Last Friday, the U.S. Dollar Index fluctuated slightly and ultimately closed up 0.02% at 100.75; the benchmark 10-year U.S. Treasury yield closed at 4.550%, while the 2-year U.S. Treasury yield—which is sensitive to the Federal Reserve’s policy rate—closed at 4.183%.
Spot gold reclaimed the $4,000 level, briefly rising to an intraday high of $4,023.72, and ultimately closed up 1.01% at $4,016.55 per ounce;Spot silver ultimately closed up 0.74% at $55.91 per ounce.
International oil prices surged sharply as the U.S. and Iran escalated attacks in the Gulf region, coupled with restricted traffic through the Strait of Hormuz and the potential closure of the Red Sea, which threatened shipping operations.WTI crude oil continued to rise throughout the day, reclaiming the $80 mark, and ultimately closed up 3.61% at $82.33 per barrel; Brent crude oil closed up 3.13% at $86.75 per barrel.
In the U.S. stock market, the Dow Jones Industrial Average closed down 0.77%, the S&P 500 fell 1.07%, and the Nasdaq dropped 1.4%. Chip stocks were mixed, with Western Digital (WDC.O) rising 2.23%,SK Hynix ADR (SKHY.O) rose 1.13%, while NVIDIA (NVDA.O) fell 2.21%, Meta Platforms (META.O) fell 2.79%, and SpaceX (SPCX.O) fell 5.43%.Apple (AAPL.O) closed up 0.14%, briefly surpassing Nvidia in market capitalization during the session. The Nasdaq China Golden Dragon Index fell 1.82%, and Alibaba (BABA.N) fell 2%.

In a week of mixed market trends, gold, the U.S. dollar, crude oil, and U.S. stocks took center stage. Following a mixed start in early July, relatively weak CPI and PPI reports put downward pressure on the U.S. dollar, overshadowing the continued hawkish remarks from Federal Reserve Chair Wash.However, weakness in U.S. stocks and some safe-haven capital inflows linked to renewed tensions in the Middle East ultimately limited the dollar’s decline.
Geopolitical tensions also spurred a rally in crude oil prices; as risk premiums surged, both WTI and Brent crude posted strong gains, pushing volatility to new highs.One factor driving these price increases was Ukraine’s intensive strikes on Russian oil facilities—particularly refineries—as the four-year Russia-Ukraine conflict recently entered a new phase of escalation.
Additionally, gold prices briefly fell below the $4,000 mark, posting a cumulative weekly decline of 2.5% and closing lower for the second consecutive week.
More importantly, despite a reduced likelihood of a Federal Reserve rate hike in September and optimistic initial earnings reports from U.S. banking institutions and technology companies, overly high expectations for a strong earnings season ultimately triggered a pullback due to profit-taking.The Nasdaq 100 Index bore the brunt of the decline, and European stock markets also failed to recover from last week’s weak performance.

The U.S. Dollar Index rose early in the week but then fell, continuing to fluctuate around the 101 mark. At the start of the week, the dollar strengthened as a safe-haven asset amid Trump’s reinstatement of the maritime blockade against Iran and escalating tensions in the Middle East; subsequently, U.S. CPI and PPI figures came in below expectations, leading the market to scale back expectations for a Fed rate hike, causing the dollar to retreat.As of press time, the U.S. Dollar Index has rebounded slightly to around 100.8.
Gold trended lower this week. On Monday, driven by a stronger dollar, rising U.S. Treasury yields, and expectations of higher interest rates, it fell by more than $100 in a single day, breaking below the $4,000 mark; it then rebounded briefly as inflation data cooled, but fell below $4,000 again on Thursday.As of press time on Friday, spot gold was hovering near $3,985 per ounce.
Crude oil was the best-performing asset this week. After Trump announced the resumption of a maritime blockade against Iran, WTI and Brent crude rose nearly 9% in a single day.Subsequently, as the market continued to price in supply risks related to the Strait of Hormuz and the Strait of Mandeb, oil prices remained volatile at elevated levels.
U.S. stocks underwent a volatile correction this week, with the market caught in a tug-of-war between two major factors: “easing inflation reducing bets on rate hikes” and “geopolitical risks pushing up interest rate pressures.”Volatility intensified in tech stocks and the AI sector, with the Philadelphia Semiconductor Index on the verge of entering a bear market. On Friday, Apple replaced Nvidia as the world’s most valuable company, while SpaceX’s market capitalization has evaporated by nearly $1 trillion from its peak.

