On Thursday, the Trump administration announced a new round of “toughest-ever” economic sanctions against Iran and threatened to take economic action against any country that conducts business with Iran.
U.S. Treasury Secretary Bessent stated regarding bond repurchases that the size of a single repurchase (upper limit) could exceed $4 billion. The U.S. Dollar Index held steady near 98.9 and ultimately closed up 0.07% at 98.87;The benchmark 10-year U.S. Treasury yield closed up 6.7 basis points at 4.705%, while the 2-year U.S. Treasury yield—which is sensitive to the Fed’s policy rate—closed up 2.8 basis points at 4.19%.
Following profit-taking by bulls after the previous day’s sharp rally, spot gold edged lower, ultimately closing down 0.08% at $4,519.33 per ounce;spot silver maintained its strength, ultimately closing up 1.60% at $68.09 per ounce.
As the U.S. announced a new round of severe sanctions against Iran and navigation through the Strait of Hormuz remained restricted, WTI crude oil closed up 2.08% at $85.98 per barrel; Brent crude oil closed up 1.79% at $91.69 per barrel.
U.S. stocks closed lower, with the Dow Jones Industrial Average down 1.3%, the S&P 500 down 0.86%, and the Nasdaq down 1%. Moderna (MRNA.O) fell 23.5%, and Walmart (WMT.N) fell 9%.M-Ville Technologies (MRVL.O) rose 5.8%, Micron Technology (MU.O) rose about 4%, and SanDisk (SNDK.O) rose about 2%. The Nasdaq China Golden Dragon Index closed down more than 1%, while Alibaba (BABA.N) rose 1.3%.

On Wednesday, the U.S. Treasury announced it would at least double the scale of its long-term Treasury repurchase operations. Following the announcement, the U.S. Dollar Index plummeted, falling below the 99 mark for the first time since June and ultimately closing down 0.85% at 98.78;The benchmark 10-year U.S. Treasury yield closed at 4.651%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.171%.
Spot gold broke through the 4,500 psychological barrier, surging more than $180 intraday to hit its highest level since early June, and ultimately closed up 4.35% at $4,523.03 per ounce;Spot silver ultimately closed up 5.8% at $67.01 per ounce.
Driven by news of the ongoing standoff in the Strait of Hormuz and the U.S. military’s secret opening of a shipping lane, the market is weighing the direction of oil prices.WTI crude traded sideways before closing up 0.08% at $84.23 per barrel; Brent crude closed up 0.1% at $91.45 per barrel.
The Dow Jones Industrial Average closed up 0.22%,the S&P 500 gained 0.21%, and the Nasdaq rose 0.16%. Moderna (MRNA.O) surged 176.9%, and Merck (MRK.N) rose 12.6%. Marvell Technology (MRVL.O) gained over 9.8%,SK Hynix (SKHY.O) rose 0.35%, SanDisk (SNDK.O) fell 3.5%, and Micron Technology (MU.O) fell 0.39%. The Nasdaq China Golden Dragon Index closed up 1.5%.

On Tuesday, the U.S.-Iran conflict and the blockade of the Strait of Hormuz remained the key variables affecting global markets.Trump stated that no negotiations with Iran are currently underway and that the naval blockade remains fully in effect; Iranian Parliament Speaker Kalibaf said the Strait of Hormuz will remain closed until Washington meets Iran’s conditions; and the United Arab Emirates announced a suspension of trade, commercial, and financial transactions with Iran.
The U.S. Dollar Index continued its nearly two-week-long consolidation above 99, ultimately closing up 0.01% at 99.65; the benchmark 10-year U.S. Treasury yield closed at 4.708%, while the 2-year U.S. Treasury yield—which is sensitive to the Fed’s policy rate—closed at 4.181%.
Spot gold fluctuated lower throughout the day, accelerating its decline after Trump declared that “the Strait of Hormuz is open and operating normally,” and ultimately closed down 1.86% at $4,334.57 per ounce;Spot silver ultimately closed down 3.72% at $63.34 per ounce.
The UK Maritime Authority received reports of vessels in the Strait of Hormuz being struck by projectiles; concerns over supply disruptions and shipping risks continued to dominate the market, and international oil prices extended their gains.WTI crude oil closed up 0.3% at $84.34 per barrel; Brent crude oil closed up 0.26% at $91.32 per barrel.
In U.S. stock markets, the Dow Jones Industrial Average closed down 0.2%, the S&P 500 fell 0.69%, and the Nasdaq dropped 1.33%. SanDisk (SNDK.O) fell 9%, Western Digital (WDC.O) fell 7%, and Micron Technology (MU.O) fell 7%.SK Hynix (SKHY.O) fell more than 9%, and Nvidia (NVDA.O) fell 2%. The Nasdaq Golden Dragon China Index closed down 1%, while Alibaba (BABA.N) rose 2.8%.

