Nasdaq Slumps 1% as Tech Retreats; Gold Hits Record $4,080 Amid Geopolitical Tensions
· Market News · MarketsFN Team
Nasdaq Slumps 1% as Tech Retreats; Gold Hits Record $4,080 Amid Geopolitical Tensions
Markets closed mixed Friday as tech weakness dragged the Nasdaq 100 down 1.09% while haven demand sent gold to a record $4,080.90/oz (+1.25%) following reports of Iranian drone attacks in the Strait of Hormuz. The S&P 500 edged down 0.05% as geopolitical risks offset improving consumer sentiment data.
🇺🇸 US Session Overview
The Nasdaq Composite posted its fifth straight losing session, pressured by chip stocks and renewed regulatory concerns after reports that OpenAI is limiting new AI models to "trusted partners" at the U.S. government's request. The Dow Jones showed relative resilience, dipping just 0.09% to 51,876.11, while the Russell 2000 edged up 0.07% as small caps benefited from the risk-off rotation. Market sentiment was further dented by bearish commentary from Jeremy Grantham, who called this "the most expensive market in American history."
📅 Economic Calendar Highlights
Today's data painted a mixed picture: The U.S. goods trade deficit unexpectedly widened to -$105.80B (vs. -$85.00B forecast), but Michigan Consumer Sentiment beat expectations at 49.5 (vs. 48.9 forecast). Inflation expectations showed modest improvement, with the 1-year outlook dipping to 4.6% from 4.8% last month. Minneapolis Fed President Neel Kashkari reiterated his hawkish stance, saying he expects a rate hike this year despite inflation remaining above the Fed's target.
📋 Earnings Spotlight
Today's earnings calendar was light, with Apogee Enterprises (APOG), Cineverse Corp (CNVS), and Beyond Air (XAIR) reporting before market open. None of these reports appeared to significantly impact broader market sentiment.
💱 FX & Commodities
The dollar weakened broadly, with the DXY down 0.3% as EUR/USD rose 0.35% to 1.1393. Gold and silver surged 1.25% and 1.38% respectively as haven flows intensified, while oil cratered with WTI dropping 3.48% to $69.42 on demand concerns. Bitcoin held steady near $59,700 despite Grantham's bearish prediction that it would "dwindle away with a whimper."
Looking ahead, markets will monitor weekend developments in the Middle East and prepare for next week's PCE inflation data - the Fed's preferred gauge. With the second quarter ending next week, traders are bracing for potential portfolio rebalancing flows that could add volatility to an already tense market environment.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,354.02 | ▼ -3.47 | ▼ -0.05% |
| Nasdaq 100 | 29,118.24 | ▼ -322.08 | ▼ -1.09% |
| Dow Jones | 51,876.11 | ▼ -44.51 | ▼ -0.09% |
| Russell 2000 | 3,010.10 | ▲ +2.24 | ▲ +0.07% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1393 | ▲ +0.35% |
| GBP/USD | 1.3201 | ▲ +0.26% |
| USD/JPY | 161.75 | ▼ -0.01% |
| AUD/USD | 0.69 | ▲ +0.01% |
| USD/CHF | 0.8092 | ▼ -0.41% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,080.90 | ▲ +1.25% |
| Silver (XAG/USD) | 59.15 | ▲ +1.38% |
| Crude Oil (WTI) | 69.42 | ▼ -3.48% |
| Brent Oil | 72.74 | ▼ -3.35% |
| Natural Gas | 3.29 | ▼ -1.59% |
| Bitcoin | 59,684.93 | ▼ -0.06% |
| Ethereum | 1,574.68 | ▲ +0.63% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| APOG | Apogee Enterprises Inc | BMO | 1040000000.0 |
| CNVS | Cineverse Corp | BMO | 68460000.0 |
| XAIR | Beyond Air Inc | BMO | 6280000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 09:30 | EUR | Italian 10-Year BTP Auction | 🟡🟡 | 3.63% | 3.77% | |
| 10:00 | EUR | France Jobseekers Total (May) | 🟡🟡 | 3,115.6K | 3,100.1K | |
| 12:00 | BRL | Unemployment Rate (May) | 🟡🟡 | 5.6% | 5.6% | 5.8% |
| 12:30 | USD | Goods Trade Balance (May) | 🟡🟡 | -105.80B | -85.00B | -83.01B |
| 12:30 | USD | Retail Inventories Ex Auto (May) | 🟡🟡 | 0.4% | 0.7% | |
| 12:30 | CAD | Wholesale Sales (MoM) (May) | 🟡🟡 | -0.7% | 0.6% | |
| 14:00 | USD | Michigan 1-Year Inflation Expectations (Jun) | 🟡🟡 | 4.6% | 4.6% | 4.8% |
| 14:00 | USD | Michigan 5-Year Inflation Expectations (Jun) | 🟡🟡 | 3.3% | 3.4% | 3.4% |
| 14:00 | USD | Michigan Consumer Expectations (Jun) | 🟡🟡 | 50.7 | 49.3 | 44.1 |
| 14:00 | USD | Michigan Consumer Sentiment (Jun) | 🟡🟡 | 49.5 | 48.9 | 44.8 |
| 17:00 | USD | U.S. Baker Hughes Oil Rig Count | 🟡🟡 | 440 | 433 | |
| 17:00 | USD | U.S. Baker Hughes Total Rig Count | 🟡🟡 | 573 | 563 | |
| 19:30 | GBP | CFTC GBP speculative net positions | 🟡🟡 | -105.7K | -71.6K | |
| 19:30 | USD | CFTC Crude Oil speculative net positions | 🟡🟡 | 114.6K | 124.5K | |
| 19:30 | USD | CFTC Gold speculative net positions | 🟡🟡 | 181.3K | 180.2K | |
| 19:30 | USD | CFTC Nasdaq 100 speculative net positions | 🟡🟡 | -9.1K | -8.9K | |
| 19:30 | USD | CFTC S&P 500 speculative net positions | 🟡🟡 | -35.4K | -194.0K | |
| 19:30 | AUD | CFTC AUD speculative net positions | 🟡🟡 | -13.0K | -4.1K | |
| 19:30 | BRL | CFTC BRL speculative net positions | 🟡🟡 | 43.7K | 41.0K | |
| 19:30 | JPY | CFTC JPY speculative net positions | 🟡🟡 | -146.1K | -150.1K | |
| 19:30 | EUR | CFTC EUR speculative net positions | 🟡🟡 | 30.2K | 34.4K | |
| 08:30 | EUR | German Buba President Nagel Speaks | 🟡🟡 | — | ||
| 14:30 | USD | FOMC Member Williams Speaks | 🟡🟡 | — | ||
| 15:30 | USD | FOMC Member Kashkari Speaks | 🟡🟡 | — |
Report published: June 26, 2026 — 22:21 CET
Disclaimer
The content on MarketsFN.com is provided for educational and informational purposes only. It does not constitute financial advice, investment recommendations, or trading guidance. All investments involve risks, and past performance does not guarantee future results. You are solely responsible for your investment decisions and should consult a qualified financial adviser before acting. MarketsFN.com and its authors are not liable for any losses arising from your use of this information.