U.S. equities rally, oil eases before US‑Iran talks
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- U.S. indexes posted their best week since November, with the S&P 500 up 3.6%, the Dow up 3% and the Nasdaq up 4.7% for the week, marking the biggest weekly gains since November.
- Oil prices dipped on Friday, with U.S. crude down $1.30 to $96.57 a barrel and Brent down 72 cents to $95.20, while traffic through the Strait of Hormuz remained at a fraction of pre‑war levels.
- Iran reiterated demands for its assets to be unblocked and for an end to Israel's attacks on Lebanon ahead of the talks, while President Donald Trump warned of more strikes if Iran does not meet his demands.
- TSMC reported a 35% surge in first‑quarter revenue, beating forecasts thanks to AI demand, which helped lift the Philadelphia semiconductor index 2.3%.
- Dollar index fell 0.2% to 98.68, its biggest weekly decline since January, while the euro rose 0.25% to $1.1728 and the yen weakened modestly.
- U.S. Treasury yields edged higher: the 10‑year rose to 4.317% (up 2.4 bps), the 30‑year to 4.909% (up 1.1 bps) and the 2‑year to 3.802% (up 1.9 bps).
- Gold fell 0.3% to $4,747.88/oz and Silver rose 1.4% to $76.10/oz.
Why it matters: Consumers face higher costs as U.S. inflation spikes from energy‑price shocks, while investors enjoy a brief equity rally; however, constrained oil flow through the Strait of Hormuz and Iran’s firm demands keep risk premiums elevated, affecting energy‑linked assets and policy makers.
