US equity markets extended their recent rally overnight, capping one of the strongest quarterly performances in recent years. The S&P 500 and Nasdaq both recorded their best quarterly gains since 2020. Treasury yields moved sharply higher following stronger-than-expected JOLTS Job Openings data, while the dollar edged modestly higher. Oil prices eased slightly and gold finished marginally lower, briefly touching a fresh annual low during the session.
📊 Equities
US equity markets extended their recent rally overnight, capping one of the strongest quarterly performances in recent years. The S&P 500 and Nasdaq both recorded their best quarterly gains since 2020 as investors continued to rotate into growth stocks on expectations that the US economy remains resilient despite ongoing geopolitical uncertainty. The Dow rose 0.36% to 52,319, the S&P 500 gained 0.79% to 7,499, and the Nasdaq climbed 1.52% to 26,213.
🛢️ Oil
Commodity markets were comparatively subdued. Oil prices eased slightly as traders continued to monitor developments surrounding negotiations between the United States and Iran, with hopes that diplomatic progress could help reduce geopolitical risks and support supply expectations. Brent crude settled 0.31% lower at US$72.92 per barrel, while WTI crude declined 0.92% to US$70.08.
🥇 Gold
Gold also finished marginally lower, ending the session at US$4,006.89 an ounce after briefly trading at another fresh annual low earlier in the day.
💵 FX & Bonds
Treasury yields moved sharply higher following stronger-than-expected US JOLTS Job Openings data, which pointed to continued strength in the labour market. The 2-year Treasury yield rose 6.8 basis points to 4.172%, while the benchmark 10-year yield climbed 9.1 basis points to 4.465%. The US dollar edged modestly higher, gaining 0.06% to 101.17, although price action remained volatile throughout the session. USDJPY notably hit another fresh record high.
| Market | Change | Close |
|---|---|---|
| Dow Jones | +0.36% | 52,319 |
| S&P 500 | +0.79% | 7,499 |
| Nasdaq | +1.52% | 26,213 |
| USD Index | +0.06% | 101.17 |
| US Treasury 2Y | +6.8 bps | 4.172% |
| US Treasury 10Y | +9.1 bps | 4.465% |
| Oil – Brent | -0.31% | $72.92 |
| Oil – WTI | -0.92% | $70.08 |
| Gold | -0.22% | $4,006.89 |
📌 Today’s Focus
Attention now turns to another busy session for global markets, with central bank speakers taking centre stage at the ECB’s annual forum in Sintra. Comments from ECB President Christine Lagarde, Federal Reserve Chair Kevin Warsh, Bank of England Governor Andrew Bailey and Bank of Canada Governor Tiff Macklem will be closely monitored for any guidance on the outlook for interest rates. Investors will also remain focused on the US labour market, with ADP employment figures and the ISM Manufacturing PMI expected to provide further insight ahead of Thursday’s Non-Farm Payrolls report.
🔹 7:00 pm – EU CPI Flash Estimate
🔹 11:00 pm – ECB President Christine Lagarde Speaks
🔹 11:00 pm – US Federal Reserve Chair Kevin Warsh Speaks
🔹 11:00 pm – Bank of England Governor Andrew Bailey Speaks
🔹 11:00 pm – Bank of Canada Governor Tiff Macklem Speaks
🔹 10:15 pm – US ADP Non-Farm Employment Change
🔹 12:00 am – US ISM Manufacturing PMI