To be honest, today’s market is so full of news that you need to listen carefully because what happens today could change the entire game of the market.

Starting with interest rates, many still think they will easily decrease. I tell you to forget that hope now. The US CPI for April just came out, soaring to 3.8%, the highest in three years. Even worse, the Core CPI, excluding energy and food, jumped another 2.8%, leading the market to hope that interest rates will fall. But now, CME FedWatch clearly states that there will be no rate cuts in 2026. Moreover, there are four dissenting votes in the Fed meeting, the highest since 1992. Inflation is no longer just following oil prices from the Hormuz Strait; it’s spreading from everywhere.

When inflation pressures the market like this, gold becomes the focus of investors. The current price is $4,683. It hasn't been heavily sold off because the real interest rate is at -0.05%. Holding gold is still more worthwhile than holding cash. But what to watch is Trump’s upcoming talks with Xi Jinping in Beijing about Taiwan, Iran, and AI chip control. If tensions escalate, gold could sharply rally as a safe-haven asset.

Tonight at 19:30, the April PPI will be announced. March’s figure reached 4.0%. If it comes out higher, it means inflation is spreading from producers to consumers. The dollar will strengthen, and gold may fall below support levels. But the real game-changer is this Friday, when Kevin Warsh will take over as Fed Chair from Jerome Powell. His policy will be a key variable that determines the market’s direction.

Let’s look at the Thai stock market. Today, the market opens with the risk of a correction, as high inflation raises concerns about rising interest rates, which will hit tech stocks and high P/E stocks first. For the Thai market, the electronics sector is the one to watch closely because it’s likely to be heavily sold off, putting strong pressure on the overall market. Today’s index is expected to trade within a range of support at 1,470 points and resistance at 1,490 points. Anyone trading needs to have discipline and be prepared for potential changes caused by various news.