On Monday, Iran stated that its current priority is to implement the memorandum of understanding and that it will not negotiate with the United States in the near term. Renewed tensions between the U.S. and Iran pushed up oil prices, sparked inflation concerns, and reinforced market expectations of rising interest rates.
The U.S. Dollar Index remained near a 13-month high, ultimately closing down 0.02% at 101.11; the benchmark 10-year U.S. Treasury yield closed at 4.379%, while the 2-year U.S. Treasury yield, which is sensitive to the Federal Reserve’s policy rate, closed at 4.115%.
Spot gold briefly approached the $4,000 mark during the session but ultimately closed down 1.59% at $4,016.66 per ounce; spot silver closed down 0.86% at $58.29 per ounce.
International oil prices surged following mutual attacks between the U.S. and Iran over the weekend but subsequently retreated to levels near their lowest since the conflict began.WTI crude oil ultimately closed up 0.27% at $70.27 per barrel; Brent crude oil closed up 0.34% at $74.05 per barrel.
U.S. stocks closed higher, with the Dow Jones Industrial Average up 0.59%, the S&P 500 up 1.1%, and the Nasdaq up 2.07%.Western Digital (WDC.O) rose 11%, Seagate Technology (STX.O) rose more than 7%, SpaceX (SPCX.O) rose 7%, Micron Technology (MU.O) rose 1%, and Nvidia (NVDA.O) rose 1%.The Nasdaq Golden Dragon China Index closed up 1.4%, with Baidu (BIDU.O) rising more than 7%.