US markets eased on Friday as traders awaited clarity from the Trump–Putin summit and looked ahead to the Washington meeting between President Trump and Ukrainian President Zelinsky. While both leaders called the Moscow talks “productive,” the absence of firm commitments left investors cautious.
The Dow eked out a modest gain of 0.08% to 44,946, while the S&P 500 slipped 0.29% to 6,449 and the Nasdaq lost 0.40% to 21,622. The dollar softened, with the DXY down 0.42% to 97.84, even as Treasury yields rose – the 2-year yield up 1.8 bps to 3.751%, and the 10-year adding 3.1 bps to 4.316%.
In commodities, oil weakened, with Brent crude down 1.48% to $65.85 and WTI lower by 1.81% to $62.80. Gold traded in a narrow range, closing virtually unchanged at $3,336.19.
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Risk High on Political Headlines
Investor focus remains squarely on geopolitics. Over the weekend, market sentiment was shaped by the mixed outcome of Trump’s meeting with Putin. Traders now await signals from today’s Washington summit, which will bring together Trump, Zelinsky, and EU representatives.
The central concern is the path toward a ceasefire. Reports suggest Ukraine may face pressure to make territorial concessions – a scenario Zelinsky is unlikely to accept given firm EU backing. Any deadlock or breakdown in talks could quickly shift sentiment, boosting safe-haven demand for assets like Treasuries, the dollar, and gold.
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All Eyes on Washington
The macroeconomic calendar is light today, meaning politics will remain the dominant driver of price action. Asian trading was subdued, with little detail emerging from Friday’s summit, but volatility is expected to rise as the day progresses.
While data releases such as the EU trade balance (expected +18.1B) and Canadian housing starts (expected +264k) may trigger minor moves in the euro and Canadian dollar, markets will be glued to developments out of Washington. Traders will be watching closely to see whether meaningful progress is made, or if uncertainty deepens further into the week.