US stocks hit new highs as AI demand drove Dell shares up over 30%. Brent crude fell to around $92, down nearly 20% in May on US-Iran deal hopes. Gold recovered to around $4,541 with a weaker dollar providing support. Next week’s central bank super week — Fed, BOJ and BOE decisions — is set to drive significant volatility.
📊 Equities
The S&P 500 and Nasdaq continued to push to new highs, with AI-related stocks remaining the core market driver. Dell surged over 30% at one point after reporting a sharp increase in AI server demand. Markets are watching whether the AI theme continues to broaden into software and semiconductor sectors.
🛢️ Oil
Oil prices fell sharply as markets priced in the possibility of a US-Iran agreement, reducing transportation risks through the Strait of Hormuz. Brent crude dropped to around $92 and WTI to around $87, bringing May’s cumulative decline to nearly 20%. Lower oil prices are seen as a positive for airline, transport and consumer sectors, and as a factor that could ease inflation pressure.
🥇 Gold
Gold recovered to around $4,541, supported by a softer US dollar. However, concerns over inflation, elevated interest rates and high Treasury yields continue to cap gains. Attention now turns to upcoming Fed commentary, PCE data and broader US inflation trends.
💵 FX & Bonds
The US dollar moved lower, providing support for gold and risk assets broadly. Markets are positioning around expectations of easing Middle East tensions, recovering energy supply and reduced inflation pressure. Asian and European equity markets both moved higher in line with the improved global risk sentiment.
📌 Today’s Focus
Next week brings a central bank super week with market volatility expected to rise significantly. Key events include rate decisions from the Federal Reserve, Bank of Japan and Bank of England, alongside US GDP, Core PCE and jobless claims data. FX, gold and equity indices all face elevated volatility risk heading into the week.