RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Trump, Xi Focus on Trade and AI at White House Summit 
Mexico-US Trade Talks Delayed to October as Tariff Negotiations Continue 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
China Agrees to Buy 20 Million Tons of U.S. Coal 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
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Wall Street surged on Friday, with the S&P 500 and Nasdaq closing at all-time highs as investor sentiment rose on trade deal optimism and growing expectations for interest rate cuts by the Federal Reserve. Despite some volatility after President Trump ended trade talks with Canada over its digital tax on tech firms, all three major U.S. indexes logged weekly gains.
The Nasdaq officially entered a bull market, climbing more than 20% from its April 8 low. The Dow Jones Industrial Average jumped 432.43 points (1.00%) to 43,819.27, the S&P 500 added 32.05 points (0.52%) to 6,173.07, and the Nasdaq gained 105.55 points (0.52%) to close at 20,273.46.
Investors are increasingly betting on a Fed rate cut, with CME’s FedWatch tool showing a 76% probability of a September cut and 19% odds for July. Economic data added fuel to the rally, with May’s PCE report showing unexpected drops in consumer income and spending, while inflation stayed above the Fed’s 2% target. Consumer sentiment also improved, though it remains below post-election highs.
In sector performance, consumer discretionary led the S&P 500, while energy lagged. AI stocks gained momentum as Micron’s strong outlook boosted investor confidence. Nvidia rose 1.8%, approaching a $4 trillion valuation. Nike shares soared 15.2% after better-than-expected guidance.
Market breadth showed advancing NYSE stocks outpacing decliners by 1.29-to-1, with 347 new highs. On Nasdaq, decliners slightly outnumbered gainers. The session saw unusually high trading volume, hitting 22.07 billion shares versus the 20-day average of 18.27 billion.
Overall, investors continue riding bullish momentum driven by AI optimism, monetary policy expectations, and hopes for global trade resolution.
