U.S. stocks weathered weak demand for the 30-year Treasury auction, but Treasury sell-offs intensified, with the 10-year Treasury yield rising above 4% again and short-term yields climbing by up to 10 basis points.
Rising demand and Middle East tensions led to a three-day rally in oil prices, with U.S. crude rising over 1% and breaking above $76, and Brent crude breaking above $79 to a new monthly high. Safe-haven demand and bets on a Federal Reserve rate cut lifted gold prices, ending a five-day losing streak. Spot gold rose as much as 1.8% and broke above $2,420. Most London metals closed higher, with copper rebounding from a five-month low.
The dollar recovered its losses from last Friday, while the yen fell for the third consecutive day, and the offshore yuan dropped more than 110 points to fall below 7.18. Bitcoin surged 8%, breaking above $59,000, and Ethereum rose 10%.