guilty to multiple charges. They face up to 20 years in prison for each c.