The Fed held rates steady, sending US stocks sharply lower with the Dow leading losses. The dollar retreated as short-dated yields eased and long-dated yields rose. Renewed Mideast airstrikes fueled a strong oil rally, with gold gaining alongside the weaker dollar. Focus turns to a busy session ahead, led by the BoE decision and US Core PCE data.
📊 Equities
US equities sold off sharply after the Fed held rates steady, with the Dow leading losses as traders reassessed the rate and growth outlook. The Dow fell 2.19% to 51,594, the S&P 500 dropped 1.52% to 7,316, and the Nasdaq slid 1.74% to 24,442.
🛢️ Oil
Renewed Middle East airstrikes — with the US and Saudi Arabia reportedly targeting Iranian-backed groups in Iraq — drove a strong rally in oil. Brent surged 7.68% to $90.55, while WTI gained 6.74% to $84.46.
🥇 Gold
Gold gained alongside the weaker dollar, rising 0.94% to $4,064.98.
💵 FX & Bonds
Short-dated Treasury yields eased while longer-dated yields rose on inflation concerns, and the dollar retreated as markets digested the Fed’s message. The USD fell 0.59% to 100.82, the 2-year Treasury yield eased 1.4 bps to 4.273%, and the 10-year Treasury yield rose 7.1 bps to 4.677%.
| Market | Change | Close |
|---|---|---|
| Dow Jones | -2.19% | 51,594 |
| S&P 500 | -1.52% | 7,316 |
| Nasdaq | -1.74% | 24,442 |
| USD Index | -0.59% | 100.82 |
| US 2Y Treasury | -1.4 bps | 4.273% |
| US 10Y Treasury | +7.1 bps | 4.677% |
| Brent Crude | +7.68% | $90.55 |
| WTI Crude | +6.74% | $84.46 |
| Gold | +0.94% | $4,064.98 |
📌 Today’s Focus
Focus turns to a busy session ahead, with the BoE rate decision, US Core PCE, Advance GDP and Unemployment Claims due, keeping volatility elevated across markets.
🔹 Germany – Preliminary CPI Data
🔹 Germany – Preliminary GDP Data
🔹 UK – Bank of England Interest Rate Decision
🔹 UK – Bank of England Press Conference
🔹 US – Core PCE Price Index Data
🔹 US – Advance GDP Data
🔹 US – Weekly Unemployment Claims Data