On Thursday, according to Japanese media reports, Japan and the U.S. joined forces to intervene and curb the yen’s depreciation, causing the dollar to plummet by more than 400 points against the yen at one point, breaking below the 158 mark. Meanwhile, the U.S. June PCE turned negative on a month-over-month basis, which to some extent supported the Federal Reserve’s decision this week to keep interest rates unchanged.
As Japan reportedly intervened in the foreign exchange market by buying yen and selling dollars, the U.S. Dollar Index plummeted during the session, falling below the 100 mark. It ultimately closed down 0.82% at 99.98, marking its largest single-day decline since January;The benchmark 10-year U.S. Treasury yield closed at 4.677%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.256%.
Benefiting from the weaker dollar, spot gold closed above the $4,100 mark for the first time in a week, ultimately rising 0.92% to settle at $4,103.84 per ounce;Spot silver returned to the $59 level, ultimately closing up 2.35% at $59.01 per ounce.
International oil prices traded sideways as Pakistan stated that the U.S. and Iran are still negotiating over the Strait of Hormuz.WTI crude opened lower and traded within a narrow range, eventually closing down 1.13% at $82.65 per barrel; Brent crude retreated after touching the $89 mark during the session, ultimately closing down 1.18% at $86.87 per barrel.
The three major U.S. stock indices opened higher and continued to rise throughout the session; the Dow Jones Industrial Average closed up 1.19%, the S&P 500 rose 1.67%, and the Nasdaq Composite gained 2.78%.Micron Technology (MU.O) rose 18%, SanDisk (SNDK.O) rose 26%, SK Hynix (SKHY.O) rose 17%, and Nvidia (NVDA.O) rose more than 2%.The Nasdaq Golden Dragon China Index rose 1.05%, with iQIYI (IQ.O) up 4%. Microsoft (MSFT.O) saw its market capitalization surge by $450 billion in a single day, setting a new all-time high.

On Wednesday, the Federal Reserve kept interest rates unchanged, but three regional Fed presidents voted against the decision, advocating for a 25-basis-point rate hike. Meanwhile, Trump said he would strike Iran in response to attacks on U.S. troops in the Middle East.
The U.S. Dollar Index plunged during the session, falling below the 101 mark, and ultimately closed down 0.59% at 100.81; the benchmark 10-year U.S. Treasury yield closed at 4.686%, while the 2-year U.S. Treasury yield—which is sensitive to the Fed’s policy rate—closed at 4.279%.
Spot gold rebounded after breaking below the $4,000 mark during the U.S. trading session and accelerated its gains following the Fed’s interest rate announcement, ultimately closing up 0.94% at $4,066.38 per ounce;Spot silver briefly returned to the $59 mark but subsequently gave up its gains rapidly, ultimately closing up 0.92% at $57.65 per ounce.
International oil prices halted their three-day losing streak as Trump again threatened to strike Iran following Iran’s raid on U.S. military bases.WTI crude opened higher and continued to rise, breaking above the $84 mark during the session, and ultimately closed up 6.74% at $83.59 per barrel; Brent crude closed up 7.27% at $87.91 per barrel.
U.S. stocks initially rose but then fell following the Federal Reserve’s interest rate decision,with the Dow Jones Industrial Average closing down 2.18%, the S&P 500 down 1.5%, and the Nasdaq down 1.7%. SK Hynix (SKHY.O) fell 2.6%, SanDisk (SNDK.O) dropped 7%, and Micron Technology (MU.O) declined 9.9%,NVIDIA (NVDA.O) fell 3.5%, Seagate Technology (STX.O) rose more than 2%. The Nasdaq Golden Dragon China Index closed up 1.7%, and Li Auto (LI.O) rose more than 4%.

