Market Overview

The US and European markets experienced two consecutive days of simultaneous declines in both stocks and bonds. On Friday, US stocks fell broadly once again, with investors rapidly exiting tech stocks. $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ saw three consecutive days of losses, marking the largest weekly drop in three months. $Dow Jones Industrial Average(.DJI.US)$ retreated over several days but still achieved a three-week winning streak. Small-cap indices pulled back by 3.5% over three days but ended the week with a gain of over 1%. $Intel(INTC.US)$ dropped more than 5%, leading the Dow's declines, while $Tesla(TSLA.US)$ fell 4%, leading the decline among tech giants. $NVIDIA(NVDA.US)$ fell nearly 9% in a week, and cybersecurity leader $CrowdStrike(CRWD.US)$ dropped 11% following global IT system outages.

Commodities took a hit. Crude oil fell about 3% to a five-week low, marking two weeks of consecutive declines. Gold dropped more than 2%, recording its largest one-day decline in six weeks and its first weekly drop in a month. Silver fell 6% in a week. Tin on the LME saw seven consecutive drops, falling nearly 8% in a week, while copper fell for five consecutive days, hitting a three-month low and dropping nearly 6% for the week, the largest weekly drop since 2022.

US Treasury yields rose again, with the two-year yield hitting a one-week high. The US Dollar Index saw its first two-day gain in two weeks, continuing to move away from its nearly four-month low. Bitcoin surged by $4,000 during the session, reaching $67,000.