📊 Equities
US stocks managed to edge higher, with the Dow Jones leading the gains and both the S&P 500 and Nasdaq closing at fresh record highs. Markets showed resilience despite President Trump warning overnight that he remains dissatisfied with the progress of negotiations with Iran, tempering some of the recent optimism that a peace agreement may be close.
🛢️ Oil
Despite fresh missile strikes in the Gulf, oil prices fell sharply as markets continued to price in the possibility of a deal that could reopen the Strait of Hormuz. Brent dropped -4.60% to $95.00 and WTI fell -4.65% to $89.52.
🥇 Gold
Gold declined -1.13% to $4,454.95, breaking through key technical support levels as the stronger dollar weighed on the precious metal.
💵 Forex & Bonds
The US dollar continued to strengthen against the majors, weighing on gold and other risk assets. Bond markets remained cautious ahead of today’s key data releases.
📌 Today’s Focus
Attention now turns to today’s US Core PCE inflation release — the Federal Reserve’s preferred inflation gauge — alongside preliminary GDP and weekly unemployment claims data. A stronger-than-expected print would likely reinforce expectations that the Fed will keep rates higher for longer.