On Thursday, the U.S. Dollar Index rose after fluctuating, driven by market expectations that the U.S. economy would remain resilient and Iran’s call for Houthi forces to prepare to block the Strait of Mandeb; it ultimately closed up 0.22% at 100.73;The benchmark 10-year U.S. Treasury yield closed at 4.559%, while the 2-year U.S. Treasury yield, which is sensitive to the Federal Reserve’s policy rate, closed at 4.158%.
Spot gold continued its downward trend, breaking below the $4,000 threshold. It fell nearly $100 during the session and ultimately closed down 2.06% at $3,976.42 per ounce;Spot silver followed gold lower, ultimately closing down 3.9% at $55.50 per ounce.
International oil prices experienced sharp volatility amid concerns that the Hodeidah Strait could be blockaded by Houthi forces.WTI crude briefly surged to $80 during the session but quickly gave up all its gains and turned lower, ultimately closing down 1.05% at $78.88 per barrel; Brent crude closed down 0.78% at $84.02 per barrel.
The three major U.S. stock indices closed lower: the Nasdaq fell 1.47%, the Dow Jones Industrial Average dropped 0.2%, and the S&P 500 declined 0.51%.SK Hynix ADR (SKHY.O) closed down 13.6%, SanDisk (SNDK.O) fell 12.6%, and Micron Technology (MU.O) dropped 5.6%.Google (GOOG.O) fell more than 4%, and Nvidia (NVDA.O) fell more than 2%. The Nasdaq China Golden Dragon Index closed up 1.8%, with Tencent Music (TME.N) rising 4%.

On Wednesday, following the CPI data, the PPI figures also came in below expectations, further dampening market expectations for a Fed rate hike this year. The U.S. Dollar Index briefly returned to the 101 level during the session but subsequently gave up all of its intraday gains and turned lower, ultimately closing down 0.41% at 100.51;The benchmark 10-year U.S. Treasury yield closed at 4.555%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.143%.
Spot gold fell early in the session before rebounding, briefly surging to $4,080 during the session, and ultimately closed up 0.18% at $4,059.95 per ounce;Spot silver continued to slide during the U.S. trading session; although it rebounded slightly toward the close, it ultimately closed down 1.61% at $57.75 per ounce.
International oil prices continued to fluctuate as the market remained focused on the situation in the Strait of Hormuz.WTI crude oil continued to trade near the $80 mark, ultimately closing up 0.71% at $79.72 per barrel; Brent crude oil closed up 0.14% at $84.67 per barrel.
The Dow Jones Industrial Average closed up 0.29%,the S&P 500 rose 0.38%, and the Nasdaq rose 0.62%. Apple (AAPL.O) rose 4%, ASML (ASML.O) rose 2%, SK Hynix (SKHY.O) fell 9%, SanDisk (SNDK.O) fell 8%,Intel (INTC.O) fell 4.4%. The Nasdaq Golden Dragon China Index closed up 2.9%, with Alibaba (BABA.N) rising 4.7% and Baidu (BIDU.O) rising 1.5%.

On Tuesday, as CPI data came in below expectations, reducing market expectations of an imminent Fed rate hike,the U.S. Dollar Index fluctuated lower during the Asian and European trading sessions and plummeted sharply ahead of the U.S. session, briefly hitting an intraday low of 100.58 before rebounding; it ultimately closed down 0.35% at 100.93;The benchmark 10-year U.S. Treasury yield closed at 4.592%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.210%.
Spot gold rebounded sharply, briefly surging to $4,100 during the session, but failed to hold above that level, ultimately closing up 1.27% at $4,052.70 per ounce;Spot silver ultimately closed up 1.79% at $58.69 per ounce.
International oil prices continued to fluctuate as the market awaited U.S. sanctions against Iran.WTI crude oil continued to trade near the $80 mark, ultimately closing up 1.75% at $79.16 per barrel; Brent crude oil closed up 2.14% at $84.55 per barrel.
The three major U.S. stock indices closed higher: the Dow Jones Industrial Average rose 0.02%, the S&P 500 gained 0.38%, and the Nasdaq Composite advanced 0.9%.SanDisk (SNDK.O) and Micron Technology (MU.O) rose about 5%, while SK Hynix ADRs (SKHY.O) surged 27.2%. The Nasdaq China Golden Dragon Index closed down 0.1%, with Baidu (BIDU.O) falling 3%.

On Monday, after U.S. President Trump announced that he would reinstate the naval blockade against Iran and threatened to strike Iran’s underground nuclear facilities, the U.S. Dollar Index rose sharply during the U.S. trading session, ultimately closing up 0.31% at 101.28;The benchmark 10-year U.S. Treasury yield closed at 4.620%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.296%.
As the escalating conflict in the Middle East intensified market concerns about a resurgence in inflation and the possibility of the Federal Reserve maintaining “higher for longer” interest rates, spot gold continued its downward trend,falling more than $100 during the session and briefly dipping below the $4,000 mark before finally closing down 2.85% at $4,001.98 per ounce; spot silver ultimately closed down 3.66% at $57.66 per ounce.
International oil prices surged by nearly 9% on Monday.WTI crude began its rally before the U.S. trading session and accelerated during the session, ultimately closing up 8.93% at $77.80 per barrel; Brent crude closed up 9.01% at $82.78 per barrel.
The three major U.S. stock indices closed lower: the Dow Jones Industrial Average fell 0.26%, the S&P 500 dropped 0.79%, and the Nasdaq Composite declined 1.55%. Micron Technology (MU.O) fell 4.3%, and Nvidia (NVDA.O) dropped 3.5%.Intel (INTC.O) fell 6%, and SanDisk (SNDK.O) plummeted more than 12%. The Nasdaq China Golden Dragon Index closed down 0.14%, while NetEase (NTES.O) and JD.com (JD.O) both rose more than 2%.

