On Wednesday, Federal Reserve Chair Wash said that inflation expectations and inflation risks had eased somewhat in recent weeks.The U.S. Dollar Index rose but then pared its gains, ultimately closing up 0.25% at 101.39; the benchmark 10-year U.S. Treasury yield closed at 4.458%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.183%.
As U.S. ADP employment data came in below expectations and Wash’s remarks that inflation is easing pushed U.S. Treasury yields lower, spot gold closed up 0.59% at $4,031.29 per ounce;Spot silver ultimately closed up 0.92% at $59.11 per ounce.
Trump said talks in Qatar were progressing smoothly, and optimism surrounding U.S.-Iran negotiations eased market concerns about crude oil supply.WTI crude ultimately closed down 2.68% at $68.03 per barrel; Brent crude closed down 3.05% at $71.16 per barrel.
U.S. stocks closed with the Dow Jones Industrial Average down 0.02%, the S&P 500 down 0.2%, and the Nasdaq down 0.66%.NVIDIA (NVDA.O) fell 1%, Micron Technology (MU.O) fell 10.5%, SanDisk (SNDK.O) fell 10.6%, AMD (AMD.O) fell 6.8%, and Meta (META.O) rose 8.8%.The Nasdaq Golden Dragon China Index surged 2.9%, and Alibaba (BABA.N) rose 2%.