On Monday, the 60-day deadline for the U.S.-Iran peace agreement officially expired, and Iran ruled out the possibility of an extension; U.S. President Trump stated that the United States is not currently seeking to extend the memorandum of understanding with Iran, leading to heightened geopolitical uncertainty in the Middle East.Investors are awaiting the release of the Federal Reserve’s meeting minutes later this week to gain further insight into the Fed’s latest monetary policy decisions and the future trajectory of interest rates.
Due to recent weak U.S. economic data, market expectations for further Fed rate hikes continued to cool. The U.S. Dollar Index fell to a 10-week low during the session but later recovered its losses, ultimately closing up 0.01% at 99.59;The benchmark 10-year U.S. Treasury yield closed at 4.73%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.188%.
Spot gold extended its gains, ultimately closing up 0.92% at $4,416.75 per ounce;Spot silver closed up 1.67% at $65.78 per ounce.
International oil prices surged as market concerns over Middle East crude supply intensified.WTI crude oil closed up 3.14% at $84.09 per barrel; Brent crude oil closed up 2.92% at $91.74 per barrel.
The three major U.S. stock indices closed lower, while the storage sector gained strength again. The Dow Jones Industrial Average closed down 0.5%,the S&P 500 fell 0.5%, and the Nasdaq fell 0.32%. SK Hynix (SKHY.O) rose 3%, Micron Technology (MU.O) rose 4%, SanDisk (SNDK.O) rose 8.8%, and Nike (NKE.N) fell 4%.The Nasdaq China Golden Dragon Index closed up 0.37%; Xpeng Motors (XPEV.N) rose 4%, while Miniso (MNSO.N) fell 8%.

Last Friday, U.S. retail sales unexpectedly posted a month-over-month decline, and the U.S. Dollar Index continued its intraday downward trend, ultimately closing down 0.32% at 99.64;The benchmark 10-year U.S. Treasury yield closed at 4.697%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.182%.
Spot gold dipped to $4,310 during the Asian session before stabilizing and rebounding; following the release of the retail sales data, gold surged to near the $4,400 level, ultimately closing up 0.59% at $4,376.59 per ounce;Spot silver ultimately closed up 0.37% at $64.7 per ounce.
Late Friday evening, a vessel was attacked in the Strait of Hormuz; the United Arab Emirates claimed Iran was responsible for the attack.WTI crude oil closed up 1.37% at $81.53 per barrel; Brent crude oil closed up 1.65% at $87.28 per barrel.
In U.S. markets, the Dow Jones Industrial Average closed down 0.20%, the S&P 500 fell 0.17%,and the Nasdaq fell 0.28%. Drone technology company Unusual Machines (UMAC.N) surged 24.83%. Storage-related stocks continued their upward trend, with SanDisk (SNDK.O) up 7.39% and Micron Technology (MU.O) up 2.3%.Semiconductor stocks were mixed, with AMD (AMD.O) up 6.5%, Broadcom (AVGO.O) down 5.94%, and Applied Materials (AMAT.O) down 5.12%. The Nasdaq Golden Dragon China Index rose 0.6%.

