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Technology Drives Wall Street to Record Highs Despite Tensions in the Persian Gulf
- The U.S. trading session closing the week is taking place in a positive mood, with major indices posting gains supported by a favorable market sentiment. The Nasdaq 100 is up more than 1.5%, while the S&P 500 is rising by over 0.8%, indicating a clear dominance of buyers, particularly in the technology sector.
- Only the Dow Jones shows a weaker picture, fluctuating around yesterday’s close and not participating in the broader market rally.
- The latest U.S. labor market data (NFP) came in above expectations, highlighting the resilience of the U.S. economy, as nonfarm payrolls increased by 115,000 versus forecasts of 62,000, alongside a stable unemployment rate of 4.3%. However, details of the report—such as weaker wage growth and a decline in labor force participation—suggest a deterioration in job market quality.
- The U.S. is currently awaiting Iran’s response to a proposal aimed at ending the conflict and is hoping for a “serious offer” from Tehran, despite ongoing exchanges of strikes between both sides.
- At the same time, further escalation is taking place in the region, as U.S. forces are attacking Iranian units and tankers attempting to bypass the blockade, while Iran accuses Washington of strikes on civilian targets.
- Iran is warning of a possible military response to U.S. naval actions and suggests that any maritime blockade will be met with armed retaliation.
- Meanwhile, Iranian politicians are cautioning against further escalation in the Persian Gulf region, pointing to possible actions against the UAE and other neighbors, while maintaining pressure around the Strait of Hormuz, which Tehran seeks to regulate legally.
- U.S. President Donald Trump, however, claims that a ceasefire is still in place, although the situation in the Strait of Hormuz remains tense, with limited exchanges of fire reported.
- Diplomatic talks are ongoing in the background, including meetings between the U.S. Vice President and Qatari representatives, suggesting an attempt to maintain negotiation channels despite mutual threats and limited armed incidents.
- Despite informational chaos and geopolitical tensions, oil prices are slightly lower today, with Brent crude hovering around $100 per barrel.
- A preliminary University of Michigan report showed a slight deterioration in U.S. consumer sentiment, as the sentiment index fell to 48.2 compared to expectations of 49.5. At the same time, both short- and long-term inflation expectations declined compared to previous readings, suggesting that Americans do not currently see rising price pressures.
- Negative sentiment also dominated today’s European session, where major indices closed significantly lower. The UK’s FTSE 100 fell by 0.4%, France’s CAC 40 dropped by more than 1%, Spain’s IBEX 35 also declined, while Germany’s DAX lost nearly 1.5%.
- A different picture emerged in the precious metals market, where gold gained about 0.4%, surpassing $4,700 per ounce, while silver rose by 0.7% above $80 per ounce, continuing the strong demand trend for safe-haven assets.
- Mixed sentiment was also present in the cryptocurrency market, where Bitcoin and Ethereum traded near recent reference levels without a clear direction.
Today Markets
