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%.

On Monday, Iran stated that it would reopen the Strait of Hormuz only after the U.S. first lifts sanctions and provides compensation, among other conditions, and refused to negotiate directly with the U.S.; U.S. President Trump, meanwhile, demanded compensation from Iran and has instructed his representatives to explicitly include this demand in all future negotiations.
The U.S. Dollar Index rebounded from a two-week low, ultimately closing up 0.01% at 99.81; the benchmark 10-year U.S. Treasury yield closed at 4.7130%, while the 2-year U.S. Treasury yield, which is sensitive to the Federal Reserve’s policy rate, closed at 4.2430%.
Spot gold extended its gains, hitting a nine-week high during the session, and ultimately closed up 1.11% at $4,390.26 per ounce; spot silver closed up 3.38% at $65.73 per ounce.
International oil prices surged on news regarding the prospects of a shipping agreement in the Strait of Hormuz. WTI crude oil returned to above $80, ultimately closing up 6.72% at $81.48 per barrel; Brent crude oil closed up 6.71% at $86.96 per barrel.
U.S. stocks closed with the Dow Jones Industrial Average down 0.1%, the S&P 500 down 0.06%, and the Nasdaq down 0.32%. Apple (AAPL.O) fell 1.5%, while SpaceX (SPCX.O) rose 4%.SK Hynix (SKHY.O) fell 1.9%, and Intel (INTC.O) fell 4%. The Nasdaq Golden Dragon China Index closed up 1.65%, with Alibaba (BABA.N) rising 3%.

Last Friday, the nonfarm payrolls data unexpectedly turned negative, dampening market expectations for a near-term interest rate hike by the Federal Reserve.The U.S. Dollar Index weakened for the second consecutive week, ultimately closing down 0.32% at 99.61; 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 4.506%.
Spot gold surged by $100, breaking through the $4,370 mark intraday, and ultimately closed up 2.39% at $4,342.18 per ounce, hitting a seven-week high and posting its best weekly performance in seven months;Spot silver ultimately closed up 3.36% at $63.58 per ounce.
International oil prices plummeted and turned lower following reports that the U.S. would lift sanctions on Iran after the announcement of the Hormuz Agreement.WTI crude oil ultimately closed down 1.39% at $76.35 per barrel; Brent crude oil closed down 1.55% at $81.49 per barrel.
The Dow Jones Industrial Average closed up 0.28%,the S&P 500 rose 0.6% to a new closing high, and the Nasdaq rose 1.3%. SpaceX (SPCX.O) surged 15.8%, Qualcomm (QCOM.O) rose 4.6%, and Nvidia (NVDA.O) rose 2.2%.Most memory-related stocks closed lower, with SK Hynix (SKHY.O) down nearly 4% and Micron Technology (MU.O) down 0.4%. The Nasdaq Golden Dragon China Index closed up 0.7%.The optical communications sector surged, with Applied Optoelectronics (AAOI.O) up 9%, Lumentum (LITE.O) up 6.2%, Corning (GLW.N) up 5.4%, and Marvell Technology (MRVL.O) up 3.8%.