Last Friday, the U.S. Dollar Index fell early in the session but then rebounded, approaching the 101 mark again during the U.S. trading session and ultimately closing up 0.04% at 100.97;The benchmark 10-year U.S. Treasury yield closed at 4.562%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.216%.
As renewed conflict in the Middle East intensified inflation concerns and bolstered market expectations of tighter U.S. monetary policy, spot gold edged lower before fluctuating around the 4,100 level, ultimately closing down 0.11% at $4,119.27 per ounce;Spot silver ultimately closed down 0.16% at $59.85 per ounce.
International oil prices fluctuated as traders remained optimistic that shipping through the Strait of Hormuz would resume.WTI crude oil continued to trade above $71, ultimately closing down 0.35% at $71.42 per barrel; Brent crude oil closed up 0.02% at $75.93 per barrel.
The three major U.S. stock indices closed slightly higher, with the Dow Jones Industrial Average up 0.29%, the S&P 500 up 0.42%, and the Nasdaq up 0.29%.SK Hynix (SKHYV.O) rose 12.76% on its first day of trading on the U.S. market, driving gains across most chip stocks. Meta Platforms (META.O) rose 5.97%, SanDisk (SNDK.O) rose 3.1%,NVIDIA (NVDA.O) rose 4.03%. The Nasdaq Golden Dragon China Index closed down 0.23%.

Tensions between the U.S. and Iran escalated sharply this week, with mutual attacks by both sides causing the fragile ceasefire—which had held for about three weeks—to collapse, plunging shipping through the Strait of Hormuz back into a near-standstill. Nevertheless, according to reports from various foreign media outlets, mediators have not yet given up on their efforts to broker a resolution.
As the stalemate in the Strait of Hormuz reignited concerns over oil market supply, international oil prices posted weekly gains. Brent crude briefly touched $80 per barrel during the week, with a cumulative weekly increase of 5.5%, while WTI crude rose 3.92% for the week—both marking their largest weekly gains in eight weeks.In addition, Russia’s announcement of a diesel export ban has exacerbated global fuel supply tensions.
Inflationary pressures driven by rising oil prices have reignited expectations that the Federal Reserve will tighten monetary policy. International spot gold closed down 1.33% this week, while international spot silver closed down 4.07%.The minutes from the Federal Reserve’s June meeting revealed that, as inflationary pressures intensify, FOMC officials remain deeply divided on the future path of interest rates, though calls for rate hikes have grown stronger. U.S. Treasury yields rose, with the 2-year Treasury yield climbing more than 7 basis points this week and the 10-year Treasury yield rising 8 basis points.
U.S. stocks largely ignored geopolitical uncertainties as the “AI trading” boom regained momentum; the S&P 500 index approached a record high, and both it and the Nasdaq recorded their second consecutive weekly gains.SK Hynix ADRs surged 13% on their first trading day, and the $26.5 billion raised made it the largest foreign IPO in U.S. stock market history.
The U.S. dollar rose, driven by a combination of interest rate differentials and safe-haven premiums, briefly returning to the 101 mark.As another focus in the foreign exchange market, the yen received a brief boost after Japan’s finance minister called for pension funds to increase their allocation to domestic assets, but the market subsequently expressed widespread skepticism about whether the policy could actually be implemented and reverse the yen’s decline.

On Thursday, as sources indicated that Pakistan was still mediating and that a window for U.S.-Iran negotiations might reopen, the U.S. Dollar Index retreated from around 101 and ultimately closed down 0.12% at 100.94;The benchmark 10-year U.S. Treasury yield closed at 4.558%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.189%.
Trump stated that Iran wants to reach an agreement, and reports indicated that Iran currently has no intention of dragging Israel into the conflict, which eased concerns that the escalation of hostilities would drive up inflation and push interest rates higher.Spot gold traded in a choppy uptrend, reaching a high of $4,138 per ounce, and ultimately closed up 1.14% at $4,123.82 per ounce;Spot silver briefly broke above the $60 mark and ultimately closed up 2.85% at $59.96 per ounce.
International oil prices fell as traders anticipated that the U.S.-Iran conflict would be limited in scope, easing concerns about further attacks on energy infrastructure.WTI crude oil ultimately closed down 3.82% at $71.69 per barrel; Brent crude oil closed down 4.1% at $76.02 per barrel.
U.S. stocks closed higher: the Dow Jones Industrial Average rose 0.26%, the S&P 500 gained 0.8%, and the Nasdaq Composite advanced 1.3%. Micron Technology (MU.O) rose 4.5%, SanDisk (SNDK.O) gained 7.5%, and Western Digital (WDC.O) rose 5%.Meta Platforms (META.O) rose 4.7%. The Nasdaq Golden Dragon China Index rose 0.56%, with iQIYI (IQ.O) up 8.5% and Alibaba (BABA.N) up 2%.