On Monday, Iran stated that its current priority is to implement the memorandum of understanding and that it will not negotiate with the United States in the near term. Renewed tensions between the U.S. and Iran pushed up oil prices, sparked inflation concerns, and reinforced market expectations of rising interest rates.
The U.S. Dollar Index remained near a 13-month high, ultimately closing down 0.02% at 101.11; the benchmark 10-year U.S. Treasury yield closed at 4.379%, while the 2-year U.S. Treasury yield, which is sensitive to the Federal Reserve’s policy rate, closed at 4.115%.
Spot gold briefly approached the $4,000 mark during the session but ultimately closed down 1.59% at $4,016.66 per ounce; spot silver closed down 0.86% at $58.29 per ounce.
International oil prices surged following mutual attacks between the U.S. and Iran over the weekend but subsequently retreated to levels near their lowest since the conflict began.WTI crude oil ultimately closed up 0.27% at $70.27 per barrel; Brent crude oil closed up 0.34% at $74.05 per barrel.
U.S. stocks closed higher, with the Dow Jones Industrial Average up 0.59%, the S&P 500 up 1.1%, and the Nasdaq up 2.07%.Western Digital (WDC.O) rose 11%, Seagate Technology (STX.O) rose more than 7%, SpaceX (SPCX.O) rose 7%, Micron Technology (MU.O) rose 1%, and Nvidia (NVDA.O) rose 1%.The Nasdaq Golden Dragon China Index closed up 1.4%, with Baidu (BIDU.O) rising more than 7%.

Last Friday, as recent economic data and falling oil prices slightly dampened market expectations for a Fed rate hike, the U.S. Dollar Index fell for the second consecutive trading day, ultimately closing down 0.07% at 101.39.The yield on the benchmark 10-year U.S. Treasury note closed at 4.371%, while the yield on the 2-year U.S. Treasury note—which is sensitive to the Fed’s policy rate—closed at 4.098%.
Spot gold rose on the back of a weaker U.S. dollar, touching $4,090 at one point during the session, and ultimately closed up 1.36% at $4,081.26 per ounce; spot silver closed up 1.65% at $58.79 per ounce.
International crude oil prices fell as more oil tankers openly transited the Strait, easing previous supply concerns. WTI crude ultimately closed down 1.76% at $70.08 per barrel; Brent crude closed down 2.8% at $72.58 per barrel.
Major European stock indices closed lower across the board, with Germany’s DAX 30 down 1.29%, the UK’s FTSE 100 down 0.21%, and the Euro Stoxx 50 down 0.73%.
In the U.S., the Dow Jones Industrial Average fell 0.12%, the S&P 500 fell 0.07%, and the Nasdaq fell 0.24%.Semiconductor and memory-related stocks weakened, with Western Digital (WDC.O) down 13%, Seagate Technology (STX.O) down 12%, SanDisk (SNDK.O) down 10%, Micron Technology (MU.O) down 6.6%, and Qualcomm (QCOM.O) down 7%.

Developments in the Middle East remain the focus of attention on Wall Street, and energy prices have retreated somewhat following the ceasefire agreement reached in the region. Oil prices have fallen from $100 per barrel a month ago to around $70. The decline in oil prices is primarily driven by strong expectations of a rapid recovery in supply from the Gulf region.Currently, oil prices have almost entirely given up their gains and are essentially back to the levels seen before the outbreak of the war with Iran.
Major U.S. stock indices will wrap up a solid first half of the year next week,with the S&P 500 Index (SPX) up more than 7% so far in 2026, though the market experienced a more challenging period in June. This week, high-flying semiconductor stocks saw significant volatility as investors adjusted their optimistic expectations for AI-driven earnings.The performance of tech stocks—particularly chip stocks—continues to dominate attention on Wall Street.
The Philadelphia Semiconductor Index (SOX) has surged 85% since hitting its annual low in late March, but pulled back this week as investors assessed whether the rally had become overheated.Strong earnings reported Wednesday evening by memory chip maker Micron Technology (MU) provided support for the sector, but the tech-heavy Nasdaq Composite Index (IXIC) still fell more than 4% this week.
Gold prices experienced another week of sharp volatility.Initial dip-buying and safe-haven demand gave way to another round of heavy selling amid a combination of stronger-than-expected U.S. economic data, persistent inflation, a strengthening dollar, and rising expectations of a Federal Reserve rate hike, pushing gold prices back toward the $4,000 mark.However, in a last-minute surge, gold prices rebounded to the $4,100 mark.
Remain highly vigilant in the coming week, as a “data tsunami week” is on the horizon. Compounded by the fact that on Friday, July 3,U.S. markets will be closed for the Independence Day holiday, effectively shortening next week’s trading days. As this coincides with the end of the month, the end of the second quarter, and the end of the first half of the year—a period when institutions typically rebalance their portfolios—market liquidity is highly susceptible to sudden disruptions. This could trigger a systemic and sharp spike in volatility, which in turn would profoundly impact the risk appetite and trading behavior of global short-term traders.

