07/10/2026 – Daily Reports
OIL RALLY, RECORD HIGHS & FED MINUTES SET THE TONE
- Oil: Brent moved back above $100 as Gulf of Mexico storm risks and renewed Houthi attacks on Saudi Arabia raised concerns over regional supply disruptions. A decline in U.S. crude inventories has added further support to prices.
- Equities: U.S. stocks extended their rally, with the S&P 500 and Nasdaq reaching fresh records, led by strength in technology and AI-related shares. However, rising oil prices are reviving concerns over inflation and could increase pressure on equity valuations.
- Gold & Silver: Gold is consolidating around $4,150 as markets await the Fed minutes for clues on the future rate path. Silver is underperforming, with higher long-term yields and renewed expectations of another Fed hike limiting demand for precious metals.
- Copper, Platinum & Palladium: Copper remains supported by tight physical supply and low inventories, while platinum and palladium are trading more cautiously as investors assess their respective supply and automotive-demand outlooks.
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Daily Market Highlights
GLOBAL MARKETS: WALL STREET HITS NEW RECORDS
- US stocks reached fresh records on Tuesday, with the S&P 500 up 0.6%, Nasdaq 0.4% and Dow Jones 0.5%.
- Asian markets moved lower on Wednesday despite Wall Street’s rally. The Nikkei fell 0.9% while Hong Kong’s Hang Seng declined 0.6%.
- US Treasury yields eased slightly from multi-decade highs, with the 10-year yield near 5.3%. Markets now await the Fed’s September meeting minutes.
- Expectations for an October Fed rate hike continued to decline, while investors remain focused on upcoming Fed comments and the outlook for December.
OIL & GEOPOLITICAL RISKS TAKE CENTER STAGE
- Oil prices climbed as concerns over supply disruptions increased. Brent rose above $101 while WTI traded around $90.
- Rising tensions between Saudi Arabia and the Houthis, along with a storm threatening Gulf of Mexico production, added pressure to the oil market.
- Gold edged higher as the dollar and Treasury yields eased, with geopolitical uncertainty continuing to support safe-haven demand.
- European bond markets stabilized, helping the euro recover above $1.12, while investors continued to monitor France’s fiscal outlook and political developments.