This week, risk appetite in global financial markets rebounded overall.
In the stock market, both the S&P 500 and the Nasdaq reached new short-term highs this week. The market’s focus appears to have shifted from defensive, risk-averse strategies back to expectations of interest rate cuts and the realization of AI-driven earnings, with tech and chip stocks once again leading the gains;South Korea’s stock market also strengthened significantly, with the KOSPI Index rising 11.5% for the week, ending a seven-week losing streak and returning to a technical bull market.
In the foreign exchange market, the U.S. Dollar Index remained largely flat for the week. Improved inflation data prompted the market to scale back expectations for Fed rate hikes, putting the dollar under pressure at one point, but safe-haven demand driven by the situation in the Middle East limited its decline. On Friday, U.S. retail sales unexpectedly contracted month-over-month, accelerating the dollar’s decline.
Major non-U.S. currencies showed divergent trends.The euro fluctuated lower as the market focused on the European Central Bank’s remaining policy room; the yen traded weakly, with USD/JPY rising above 159 again, while the risk of intervention by Japanese authorities and the central bank’s rate hike path remained in focus; the Australian dollar was supported by improved risk appetite but remained vulnerable to commodity price volatility.
In the precious metals market, spot gold rose to near a two-month high midweek, peaking at nearly $4,450 per ounce during the session, before falling to around $4,320 due to profit-taking. It rebounded on Friday, marking its second consecutive week of gains.
Crude oil prices rose initially but then fell. Early in the week, tensions between the U.S. and Iran, along with shipping risks in the Strait of Hormuz, drove both benchmark crude prices to surge sharply. However, following a significant increase in U.S. crude inventories and the International Energy Agency’s downward revision of demand forecasts, oil prices retreated accordingly, with the market returning to the narrative of ample supply and slowing demand.

The U.S. Dollar Index traded in a range overall this week and edged higher. Driven by improved U.S. inflation data, the market scaled back expectations for Fed rate hikes, putting the dollar under pressure at one point. However, safe-haven demand stemming from the situation in the Middle East limited the decline, and the dollar stabilized before rebounding slightly.On Friday, U.S. retail sales unexpectedly contracted on a monthly basis, accelerating the decline of the U.S. Dollar Index, which stood at 99.52 at the time of writing.
Spot gold continued its strong performance this week before pulling back from highs; it briefly rose to near a two-month high midweek but subsequently retreated due to profit-taking.The gold price reached an intraday high of nearly $4,450 per ounce before briefly falling back to around $4,320; it rebounded again on Friday and stood at $4,388 per ounce at the time of writing.
International oil prices followed a “spike-and-consolidation” pattern this week. Early in the week, both Brent and WTI crude surged sharply due to U.S.-Iran tensions and shipping risks in the Strait of Hormuz; however, prices subsequently retreated as U.S. crude inventories rose significantly and OPEC and the International Energy Agency revised their demand forecasts downward, with the market returning to a focus on ample supply and slowing demand.
Among non-U.S. currencies, the euro fluctuated lower as the market focused on the European Central Bank’s room for further policy action; the British pound was supported by the UK’s 0.4% GDP growth in the second quarter, but expectations of an economic slowdown limited its upside potential.The yen was relatively weak this week, with the USD/JPY pair rising above 159 again, as the market continued to monitor the risk of intervention by Japanese authorities and the Bank of Japan’s rate hike path; the Australian dollar was supported by improved risk appetite but remained affected by commodity price volatility.
U.S. stocks fluctuated higher this week, with the S&P 500 and Nasdaq indices hitting new short-term highs. The market’s focus shifted from “defensive and safe-haven plays” to “rate cut expectations and AI earnings realization,” with tech and chip stocks once again leading the gains.

