US stocks rebounded Wednesday as investors sought value despite ongoing Middle East hostilities. Treasury yields eased from record highs and the Dollar softened, while oil and gold both gained. Yen traders are on intervention alert after USDJPY dropped sharply. Today’s calendar is quiet, though markets stay focused on tomorrow’s key US employment report.
📊 Equities
US stocks recovered some of their recent losses in trading yesterday as investors looked for value despite further hostilities in the Middle East. The Dow Jones rose 0.56% to 53,061, while the S&P 500 gained 0.46% to 7,666 and the Nasdaq advanced 0.45% to 26,217.
🛢️ Oil
Oil prices moved higher again as markets continued to price in the risk of further conflict in the Gulf. Brent crude rose 0.88% to $95.32, while WTI gained 0.71% to $91.01.
🥇 Gold
Gold also pushed higher, gaining 1.33% to $4,386.29 as the weaker dollar provided support.
💵 FX & Bonds
Treasury yields pulled back from record levels, with the US 2-year yield falling 3.1 basis points to 4.369% and the 10-year yield declining 2.0 basis points to 4.778%. The US Dollar also eased against the major currencies, with the USD Index falling 0.12% to 99.56.
Yen traders are back on intervention alert after a sharp appreciation in the currency saw USDJPY fall more than 150 pips in a short period. There has been no confirmation of official intervention, but the speed of the move is likely to keep traders alert to the prospect of further action from Japanese authorities.
| Market | Change | Close |
|---|---|---|
| Dow Jones | +0.56% | 53,061 |
| S&P 500 | +0.46% | 7,666 |
| Nasdaq | +0.45% | 26,217 |
| US Dollar Index (USD) | -0.12% | 99.56 |
| US Treasury 2Y | -3.1 bps | 4.369% |
| US Treasury 10Y | -2.0 bps | 4.778% |
| Brent Crude | +0.88% | $95.32 |
| WTI Crude | +0.71% | $91.01 |
| Gold | +1.33% | $4,386.29 |
📌 Today’s Focus
Today’s economic calendar is relatively quiet, although markets are likely to remain sensitive to any fresh geopolitical developments. Traders will also be positioning ahead of tomorrow’s key US employment report, which could provide the next major catalyst for interest rates, the dollar and broader risk sentiment.
🔹 European Session – 4.30 pm – Switzerland – CPI Data
🔹 US Session – 10.30 pm – US – Weekly Unemployment Claims Data
🔹 US Session – 12.00 am – US – ISM Services PMI Data