On the evening of August 8, Berkshire Hathaway released its latest financial results, showing that second-quarter net income more than doubled year-over-year, driven primarily by investment gains and strong performance in its industrial and retail businesses.
Specifically, Berkshire’s second-quarter net income reached $25.67 billion, compared to $12.37 billion in the same period last year.
On a Class A share basis, earnings per share reached $17,868, compared to $8,601 in the same period last year.
More importantly, Berkshire has reversed its previous trend of continuously reducing its stock holdings.As of the end of June, Berkshire’s cash reserves had fallen to $365.5 billion from a record $397.4 billion three months earlier. CEO Abel, 64, is beginning to deploy the record cash reserves left by Buffett, allocating funds through stock buybacks and purchases of publicly traded stocks.
Data shows that in the second quarter, Berkshire not only repurchased its own shares but also recorded net purchases of stocks—exceeding net sales—for the first time in more than three years.
Specifically, Berkshire repurchased approximately $4.5 billion of its own shares in the second quarter.By comparison, Berkshire conducted only $235 million in stock buybacks during the first three months of 2026, indicating a significant acceleration in buyback activity during the second quarter, though the volume may still have fallen short of some investors’ expectations prior to the earnings release.
Additionally, in the second quarter, Berkshire returned to being a net buyer of stocks, with net purchases totaling nearly $20 billion.Prior to this, Berkshire had been a net seller of stocks for 14 consecutive quarters.
In the second quarter, Berkshire spent $6.8 billion to acquire homebuilder Taylor Morrison Homes and invested $10 billion in Alphabet stock.
Both of these transactions rank among Berkshire’s largest investment deals in recent years.
For some time now, Buffett has been saying that it is difficult to find truly attractive investment opportunities in the stock market. However, Berkshire shareholders have also been hoping that Abel would actually deploy some of the cash rather than keeping it tied up long-term in low-risk assets such as U.S. Treasury bonds.
So far this year, Berkshire’s stock price has risen by only about 3%, significantly underperforming the S&P 500 Index, which has gained 13% over the same period.
However, in recent months, Berkshire’s stock price has rebounded, rising by about 9% over the past three months.

The U.S. Dollar Index saw volatile trading this week, briefly falling to near an eight-week low as a sharp drop in oil prices eased inflationary pressures and weaker-than-expected U.S. employment data cooled expectations for interest rate hikes; on Thursday, renewed tensions in the Strait of Hormuz caused oil prices and U.S. Treasury yields to rebound, and the dollar recovered slightly, supported by safe-haven demand and interest rate differentials.On Friday, the nonfarm payrolls report delivered a massive surprise with a negative reading, sending the dollar index lower once again; as of press time, it stood at 99.48, and is expected to close lower for the second consecutive week.
Gold surged strongly this week, with a single-day jump of over 4% on Wednesday—marking a near seven-week high and the largest one-day gain since February.Falling oil prices, poor U.S. employment data, and weakness in the U.S. dollar and Treasury yields collectively drove capital back into gold. Following the release of the significantly weaker-than-expected nonfarm payrolls report, spot gold surged sharply in the short term, trading at approximately $4,350 per ounce at the time of writing.
Oil prices followed a “plunge-then-rebound” pattern this week. As Trump suspended a new round of strikes against Iran, tensions between the U.S. and Iran eased, and expectations for the reopening of the Strait of Hormuz intensified, causing both WTI and Brent crude to plummet early in the week.Starting Thursday, Iran announced plans to restrict the passage of “hostile” vessels from the U.S., Israel, and other countries while reserving the right to impose fees and intervene. As the market once again factored in supply risks, both WTI and Brent crude rebounded significantly.
Non-U.S. currencies saw mixed and volatile performance this week. The euro and British pound were initially boosted by a weaker U.S. dollar and falling oil prices, but their gains narrowed as demand for the U.S. dollar as a safe-haven asset rebounded.The yen saw the most pronounced volatility; joint U.S.-Japan intervention initially drove it to surge sharply, but it subsequently gave up those gains, indicating that the intervention primarily adjusted short-term positions rather than reversing pressure from the interest rate differential. The Australian dollar traded in a generally weak range as the market weighed improved risk appetite against commodity price volatility.
The three major U.S. stock indices posted overall gains this week, with the S&P 500 and the Dow Jones Industrial Average hitting new closing highs midweek.Technology, AI, and chip stocks led the gains, with the Philadelphia Semiconductor Index surging 6.6% on Tuesday before mixed earnings reports triggered profit-taking; energy stocks came under pressure early in the week as oil prices fell, prompting capital to shift toward sectors such as healthcare.

