Gold Prices Rise as Weak US Retail Sales Cut Fed Rate Hike Bets 
Wall Street Hits Record High as Softer Inflation Data Eases Fed Rate Hike Fears 
European Stocks Rise as U.S. Inflation Data Eases Fed Rate Hike Fears 
Oil Prices Slide as OPEC, IEA Cut 2026 Demand Forecasts 
KOSPI Rebounds 20% as Samsung, SK Hynix Lead South Korea Stock Rally 
Trump Imposes New Tariffs on Drone Imports Over US Security Concerns 
European Stocks Steady as U.S.-Iran War, Euro Zone Data Keep Investors Cautious 
Asian Stocks Rally as Cooling US Inflation Boosts Fed Rate Outlook 
S&P 500 Hits Record High as Soft Inflation Data Eases Fed Rate Hike Fears 
US Dollar Slips as Softer PPI Data Eases Fed Rate Hike Expectations 
US Dollar Holds Firm as Fed Outlook and Iran Tensions Keep Markets on Edge 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
Trump Imposes New US Tariffs on Drone Imports Over National Security Concerns 
Gold Prices Slip From Two-Month High as Inflation and Fed Outlook Drive Markets 
Asian Currencies Edge Higher as Soft US Inflation Weighs on Dollar 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
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Market Overview
The Dow Jones Industrial Average and S&P 500 reached record closing highs on Friday, buoyed by a surge in Netflix shares and overall gains in technology stocks. All three major Wall Street benchmarks celebrated their sixth consecutive weekly gain, marking their longest winning streak since late 2023.
Weekly Performance Highlights
- S&P 500: Up 0.9%
- Nasdaq Composite: Up 0.8%
- Dow Jones Industrial Average: Up 1%
Netflix shares soared 11.1%, closing at a record high after surpassing Wall Street's subscriber growth expectations, with a positive outlook for the remainder of the year. Other prominent tech stocks, often referred to as the "Magnificent Seven," also contributed to market gains. Apple rose 1.2% following a significant increase in new iPhone sales in China, while Nvidia gained 0.8% after Bank of America Global Research raised its price target.
Sector Analysis
The communication services sector, driven by Netflix, increased by 0.9%, making it the top-performing sector among the S&P 500, while the information technology sector rose by 0.5%.
Economic Outlook
David Waddell, CEO of Waddell & Associates, expressed optimism, stating, "It's kind of the 'what's not to like' market," highlighting favorable economic data and positive corporate earnings. However, concerns about stretched valuations— with the S&P 500 trading at nearly 22 times forward earnings— and the potential volatility surrounding the November 5 U.S. presidential election could pose risks.
Notable Declines
Despite the overall gains, American Express fell 3.1% after reporting quarterly revenue below estimates, contributing to a modest decline in the financial sector. The energy sector was the week's worst performer, dropping 2.6%, impacted by falling oil prices and disappointing earnings from SLB, which decreased by 4.7%.
