{"id":87533,"date":"2026-06-29T17:05:06","date_gmt":"2026-06-29T07:05:06","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=87533"},"modified":"2026-06-29T17:05:07","modified_gmt":"2026-06-29T07:05:07","slug":"general-market-analysis-29-06-26","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/general-market-analysis-29-06-26\/","title":{"rendered":"General Market Analysis \u2013 29\/06\/26"},"content":{"rendered":"\n

US Stocks Drift Lower into Weekend \u2013 Nasdaq down 0.24%<\/strong><\/p>\n\n\n\n

US financial markets ended the week on a subdued note on Friday as investors continued to lock in profits following the recent rally in equities, while ongoing geopolitical tensions in the Middle East weighed on overall market sentiment. The technology sector once again underperformed, resulting in modest declines across the major indices. The Dow Jones Industrial Average eased 0.09% to close at 51,876, while the S&P 500 slipped 0.05% to 7,354. The Nasdaq Composite, which remains the best-performing major index this year, declined 0.24% to finish at 25,297.<\/p>\n\n\n\n

Currency markets were relatively quiet, with the US Dollar Index edging 0.06% lower to 101.37. US Treasury yields also continued to move lower as investors sought the relative safety of government bonds. The yield on the 2-year Treasury note fell 3.1 basis points to 4.092%, while the benchmark 10-year yield declined 2.4 basis points to 4.369%.<\/p>\n\n\n\n

Commodity markets were driven largely by developments in the Middle East. Crude oil prices retreated sharply as tanker traffic through the Strait of Hormuz continued to improve despite last week’s reported attack on a commercial vessel, easing immediate concerns over disruptions to global energy supplies. Brent crude fell 4.34% to settle at US$71.99 per barrel, while West Texas Intermediate (WTI) declined 3.74% to US$69.23 per barrel.<\/p>\n\n\n\n

Gold prices moved higher, gaining 1.54% to US$4,088.74 per ounce, supported by the decline in Treasury yields and ongoing demand for safe-haven assets as investors monitored the fragile ceasefire between the United States and Iran.<\/p>\n\n\n\n

Another Big Week for the Dollar<\/strong><\/p>\n\n\n\n

It is another big week for the dollar, with FX traders braced for more moves in the majors as the week progresses. It\u2019s the first week of the month, which means major US employment data is due. Last time out, the figures surprised to the upside and helped reinforce a more hawkish Fed, which has led to the greenback surging to annual highs over the last couple of weeks. We have seen a bit of consolidation near those highs over the last few days for the dollar, and it feels like the market is looking for the next catalyst in FX. If we do see stronger numbers in the US employment market over the coming days, culminating in another strong Non-Farms print on Thursday (US markets are closed for Independence Day on Friday), then we could see the dollar move into new ranges across all the major currencies. We will also hear from Fed Chair Kevin Warsh midweek, so anything from him that aligns with the data could trigger fresh moves for the dollar. However, expect Thursday’s numbers to have the biggest impact.<\/p>\n\n\n\n

Quiet Calendar Day to Start the Week Again<\/strong><\/p>\n\n\n\n

It\u2019s another quiet Monday on the economic calendar to kick off the trading week, although that will soon change as the days progress. Market participants are expected to remain focused on geopolitical developments in the Middle East, particularly any updates regarding the ceasefire and the continued movement of oil through the Strait of Hormuz. The Asian session has very little on the calendar today, although traders are still expecting some volatility as investors react to developments from the weekend. The London session is similarly moribund, with little to move the dial. Italian markets are closed for a bank holiday, but this is unlikely to affect liquidity significantly during the day. The only notable event on today’s calendar is a speech by European Central Bank President Christine Lagarde during the US trading session, when she will make opening remarks at the ECB\u2019s Central Bank Forum in Sintra, Portugal.<\/p>\n","protected":false},"excerpt":{"rendered":"

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