US stocks rose Friday but still closed the week lower as investors weighed rising yields against ongoing Middle East uncertainty. Treasury yields climbed on strong services data while the Dollar drifted lower. Oil and gold both extended gains on safe-haven demand. The new week opens with a quiet calendar, though a fresh US-Canada trade dispute added volatility to the Canadian Dollar.
📊 Equities
US stocks pushed higher on Friday, though not enough to prevent the major indices from finishing the week lower as investors digested rising bond yields alongside ongoing geopolitical uncertainty. The Dow led the gains, with the S&P and Nasdaq also higher.
🛢️ Oil
Commodities remained firmly supported, with oil extending its recent gains as traders searched for signs of resolution to the ongoing Middle East tensions, with little progress evident so far.
🥇 Gold
Gold was again one of the strongest performers, pushing higher despite rising yields, highlighting how much geopolitical uncertainty is currently supporting demand.
💵 FX & Bonds
Treasury yields moved higher across the curve on stronger US services data, while the US Dollar drifted lower again despite the rise in yields.
📌 Today’s Focus
Markets begin the new week with a quiet macroeconomic calendar, leaving geopolitics in focus. Weekend developments centred on a growing US-Canada trade dispute, with the US imposing 50% tariffs on Canadian goods and Canada announcing retaliatory measures, resulting in some gaps in the Canadian Dollar at the open. That said, the Middle East is likely to remain the more important driver of sentiment, with any signs of escalation or progress toward resolution likely to spark further volatility across oil, gold, equities and currencies.
🔹 US – Treasury Secretary Scott Bessent Speaks