Equities Stalled as Dollar Firmed

STATE OF THE MARKETS

Equities stalled as Dollar firmed. US equities stalled on Wednesday as investors digested strong jobs data that tempered expectations for imminent Fed rate cuts, pausing the market’s recent record-setting run. The Dow Jones Industrial Average slipped about 0.1% to close near 50,121 after three straight record highs, while the S&P 500 finished roughly flat and the tech‑heavy Nasdaq Composite edged lower by about 0.2% as traders rotated cautiously out of growth and AI‑linked names. Small caps underperformed the prior session’s strength but the Russell 2000 still managed modest gains earlier in the day before giving back part of the move, reflecting mixed appetite for higher‑beta exposure.

The Dollar Index hovered just above the 97 level, firming to around 97.06 by the close as firmer yields and soggy risk sentiment kept the greenback underpinned. The front‑end Treasury yields pushed higher, with the 2‑year moving up toward the mid‑3.5% area, reinforcing the view that policy easing may arrive later than previously hoped. 

In the commodity markets, crude oil held in a tight consolidation, with WTI trading in the mid‑$60s per barrel around the 64–65 zone as prices remained trapped inside a short‑term symmetrical triangle pattern on the charts. The lack of a clear breakout left traders focused on upcoming inventory data and macro releases, with a sustained move above the roughly 65.50 area still eyed as a trigger for a push toward the high‑$60s, while a break below the low‑$60s could invite renewed selling. Gold saw a modest push‑and‑pull session as elevated real yields and a firm dollar limited upside, keeping the metal below recent record territory even as some investors sought defense amid rate‑cut uncertainty. Industrial metals such as iron ore remained broadly range‑bound, with markets reluctant to price in a new trend without clearer signals on Chinese demand and global growth momentum.

In the FX space, the tone was more balanced than earlier in the week as the firmer dollar and higher U.S. yields capped the rebound in pro‑cyclical currencies. The Aussie and Loonie held relatively steady, supported by resilient commodity prices and still‑constructive risk appetite earlier in the session, but they struggled to extend gains as equities faded into the close. The broader medium‑term backdrop for the greenback remained supported by U.S. yield differentials, even after its pullback over the past month. Safe‑haven demand for the Swiss franc stayed contained as there was no significant escalation in geopolitical or financial stress, while Sterling remained constrained by ongoing domestic growth concerns. The Euro traded mixed, tugged between softer regional data and the global risk backdrop, leaving the single currency largely range‑bound against the dollar into the close.

G8 CURRENCIES SENTIMENTS

** ST refers to Short-Term daily turnover, MT is Medium Term weekly 
and LT refers to Long-Term monthly turnover.

WALL ST. TOP FIVE INFLOWS

** the inflow does not take into account block orders that are -ve

WALL ST. TOP FIVE OUTFLOW

** the outflow does not take into account block orders that are +ve

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