Market Summary
South Korean Stocks Slide Again: South Korea’s chip-heavy Kospi suffered its second trading suspension of the week after falling as much as 9%, while Nasdaq 100 futures dropped 1.5%. Apple shares declined 6.1% after the company raised prices on Macs, iPads, and home devices in response to a shortage of memory chips. Sentiment was also weighed down by reports that OpenAI's potential IPO could be delayed.
Yen Remains Under Pressure: USD/JPY traded around 161.63 as policy divergence between the Federal Reserve and the Bank of Japan continued to weigh on the Japanese currency.
Precious Metals Steady: Gold hovered around the $4,000 level, while silver held near $57.90 following Wednesday’s declines. Investors remained cautious as markets assessed the broader macroeconomic outlook.
Treasury Yields Ease: The yield on the 10-year U.S. Treasury fell two basis points to 4.39%, reflecting modest demand for government bonds as investors continued to monitor growth and inflation expectations.
Oil Climbs on Hormuz Incident: Oil prices traded around $73 before climbing to $74.90 after a cargo ship was struck by an unknown projectile in the Strait of Hormuz, marking the first reported attack since the recent peace agreement. A White House official said it was too early to determine responsibility for the incident.
Economic Calendar
- Spain CPI
- Eurozone Business and Consumer Survey
Key Market Moves Today
- S&P 500 Futures: -0.52% (7,384)
- U.S. 10-Year Yield: -1.77 bps (4.37%)
- Brent Crude: -1.90% ($73.83)
- Bitcoin: +1.00% ($59,958)
- Spot Gold: -0.46% ($4,008)
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