On Tuesday, although there were brief signs of easing in U.S.-Iran tensions, the risk of renewed conflict remains high, and the standoff between the Houthi rebels and Saudi Arabia has added to the uncertainty.
The U.S. Dollar Index weakened slightly, erasing all of its intraday losses, and ultimately closed down 0.11% at 101.25; the benchmark 10-year U.S. Treasury yield closed at 4.608%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.293%.
Spot gold fluctuated lower, briefly approaching the $4,010 mark—its lowest level in a week—and ultimately closed down 1.18% at $4,028.64 per ounce;Spot silver briefly fell below the $57 mark and ultimately closed down 2.2% at $57.13 per ounce.
International oil prices fell for the third consecutive trading day. Following reports in Israeli media that the U.S.-Iran Memorandum of Understanding might be reinstated, WTI crude deepened its intraday losses, hitting a low of $77.15, and ultimately closed down 3.5% at $78.32 per barrel;Brent crude ultimately closed down 3.93% at $81.95 per barrel.
The three major U.S. stock indices posted mixed results, with the Dow Jones Industrial Average closing up 1%, the S&P 500 up 0.2%, and the Nasdaq down 0.2%.The Nasdaq 100 Index entered a correction, falling 10% from its high, in just 38 trading days. SK Hynix (SKHY.O) fell 8.98%, and Micron Technology (MU.O) fell 8.85%.SanDisk (SNDK.O) fell 14%, with its share price down more than 50% from the all-time high it reached a month ago. SpaceX (SPCX.O) shares briefly fell 20% from their IPO price, wiping out $1.2 trillion in market capitalization from its peak.Apple (APPL.O) became the second company to surpass a market capitalization of $5 trillion during intraday trading. The Nasdaq China Golden Dragon Index closed up 1.08%, with NetEase (NTES.O) rising nearly 3%.

On Monday, although the U.S.-Iran ceasefire eased some inflation concerns, markets remained cautious ahead of the Federal Reserve’s most unpredictable interest rate decision in recent years. Meanwhile, the AI rally in U.S. stocks showed signs of fatigue.
The U.S. Dollar Index staged a deep V-shaped reversal, erasing all of its intraday losses to close up 0.05% at 101.52. The benchmark 10-year U.S. Treasury yield closed at 4.652%, while the 2-year U.S. Treasury yield—which is sensitive to the Fed’s policy rate—closed at 4.331%.
Spot gold gapped higher at the open, briefly breaking above the $4,110 mark, before fluctuating lower; it ultimately closed up 0.58% at $4,076.8 per ounce;Spot silver touched the $60 mark during the session before pulling back, ultimately closing up 0.38% at $58.41 per ounce.
International oil prices opened lower and continued to decline.WTI crude oil continued its downward slide, nearly erasing all of last week’s gains, and ultimately closed down 10.73% at $81.16 per barrel, marking its largest single-day decline in nearly two months; Brent crude oil closed down 8.43% at $85.31 per barrel.
The three major U.S. stock indices showed mixed results: the Dow Jones Industrial Average closed up 0.5%, the S&P 500 rose 0.02%, and the Nasdaq fell 0.18%.Micron Technology (MU.O) fell 2%, SanDisk (SNDK.O) fell 11%, Nvidia (NVDA.O) fell 5%, and SK Hynix (SKHY.O) fell 7.5%.Apple (AAPL.O) rose 1%, bringing its market capitalization close to $5 trillion. The Nasdaq China Golden Dragon Index closed up 2.5%, with NetEase (NTES.O) up 3.5% and Alibaba (BABA.N) up 2.5%.

Faced with a triple whammy of soaring energy prices, new U.S. tariffs, and a surge in AI capital expenditures, inflation fears are being reignited among global investors.
On the energy and geopolitical fronts, as the Middle East crisis spread from the Strait of Hormuz to the Red Sea and Trump warned of a possible “large-scale strike” against Iran to facilitate a peace agreement, Brent crude futures prices broke through the $100-per-barrel mark for the first time in two months.but retreated on Friday amid diplomatic optimism, closing at $98.38. For the week, prices still rose nearly 12%, marking the third consecutive week of gains, while natural gas prices also surged in tandem.
Furthermore, the U.S. government’s proposal to impose new tariffs of 10% to 12.5% on some trading partners poses a direct threat to global supply chain costs.
Furthermore, massive investments by tech giants in the AI sector—such as Alphabet raising its capital expenditure forecast for this year to $205 billion—and price hikes by companies like Apple, which are passing on costs due to chip shortages, have further reinforced long-term inflationary pressures.
Inflation risks and fiscal concerns have triggered sharp volatility in financial markets. This week, global bond markets have put investors on alert, with bond yields across the G7 rising sharply. On Friday, the yield on the 30-year U.S. Treasury note was just slightly below its highest level since 2007.U.K. government bond yields set a record for the longest consecutive period above 5% in nearly 20 years. The yield on the benchmark 10-year German government bond in the eurozone also approached its highest level since 2011.
Rising U.S. Treasury yields boosted the dollar. The U.S. Dollar Index rose more than 0.7% this week, marking its largest weekly gain since mid-June.The yen is at a 40-year low, and the currency posted its biggest weekly decline in more than two months.
The Nasdaq led the decline in U.S. stocks this week, as tech stocks faced a double whammy from macroeconomic and fundamental factors. The Philadelphia Semiconductor Index plummeted 5% on Friday, with memory chips bearing the brunt of the decline.