On Thursday, the U.S. Producer Price Index (PPI) for July came in lower than expected, further indicating that inflationary pressures previously driven by soaring oil prices are easing; bond traders are no longer fully pricing in the possibility of a Federal Reserve rate hike this year;On the geopolitical front, Iran claimed to have full control of the Strait of Hormuz and threatened to escalate the conflict if its demands were not met; the U.S. military maintained its blockade of Iran and deployed the aircraft carrier USS Washington to the Middle East for a rotation.
The U.S. Dollar Index ultimately closed up 0.01% at 99.97; the benchmark 10-year U.S. Treasury yield closed at 4.647%, while the 2-year U.S. Treasury yield—which is sensitive to the Fed’s policy rate—closed at 4.153%.
Spot gold faced profit-taking, with the price peaking near $4,450 before ultimately closing down 1.30% at $4,350.07 per ounce; spot silver closed down 1.34% at $64.47 per ounce.
The latest U.S. crude oil inventory report showed a significant increase, and traders are assessing the current volume of crude oil passing through the Strait of Hormuz, leading to a decline in international oil prices.WTI crude oil closed down 1.55% at $80.43 per barrel; Brent crude oil closed down 1.58% at $85.86 per barrel.
U.S. stocks closed with the Dow Jones Industrial Average up 0.13%, the S&P 500 up 0.65%, and the Nasdaq up 0.8%. Micron Technology (MU.O) rose 4%, SanDisk (SNDK.O) rose 13.6%, and SK Hynix (SKHY.O) rose 7%.The Nasdaq Golden Dragon China Index fell 1.85%, with Alibaba (BABA.N) down 2% and JD.com (JD.O) down 7%.

On Wednesday, U.S. July CPI data came in as expected, with core inflation remaining moderate, easing pressure on the Federal Reserve to raise interest rates in September. The U.S. Dollar Index reversed its intraday losses and ultimately closed up 0.15% at 99.97; the benchmark 10-year U.S. Treasury yield closed at 4.695%;The yield on the 2-year U.S. Treasury note, which is sensitive to the Fed’s policy rate, closed at 4.212%.
Spot gold retreated from its intraday high of $4,441 but ultimately closed up 0.93% at $4,408.42 per ounce;Spot silver fell below the 66 mark but still closed up 1.00% at $65.33 per ounce.
International oil prices traded sideways amid a combination of factors, including uncertainty surrounding navigation through the Strait of Hormuz in the Middle East, OPEC’s downward revision of global oil demand growth forecasts, and Saudi Arabia’s shift to alternative shipping routes.WTI crude ultimately closed down 0.65% at $81.69 per barrel; Brent crude closed down 0.66% at $88.38 per barrel.
The three major U.S. stock indices showed mixed results: the Dow Jones Industrial Average fell 0.04%, the S&P 500 rose 0.26%, and the Nasdaq rose 0.54%. SpaceX (SPCX.O) rose 9.6%.NVIDIA (NVDA.O) rose 3%, SK Hynix (SKHY.O) rose 9%, Micron Technology (MU.O) rose 4.9%, Meta (META.O) fell 3%, and Microsoft (MSFT.O) fell 2%.The Nasdaq Golden Dragon China Index closed down 2.4%, with Alibaba (BABA.N) falling 2% and NetEase (NTES.O) down 2.9%.

On Tuesday, U.S. forces opened fire in the Gulf of Oman on a Panamanian-flagged cargo ship attempting to break through the blockade against Iran; Iran’s Supreme National Security Council reiterated that the Strait of Hormuz will not reopen unless the United States accepts its conditions.
Federal Reserve official Goolsbee reiterated that inflation remains the biggest concern and that labor market indicators are not performing strongly.The U.S. Dollar Index closed nearly flat, ultimately rising 0.01% to 99.83; the benchmark 10-year U.S. Treasury yield closed at 4.693%; and the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.226%.
Spot gold rose before retreating; it briefly touched $4,435 per ounce during the session but ultimately closed down 0.5% at $4,368.15 per ounce; spot silver closed down 1.55% at $64.71 per ounce.
International oil prices rose for the second consecutive day amid ongoing tensions in the Middle East and uncertainty over the navigability of the Strait of Hormuz. WTI crude oil closed up 0.95% at $82.22 per barrel, while Brent crude oil closed up 1.14% at $87.90 per barrel.
U.S. stocks closed lower, with the Dow Jones Industrial Average down 0.34%, the S&P 500 down 0.3%, and the Nasdaq down 0.6%. SK Hynix (SKHY.O) rose 4.7%, SpaceX (SPCX.O) fell 3.9%, and Apple (AAPL.O) fell 1%.The Nasdaq China Golden Dragon Index closed down 2.95%, with JD.com (JD.O), NetEase (NTES.O), and NIO (NIO.N) all falling by around 4%.