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%.