The U.S. Dollar Index strengthened overall this week, successfully breaking above the 101 mark and reaching a high of 101.54 on Thursday, with the trend characterized by “safe-haven demand driving the rise and interest rate support.”Escalating tensions between the U.S. and Iran drove capital flows toward the dollar, while expectations for a Federal Reserve rate hike soared, with the probability of a September rate hike at one point exceeding 80%. The yield on the 10-year U.S. Treasury note broke through 4.7%, hitting an 18-month high, further boosting the dollar’s appeal.
Spot gold rose initially but then fell this week. Driven by escalating tensions in the Middle East, it rose consecutively from Tuesday to Wednesday, briefly breaking through $4,160 per ounce, but subsequently came under pressure and retreated due to a stronger U.S. dollar and rising U.S. Treasury yields, closing at $4,053.38 per ounce on Friday.
International oil prices became the main focus of trading this week, with both WTI and Brent crude surging significantly.From Tuesday through Thursday, as U.S. military strikes against Iran continued and Houthi militants threatened shipping in the Red Sea—forcing Saudi oil tankers to reroute—the market once again priced in the risk of supply disruptions, pushing Brent crude futures above $100 per barrel for the first time in two months.Although prices retreated slightly ahead of Friday’s U.S. trading session, both crude oils are still expected to post gains for the third consecutive week.
In U.S. equity markets, the three major indices fluctuated throughout the week. The Dow Jones Industrial Average fell 0.38% for the week, marking its third consecutive week of losses; the S&P 500 and Nasdaq Composite fell 0.61% and 2.13%, respectively, both closing lower for the second consecutive week.Large-cap tech stocks such as Tesla and Google performed weakly. Tesla, in particular, plummeted 14.5% on Thursday and fell nearly 18% for the week, marking its largest weekly decline since 2022. The combined market capitalization of the “Big Seven” tech companies evaporated by nearly $800 billion on Thursday alone.

On Thursday, amid ongoing tensions between the U.S. and Iran, the U.S. Dollar Index initially fell before rebounding; it briefly rose to an intraday high of 101.54 and ultimately closed up 0.33% at 101.44;The benchmark 10-year U.S. Treasury yield closed at 4.700%, hitting an 18-month high, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.355%.
Spot gold remained under pressure after the open and fell below the $4,100 mark. It dropped as much as $100 from its intraday high and ultimately closed down 1.96% at $4,049.09 per ounce;Spot silver ultimately closed down 3.45% at $57.63 per ounce.
International oil prices surged following attacks on oil tankers in the Red Sea and the U.S. military’s 12th consecutive night of strikes against Iran.WTI crude oil continued to rise after the market opened, surging above $90 and at one point climbing as much as 8% during the session; it ultimately closed up 6.78% at $92.79 per barrel. Brent crude oil closed up 4.7% at $94.92 per barrel;Brent crude futures for September delivery closed above $100.
All three major U.S. stock indices closed lower: the Dow Jones Industrial Average fell 0.97%, the S&P 500 dropped 1.21%, and the Nasdaq Composite declined 2.15%.Micron Technology (MU.O) rose 3%, SK Hynix (SKHY.O) rose 2.5%, Google (GOOG.O) fell 7%, Tesla (TSLA.O) fell 14.5%, and SpaceX (SPCX.O) rose more than 2%.The Nasdaq Golden Dragon China Index closed down 0.57%, with Alibaba (BABA.N) falling 2%.