The U.S. Dollar Index remained strong overall this week. Supported by expectations of high interest rates from the Federal Reserve and a waning bearish narrative, the index rose for three consecutive trading days, peaking at 101.8 on Wednesday—a 13-month high.On Thursday, as U.S. inflation data came in line with expectations and concerns over interest rate hikes eased, the dollar retreated slightly, but it still ended the week higher.
Precious metals came under pressure overall. Spot gold briefly surged to around $4,220 early in the week but then fell consecutively due to a stronger dollar and liquidity pressures, at one point dropping below $4,000 to hit its lowest level since November of last year.Although it rebounded above $4,000 on Thursday, it still followed a pattern of rising and then falling for the week and is expected to close lower for the seventh consecutive week.
Silver underperformed gold; after breaking below the $60 mark on Wednesday, it hit a low of $55.7 per ounce—its lowest level since December of last year. Although it rebounded slightly on Thursday, it remained weak overall.
Crude oil experienced sharp volatility this week, with both WTI and Brent having erased their entire war premium.At the start of the week, prices opened sharply higher following Trump’s threat to reignite the war with Iran and Iran’s announcement that it would once again close the Strait of Hormuz. Subsequently, as U.S.-Iran tensions eased and the Strait of Hormuz reopened to shipping, both WTI and Brent crude oil fell back to pre-conflict levels.On Thursday, prices rebounded following renewed attacks on ships in the Strait of Hormuz, but failed to recoup previous losses, resulting in a significant weekly decline.
Non-U.S. currencies came under pressure across the board. The euro fell for two consecutive weeks, the British pound remained volatile, and the U.S. dollar rose against the yen to just below 162, approaching its lowest level since 1986. Persistent U.S. inflation and expectations of interest rate hikes supported the dollar, while the yen, despite expectations of intervention, has yet to reverse its weakness.

On Thursday, U.S. inflation data largely met expectations, easing concerns about an imminent interest rate hike by the Federal Reserve. The U.S. Dollar Index halted its three-day winning streak and ultimately closed down 0.1% at 101.45;The benchmark 10-year U.S. Treasury yield closed at 4.398%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.135%.
Spot gold surged following the release of the PCE data, erasing all of its intraday losses and returning above the $4,000 mark, ultimately closing up 0.64% at $4,026.78 per ounce;Spot silver traded in a choppy uptrend and ultimately closed up 0.64% at $57.83 per ounce.
International crude oil prices rebounded following renewed attacks on ships in the Strait of Hormuz.WTI crude briefly surpassed the $73 mark before pulling back slightly, ultimately closing up 2.19% at $72.01 per barrel; Brent crude closed up 2.39% at $75.18 per barrel.
The three major U.S. stock indices posted mixed results,with the Dow Jones Industrial Average closing up 0.14%, the S&P 500 edging lower, and the Nasdaq falling 0.46%. Micron Technology (MU.O) rose 15.7%, Qualcomm (QCOM.O) gained 3.7%, and Microsoft (MSFT.O) fell more than 3%.Apple (AAPL.O) fell 6.1%, with its market capitalization nearing the $4 trillion mark. The Nasdaq Golden Dragon China Index fell 2.7%, and Alibaba (BABA.N) fell 4.7%.

On Wednesday, the U.S. Dollar Index remained strong, rising for the third consecutive trading day. It reached a high of 101.8 and ultimately closed up 0.19% at 101.56, marking a new 13-month high;The benchmark 10-year U.S. Treasury yield closed at 4.391%, while the 2-year U.S. Treasury yield, which is sensitive to the Federal Reserve’s policy rate, closed at 4.154%.
Weighed down by the stronger dollar, spot gold fell below the $4,000 mark for the first time since last November, hitting a low of $3,959.35 per ounce before closing down 2.63% at $4,001.03 per ounce;Spot silver fell below the $60 mark for the first time since December of last year, with intraday losses reaching as high as 8% at one point, and ultimately closed down 6.61% at $57.47 per ounce.
As shipping traffic through the Strait of Hormuz increased, international crude oil prices continued to fall, retreating to levels seen before the outbreak of the conflict with Iran.WTI crude oil fell steadily, approaching the $70 mark, and ultimately closed down 4.33% at $70.47 per barrel; Brent crude oil closed down 4.17% at $73.42 per barrel. The near-month spread for Brent crude turned into a futures premium for the first time since February.
The three major U.S. stock indices closed mixed: the Dow Jones Industrial Average rose 0.36% in preliminary trading, the S&P 500 fell 0.09%, and the Nasdaq fell 0.4%. SpaceX (SPCX.O) fell 1%, Microsoft (MSFT.O) fell 2%,Oracle (ORCL.N) fell 4.5%. The Nasdaq Golden Dragon China Index closed down 1.77%, with Alibaba (BABA.N) falling nearly 3% and Bilibili (BILI.O) rising more than 3%.

On Tuesday, the U.S. and Iran sent mixed signals regarding negotiations to end the conflict, while global tech stocks were hit hard by AI valuation jitters and profit-taking by investors.
Boosted by safe-haven sentiment, the U.S. Dollar Index rose for the second consecutive trading day, ultimately closing up 0.38% at 101.37, hitting a new high in over a year;The benchmark 10-year U.S. Treasury yield closed at 4.502%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.207%.
The sell-off in tech stocks triggered by high interest rates spread to precious metals.Spot gold briefly approached the $4,090 mark during the session, falling more than $100 from its high before rebounding slightly; it ultimately closed down 1.97% at $4,109.28 per ounce;Spot silver fell to a three-month low, ultimately closing down 5.48% at $61.53 per ounce.
International crude oil prices continued their downward trend. WTI crude oil fluctuated lower, hitting a low of $73.12 per ounce, and ultimately closed down 1.38% at $73.66 per barrel;Brent crude hit an intraday low not seen since March 2, ultimately closing down 1.38% at $76.62 per barrel.
The three major U.S. stock indices all closed lower: the Dow Jones Industrial Average fell 0.09%, the S&P 500 dropped 1.4%, and the Nasdaq Composite declined 2.2%.SpaceX (SPCX.O) closed up 1%, while the Philadelphia Semiconductor Index plunged 7.8%, with Marvell Technology (MRVL.O) down 9%, Micron Technology (MU.O) down 13%, and NVIDIA (NVDA.O) down 4%.The Nasdaq China Golden Dragon Index fell 0.55%, with Xpeng Motors (XPEV.N) dropping more than 4%.