Japan, U.S. Stay Aligned on Yen as Currency Surges 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
UK House Prices Fall for First Time Since 2023 
Asian Stocks Mixed as Korean Chipmakers Rally 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
South Korea GDP Surges on Chip and AI Boom 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
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Wall Street ended the week on a strong note Friday, with major U.S. stock indexes climbing sharply as expectations for a Federal Reserve rate cut in December gained momentum. The rebound helped ease concerns about stretched tech valuations after a turbulent week for global markets.
A broad market rally picked up speed by late morning, lifting the Dow Jones Industrial Average by 493.30 points to 46,245.56. The S&P 500 advanced 0.98% to 6,602.96, while the Nasdaq Composite gained 0.88% to close at 22,273.08.
The surge followed fresh U.S. labor market data, which showed an unexpected uptick in unemployment—a signal that strengthened the market’s confidence in a potential Fed rate cut. According to CME’s FedWatch tool, traders now see a 73.3% chance of a December cut, up from 39.1% just a day earlier.
Comments from New York Fed President John Williams also boosted sentiment. Once viewed as leaning hawkish, his openness to near-term rate cuts shifted market perception toward a more dovish outlook. Analysts say this helped spark Friday’s strong rebound after Thursday’s broad selloff.
Tech stocks also provided support. Strong earnings from AI-driven leaders like Nvidia helped calm fears that the sector’s rapid gains were unsustainable. With nearly all S&P 500 companies having reported third-quarter results, about 83% have beaten earnings expectations, according to LSEG data.
Global markets were more mixed. European stocks fell for the week amid worries about high tech valuations and optimism around Russia-Ukraine peace efforts, which dragged defense shares lower. Asian markets also slipped, with Japan’s Nikkei dropping 2.40%.
In currencies, the dollar steadied but weakened against the yen as Japanese officials increased efforts to curb the yen’s slide. Meanwhile, cryptocurrencies tumbled, with bitcoin falling to multi-month lows.
U.S. Treasury yields dipped as rate-cut bets strengthened, and oil prices fell to a one-month low on developments in the Russia-Ukraine peace push. Gold also edged lower, with spot prices ending at $4,065.29 an ounce.