On Wednesday, as the market continued to assess the situation surrounding the U.S.-Iran conflict, the U.S. Dollar Index fluctuated around the 101 mark throughout the day, eventually closing down 0.08% at 101.11;The benchmark 10-year U.S. Treasury yield closed at 4.668%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.302%.
Spot gold extended its upward momentum from the previous trading day, surging nearly $100 from its intraday low to above $4,160, but failed to hold that level, ultimately closing up 1.28% at $4,129.99 per ounce;Spot silver ultimately closed up 1.59% at $59.69 per ounce.
International oil prices rose as much as 3% following Houthi attacks on two Saudi oil tankers and the 11th consecutive night of U.S. military strikes against Iran.WTI crude briefly surged above $89 during the session but subsequently gave back some of its gains, ultimately closing up 2.22% at $86.90 per barrel; Brent crude returned to above $90, closing up 1.47% at $90.67 per barrel.
The three major U.S. stock indices closed slightly lower, with the Dow Jones Industrial Average down 0.01%, the S&P 500 down 0.14%, and the Nasdaq down 0.57%. SpaceX (SPCX.O) fell 6.7%, hitting a new closing low.NVIDIA (NVDA.O) rose 2.3%, SK Hynix (SKHY.O) fell 3.8%, Supermicro (SMCI.O) rose nearly 20%, and Dell (DELL.N) rose 9%.The Nasdaq China Golden Dragon Index closed down 1.8%, with NetEase (NTES.O) falling more than 6%.

On Tuesday, as tensions between the U.S. and Iran persisted, the U.S. Dollar Index continued to strengthen during the pre-U.S. trading session, breaking above the 101 mark and ultimately closing up 0.24% at 101.19;The benchmark 10-year U.S. Treasury yield closed at 4.629%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.278%.
Spot gold continued to rise throughout the day, briefly returning above $4,080, and ultimately closed up 1.73% at $4,077.84 per ounce; spot silver closed up 4.18% at $58.76 per ounce.
International oil prices rose more than 2% to a nearly five-week high after two oil tankers carrying Saudi crude bound for Asia changed course in the Red Sea due to threats from Houthi militants, and the U.S. military launched strikes against Iran for the tenth consecutive night.WTI crude began rising ahead of the U.S. trading session and ultimately closed up 2.53% at $85.01 per barrel; Brent crude closed up 2.12% at $89.35 per barrel.
The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.74%, the S&P 500 up 0.89%, and the Nasdaq up 1.29%.SK Hynix (SKHY.O) rose 13.7%, Micron Technology (MU.O) rose 12%, SanDisk (SNDK.O) rose 14%, NVIDIA (NVDA.O) rose nearly 2%, and SpaceX (SPCX.O) rose 3%.The Nasdaq Golden Dragon China Index closed down 0.69%, with NetEase (NTES.O) falling more than 3%.

On Monday, as investors weighed conflicting developments in the U.S.-Iran conflict, the U.S. Dollar Index initially fell before rebounding; it briefly surged past the 101 mark during the U.S. trading session and ultimately closed up 0.2% at 100.95;The benchmark 10-year U.S. Treasury yield closed at 4.597%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.215%.
Spot gold fluctuated mainly between $4,000 and $4,300, eventually closing down 0.2% at $4,008.61 per ounce; spot silver closed up 0.88% at $56.40 per ounce.
International oil prices rose nearly 1% during the session as traders weighed hopes for a resumption of U.S.-Iran negotiations against the Houthi rebels’ maritime blockade of Saudi Arabia in Yemen.WTI crude opened higher but continued to retreat, briefly falling to near the $80 mark during the session before recovering some of its losses; it ultimately closed up 0.7% at $82.91 per barrel. Brent crude closed up 0.86% at $87.50 per barrel.
The three major U.S. stock indices closed lower: the Dow Jones Industrial Average fell 0.59%, the S&P 500 dropped 0.19%, and the Nasdaq Composite declined 0.05%.Circle (CRCL.N) rose 8%, Oracle (ORCL.N) fell nearly 4%, Tesla (TSLA.O) fell nearly 3%, and SK Hynix (SKHY.O) fell 1.8%.The Nasdaq Golden Dragon China Index closed up 0.9%, with Alibaba (BABA.N) rising 4.6% and JD.com (JD.O) rising 3%.