German Industrial Orders Plunge 10.6% in August 
Thailand Plans Dual-Class Shares to Revive IPO Market 
Nasdaq Hits Record High as Tech Stocks Lift Wall Street 
Gold Prices Fall as Stronger Dollar Weighs on Bullion 
China Shuts 670 Banks as Bitcoin Eyes Financial Risks 
Oil Prices Rise as Hormuz Attacks Fuel Supply Fears 
Trump Plans Diesel Tax Relief as Fuel Prices Hit Record Highs 
RBI Raises Repo Rate to 5.50% in Hawkish Shift on Inflation Risks 
India-US Trade Deal Talks Hit Plateau, Sitharaman Says 
UK House Prices Flat in September as Mortgage Rates Weigh 
S&P 500 Hits Record High as AI Rally Lifts Wall Street 
Trump Opens Tax-Exempt Dyed Diesel Access as Fuel Prices Surge 
Oil Prices Fall as Middle East Exports Recover, G7 Eases Supply Fears 
Ukraine Faces $56 Billion Budget Gap as War Costs Soar 
Gold Prices Slip as Strong Dollar and High Treasury Yields Weigh 
Indian Stocks Fall as RBI Hikes Rates to 5.50% 
Iran Tanker Attacks Surge as Hormuz Oil Flows Near Prewar Levels 
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Wall Street closed higher on Friday as gains in materials and cryptocurrency-related stocks helped offset renewed pressure from rising U.S. Treasury yields and elevated oil prices.
The S&P 500 gained 0.4% to finish at 7,674.39, while the Nasdaq Composite also rose 0.4% to 26,180.46. The Dow Jones Industrial Average outperformed, climbing 1% to 53,276.81. Despite Friday’s rebound, all three major indexes recorded weekly losses, with the S&P 500 down 1.4%, the Nasdaq falling 2.1%, and the Dow losing 0.9%.
Bond market volatility remained a key concern. The 30-year Treasury yield recently reached a 19-year high of 5.337%, while the 10-year yield hit a 52-week peak of 4.748%. On Friday, the 30-year yield rose to 5.273% and the 10-year yield climbed to 4.733%.
The Treasury Department attempted to ease pressure by increasing planned repurchases of long-dated government debt to at least $4 billion from $2 billion. Treasury Secretary Scott Bessent later indicated that buybacks could exceed $4 billion. However, concerns over inflation, higher oil prices and U.S. government debt surpassing $40 trillion continued to weigh on bonds.
Stocks received support from the S&P 500 materials sector, which jumped 2.2% as copper prices remained near record levels. London Metal Exchange copper settled at $14,036.50 per ton, while COMEX copper futures advanced 1.8% to $6.5823 per pound.
Crypto stocks also surged as Bitcoin and other digital assets extended their rally. Robinhood shares jumped 13.7%, while Coinbase gained 8.2%, placing both among the S&P 500’s strongest performers.
Economic data provided another boost. S&P Global’s flash U.S. business activity index climbed to 56.0 in August from 54.5 in July, beating expectations of 54.0 and marking the fastest expansion since April 2022.
Meanwhile, Middle East tensions kept energy markets elevated. Brent crude rose 0.2% to $93.92 per barrel and was headed for a weekly gain exceeding 5% as the U.S.-Iran standoff over the Strait of Hormuz continued.
Investors will now turn their attention to the Jackson Hole Economic Policy Symposium for fresh signals on the Federal Reserve’s interest-rate outlook.
