On Monday, rising oil prices reignited inflation concerns, and coupled with Fed officials maintaining a hawkish stance, the U.S. Dollar Index fluctuated higher during the session, ultimately closing up 0.16% at 101.19.The yield on the benchmark 10-year U.S. Treasury note rose 7.4 basis points to close at 5.239%; the yield on the 2-year U.S. Treasury note, which is sensitive to the Fed’s policy rate, rose 6.9 basis points to 4.937%.
Spot gold plunged intraday to $4,110, hitting a seven-week low not seen since August 5, and ultimately closed down 3.98% at $4,115 per ounce; spot silver closed down 5.71% at $60.64 per ounce.
The U.S. rejection of Iran’s proposal caused oil prices to jump by more than $4 early in the session; however, gains narrowed after news emerged that a Qatari mediator would engage in a new round of indirect talks with both the U.S. and Iran.WTI crude ultimately closed up 0.71% at $92.04 per barrel; Brent crude closed up 0.99% at $98.33 per barrel.
U.S. stocks: The Dow Jones Industrial Average closed down 0.67%, the S&P 500 fell 0.77%,and the Nasdaq fell 0.92%. SK Hynix (SKHY.O) fell 5%, Meta (META.O) fell 4.8%, Tesla (TSLA.O) fell nearly 4%, and Nvidia (NVDA.O) rose 1.6%.The Nasdaq Golden Dragon China Index closed up 1.1%, with NetEase (NTES.O) rising nearly 5%.