On Thursday, it was reported that the Iranian-proposed agreement on navigation through the Strait of Hormuz would prohibit the passage of enemy vessels. Meanwhile, as markets awaited guidance from the nonfarm payrolls data, an increasing number of Federal Reserve officials spoke about the possibility of a rate hike in the near future.
The U.S. Dollar Index rebounded, briefly retaking the 100 mark, and ultimately closed up 0.24% at 99.94.U.S. Treasury yields rose across the board, with the benchmark 10-year Treasury yield remaining nearly flat, closing at 4.679%; the 2-year Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.258%.
Spot gold rose early in the session but later fell; it briefly touched the $4,300 mark earlier, hitting its highest level since June 18, before giving up all of its intraday gains to close down 0.15% at $4,240.69 per ounce;Spot silver ultimately closed down 0.89% at $61.51 per ounce.
International oil prices rose sharply, as uncertainties surrounding global energy transportation persist. WTI crude accelerated its gains during the U.S. trading session, ultimately closing up 4.18% at $77.43 per barrel; Brent crude closed up 4.9% at $82.77 per barrel.
The three major U.S. stock indices all closed lower: the Dow Jones Industrial Average fell 0.86%, the S&P 500 dropped 0.18%, and the Nasdaq Composite declined 0.06%. SanDisk (SNDK.O) fell 6.8%, Western Digital (WDC.O) dropped 13%,SK Hynix (SKHY.O) fell 5%, and SpaceX (SPCX.O) rose 6%. The Nasdaq Golden Dragon China Index closed up 0.27%, while Alibaba (BABA.N) fell 1%.

On Wednesday, Iran and Oman were reportedly close to reaching an agreement on navigation in the Strait of Hormuz. Meanwhile, the U.S. “Small Nonfarm” report for July hit a new low for the year.
The U.S. Dollar Index fluctuated lower, eventually closing down 0.18% at 99.68. The yield on the benchmark 10-year U.S. Treasury note remained nearly flat, closing at 4.618%; the yield on the 2-year U.S. Treasury note, which is sensitive to the Fed’s policy rate, edged lower, closing at 4.192%.
Spot gold surged strongly, at one point soaring more than $200 from its intraday low, and ultimately closed up 4.16% at $4,247.02 per ounce—marking its largest single-day gain since early February of this year and regaining its 50-day moving average;Spot silver broke above the $62 mark, ultimately closing up 4.26% at $62.06 per ounce.
International oil prices traded sideways, with headlines about attacks on oil tankers and tensions in the Strait of Hormuz continuing to unsettle the oil market.WTI crude oil rose before retreating, ultimately closing nearly flat at $74.32 per barrel; Brent crude oil closed up 0.61% at $78.90 per barrel.
The three major U.S. stock indices posted mixed results, with the Dow Jones Industrial Average closing up 0.49%,the S&P 500 fell 0.17%, and the Nasdaq dropped 0.8%. SpaceX (SPCX.O) fell 13.6%. Nvidia (NVDA.O) rose 3.4%, SK Hynix (SKHY.O) fell 2%,AMD (AMD.O) fell 7%, and SanDisk (SNDK.O) fell 5%. The Nasdaq Golden Dragon China Index closed down 1.08%, with Xpeng (XPEV.N) and NIO (NIO.N) both down 2%.

On Tuesday, U.S. Treasury Secretary Bessent said the U.S. and Iran are expected to reopen the Strait of Hormuz very soon. The plunge in oil prices eased inflation concerns and dampened market expectations that the Federal Reserve would raise interest rates more than once this year, sparking risk appetite in the market.
The U.S. Dollar Index traded sideways near the 100 mark, ultimately closing down 0.09% at 99.87. U.S. Treasury yields fell for the second consecutive day, with the benchmark 10-year Treasury yield closing at 4.616%;the yield on the 2-year Treasury note—which is sensitive to the Fed’s policy rate—closed at 4.202%.
Spot gold briefly surged past the $4,100 mark but failed to hold the level, ultimately closing up 0.55% at $4,077.48 per ounce;Spot silver retreated after touching the $60 mark intraday, ultimately closing up 2.29% at $59.53 per ounce. LME three-month copper broke through the $14,000 mark for the first time since June 3, as a surge in U.S. imports tightened global supply.
International oil prices plunged during the session as a potential breakthrough in the Strait of Hormuz standoff instantly sent shockwaves through the oil market. WTI crude fell for the second consecutive trading day, ultimately closing down 5.51% at $74.41 per barrel, hitting its lowest level since July 13;Brent crude ultimately closed down 5.55% at $78.42 per barrel.
All three major U.S. stock indices rose, with the Dow Jones Industrial Average closing up 1.7%, the S&P 500 up 1.73%, and the Nasdaq up 2.59%; the first two hit all-time highs.SK Hynix (SKHY.O) rose 8%, Micron Technology (MU.O) rose 7.6%, SanDisk (SNDK.O) rose 10.8%, NVIDIA (NVDA.O) rose more than 2%, and SpaceX (SPCX.O) rose 9.4%.The Nasdaq China Golden Dragon Index closed down 0.35%, while Alibaba (BABA.N) rose 1%.

