Last Friday, as recent economic data and falling oil prices slightly dampened market expectations for a Fed rate hike, the U.S. Dollar Index fell for the second consecutive trading day, ultimately closing down 0.07% at 101.39.The yield on the benchmark 10-year U.S. Treasury note closed at 4.371%, while the yield on the 2-year U.S. Treasury note—which is sensitive to the Fed’s policy rate—closed at 4.098%.
Spot gold rose on the back of a weaker U.S. dollar, touching $4,090 at one point during the session, and ultimately closed up 1.36% at $4,081.26 per ounce; spot silver closed up 1.65% at $58.79 per ounce.
International crude oil prices fell as more oil tankers openly transited the Strait, easing previous supply concerns. WTI crude ultimately closed down 1.76% at $70.08 per barrel; Brent crude closed down 2.8% at $72.58 per barrel.
Major European stock indices closed lower across the board, with Germany’s DAX 30 down 1.29%, the UK’s FTSE 100 down 0.21%, and the Euro Stoxx 50 down 0.73%.
In the U.S., the Dow Jones Industrial Average fell 0.12%, the S&P 500 fell 0.07%, and the Nasdaq fell 0.24%.Semiconductor and memory-related stocks weakened, with Western Digital (WDC.O) down 13%, Seagate Technology (STX.O) down 12%, SanDisk (SNDK.O) down 10%, Micron Technology (MU.O) down 6.6%, and Qualcomm (QCOM.O) down 7%.