Global markets continued their upward streak as U.S. stock futures climbed, pushing major indexes to new all-time highs. Strong gains in artificial intelligence and tech stocks drove this momentum, even as the U.S. dollar struggled to regain strength amid a prolonged government shutdown.
Wall Street Stays Strong
Investors kept their confidence high, sending futures for the S&P 500, Dow Jones Industrial Average, and Nasdaq up about 0.2% each. The Nasdaq and S&P 500 logged their 30th record highs of the year, while the Dow marked its 10th.
This surge came as traders anticipated a more dovish path from the Federal Reserve. With softer economic data on the horizon, many expect potential rate cuts before year-end, giving equities another push forward.
The Dollar Under Pressure
The U.S. dollar faced more weakness this week, as limited government data left traders looking to private reports. The DXY dollar index stayed flat at 97.855, showing uncertainty in the market.
A report from Challenger, Gray & Christmas revealed fewer job cuts in September, yet hiring plans hit their lowest levels since 2009. Market watchers now await the ISM services index, a key data point that could signal more softness in the economy and further fuel rate-cut expectations.
Commodities Gain Ground
Gold prices climbed again, marking a seventh straight weekly gain after reaching another record on Thursday. Gold futures rose 0.4% to $3,882.50 per troy ounce, up nearly 2% for the week. Investors continue to turn toward gold as a safe-haven asset, especially with the dollar under pressure and global uncertainty rising.
Oil benchmarks also rebounded slightly after a fire broke out at Chevron’s El Segundo refinery in California, one of the West Coast’s largest refining facilities. Brent crude climbed 0.8% to $64.62 a barrel, while WTI rose 0.9% to $61.03. Despite this bounce, both benchmarks remain down more than 6% for the week amid fears of oversupply and speculation that OPEC+ may boost production soon.
Global Market Overview
Across the Atlantic, Europe mirrored Wall Street’s optimism. The Stoxx Europe 600 rose 0.4% in early trading, while the FTSE 100 gained 0.3%. In Asia, results were mixed: Japan’s Nikkei 225 jumped 1.9%, but Hong Kong’s Hang Seng slipped 0.8%. Markets in China and South Korea remained closed for holidays.
Bitcoin also grabbed headlines, retreating slightly after reaching a seven-week high. It dipped 0.7% to $119,927, following a peak of $121,065, as investors locked in profits from the rally.
Meanwhile, U.S. Treasury yields inched higher but stayed near recent lows. The 10-year Treasury yield rose just one basis point to 4.098%, still close to its two-week low after a weaker-than-expected ADP payrolls report.
Market Sentiment and Outlook
Despite mixed data, sentiment across global markets remains upbeat. Traders continue to balance optimism around technology-driven growth with caution over economic softness and inflation pressures. The steady climb in equities highlights growing faith that the Federal Reserve will maintain a flexible stance heading into year-end.
At the same time, commodity prices and currency moves hint at ongoing uncertainty. A weaker dollar tends to lift global trade and corporate earnings, but persistent volatility in oil and metals could still sway investor sentiment.