The Dow closed at a record 52,182 as Alphabet debuted in the index and tech staged a sharp rebound from last week's semiconductor selloff. Mark Gardner breaks down whether this is genuine buying or end-of-quarter window dressing — plus why the best quarter for equities since COVID might actually be a warning sign.

Also covered: the Japanese yen at 40-year lows and what that means for equity markets, the ASX outlook with RBA minutes due today, Collins Foods hitting record revenue, early-stage biotech momentum, and a busy week ahead with non-farm payrolls landing on a pre-holiday Thursday.

Key numbers: S&P 500 +1.2% to 7,439 • Nasdaq +2.3% • Dow +0.6% to 52,182 • SOX +87% YTD • Yen 161.94/USD (1986 low) • WTI $70.54 • ASX futures 8,825

Weekly podcast: Bulls vs Bears drops every weekend with Mark, Finn, Kai & JT.

MPC Markets | General commentary, not financial advice.