On Monday, there were renewed signs of easing tensions between the U.S. and Iran. Meanwhile, after the U.S. and Japan pledged to continue joint intervention to support the yen, investors are closely watching for signs of further intervention.
The U.S. Dollar Index ended its four-day losing streak, briefly returning to the 100 mark, and ultimately closed up 0.23% at 99.96; the benchmark 10-year U.S. Treasury yield closed at 4.681%; and the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.246%.
Spot gold opened higher with a gap but gave up its gains, briefly falling below the $4,020 mark during the session before rallying again in late trading; it ultimately closed up 0.31% at $4,055.25 per ounce;Spot silver broke above the $58 mark and ultimately closed up 0.93% at $58.19 per ounce.
As the geopolitical risk premium rapidly subsided, international oil prices plummeted. WTI crude opened down more than 8%, then fluctuated within a narrow range before closing down 7.42% at $78.72 per barrel; Brent crude closed down 5.92% at $83.07 per barrel.
All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising 1.3% to a new closing high; the S&P 500 gained 1.48%, and the Nasdaq rose 2.1%.Microsoft (MSFT.O) and Google (GOOG.O) rose nearly 5%, while Tesla (TSLA.O) and Nvidia (NVDA.O) gained around 3%, and Meta (META.O) rose 6%.SanDisk (SNDK.O) rose 6%, while SK Hynix (SKHY.O) fell 0.7%. The Nasdaq China Golden Dragon Index closed up 0.75%, with Alibaba (BABA.N) rising 4%. Amazon (AMZN.O) surpassed a market capitalization of $3 trillion for the first time.

Last Friday, Japan and the U.S. reportedly took coordinated action to curb the yen’s depreciation, causing the U.S. Dollar Index to reverse course in an inverted V-shape. It fell for the fourth consecutive trading day, ultimately closing down 0.2% at 99.7;The benchmark 10-year U.S. Treasury yield closed at 4.74%, having surged more than 30 basis points in July—the largest gain for that period since 2005; the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.304%.
Spot gold fluctuated lower, approaching the $4,020 mark during the session, and ultimately closed down 1.48% at $4,042.67 per ounce, but recorded its first monthly gain since the outbreak of the Iran conflict in February;Spot silver briefly approached the $57 mark but ultimately closed down 2.29% at $57.66 per ounce.
International oil prices rebounded after Iran’s Revolutionary Guard announced it had struck and seized two oil tankers in the Strait of Hormuz that had violated the ban.WTI crude resumed its upward trend, ultimately closing up 2.88% at $85.03 per barrel; Brent crude retreated after touching the $89 mark during the session, ultimately closing up 1.63% at $89.29 per barrel.
All three major U.S. stock indices closed higher: the Dow Jones Industrial Average rose 0.53%, the S&P 500 gained 0.7%, and the Nasdaq Composite advanced 1%.Tech and chip-related stocks saw mixed performance: Amazon (AMZN.O) closed up 15.32%, Google (GOOG.O) rose 6.73%, Nvidia (NVDA.O) gained 2.93%, Meta Platforms (META.O) rose 3.28%,Microsoft (MSFT.O) rose 3.02%. Apple (AAPL.O) fell 7.35%, and SpaceX (SPCX.O) fell 3.41%. The Nasdaq Golden Dragon China Index rose 1.48%, with Alibaba (BABA.N) up 5.12%,Baidu (BIDU.O) rose 3.38%. Last month, the S&P 500 fell about 0.13%, the Nasdaq fell 3.2%, and the Dow rose 0.32%.