This week, the U.S. earnings season continues, with the Nasdaq rising for the seventh consecutive week while the S&P and Dow fall. U.S. bond prices declined, with the 10-year Treasury yield approaching a three-month high. The U.S. dollar index rose for the fourth consecutive week, while the Japanese yen fell due to political uncertainty. Spot gold hit a historic high, with a weekly gain of over 0.9%. Tensions in the Middle East have boosted both U.S. oil and Brent oil, with weekly gains of over 4%
This week, the U.S. earnings season continues, with mixed performances from the three major stock indices. Chinese concept stocks outperformed the U.S. market, while U.S. bond prices fell and gold continued its upward trend.
Investors have been buying tech stocks, with the Nasdaq rising for the seventh consecutive week, while the S&P 500 and Dow Jones ended their six-week winning streaks. The S&P 500 index fell by 0.96%, the Dow Jones fell by 2.68%, and the Nasdaq rose by 0.16%.
In terms of sectors, solar energy and chip stocks led the gains, while pharmaceutical and industrial stocks lagged. Chinese concept stocks rebounded, with a weekly decline but outperforming the U.S. market.
U.S. bond prices fell as Federal Reserve officials emphasized cautious rate cuts and amid multiple pressures such as the escalation of the "Trump trade", pushing the 10-year U.S. Treasury yield back up to a three-month high.
The U.S. dollar index rose back to a three-month high on Friday, marking the fourth consecutive week of gains with a 0.8% increase this week. Political uncertainties caused the Japanese yen to fall by 1.9% this week and briefly drop below 153 yen.
Due to the unstable situation in the Middle East and the upcoming U.S. election, along with global central bank rate cut expectations, spot gold hit a historical high for three consecutive days this week, reaching a new high of $2758.49 on Wednesday before giving back some gains. Gold still rose by over 0.9% this week, marking the sixth consecutive week of gains in the past 7 weeks.
Tensions in the Middle East remain high, and the temporary bearish effect of weak EIA inventories and oil demand on Wednesday quickly dissipated, helping push U.S. and Brent crude oil prices up by over 4% for the week