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

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 .

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 collapsedin 2021. Both pleaded not guilty to multiple charges. They face up to 20 years in prison for each conviction.

Google 'ditches deal'
HubSpot's shares plummeted 12% following a Bloomberg report stating Alphabet will not acquire the software company. The news comes amid increased regulatory scrutiny of proposed large tech acquisitions, including those by Amazon and Microsoft. The acquisition of HubSpot, which specializes in marketing automation software for small- and medium-sized businesses, would have