US Market Summary: Dow rises 537 points for third straight gain, cheered by lower oil and solid earnings

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Summary · why it matters

In the US market on the 28th, the Dow Jones Industrial Average rose 537.24 points to 52,747.32, marking its third consecutive session of gains. Solid US corporate earnings and lower crude oil prices were well received, and the S&P 500 ended 15.60 points higher at 7,428.78, while the tech-heavy Nasdaq Composite fell 55.17 points to 24,876.91, snapping its winning streak. In the New York foreign exchange market, the yen traded in a narrow range at 163.81 to 163.91 per dollar, with a wait-and-see mood prevailing ahead of monetary policy decisions in Japan and the US. In the US bond market, lower oil prices eased concerns about resurgent inflation, and the benchmark 10-year yield fell 0.04 percentage point from the previous day to 4.61 percent. On the New York Mercantile Exchange, crude oil futures were sold as worries over escalating US-Iran tensions subsided, with the front-month September West Texas Intermediate contract falling 3.35 dollars to 79.26 dollars a barrel, its third straight decline. On the New York Commodity Exchange, gold futures snapped a three-session winning streak ahead of the Federal Open Market Committee decision the next day, with the front-month August contract falling 38.30 dollars to 4,038.70 dollars an ounce.

Impact on assets 3

Others▼ · 3 stocks
⛏Crude Oil WTI Futures
WTI
▼ NegativeGeopoliticsrelevance

Crude oil futures fell as worries over escalating US-Iran tensions subsided, reducing supply risk premium.

⛏Gold Futures
GOLD
▼ NegativeMonetaryrelevance

Gold futures fell ahead of FOMC decision, as lower oil prices reduce inflation hedge demand and higher real rates weigh on gold.

💱US Dollar/Japanese Yen FX Spot Rate
USDJPY
± MixedMonetaryrelevance

Lower oil prices ease inflation concerns, reducing pressure on the Fed to hike, which is slightly negative for USD vs JPY; but wait-and-see ahead of BOJ/Fed decisions keeps pair range-bound.

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