Tech-Led Rally Boosts Nasdaq 2.3% as Dollar Surges on Hawkish Fed Bets
· Market News · MarketsFN Team
Nasdaq Outperforms as Chipmakers Rebound; Dollar Jumps on Rate Hike Odds
U.S. equities staged a partial recovery from Wednesday's Fed-induced selloff, with the Nasdaq 100 surging 2.34% to 30,364.06 as semiconductor stocks led the charge. The dollar strengthened across the board after the Bank of England's split vote and rising bets on Fed tightening pushed USD/JPY to 161.73, a fresh multi-decade high.
🇺🇸 US Session Overview
Tech stocks dominated Thursday's session, with the S&P 500 climbing 0.93% to 7,488.76 and the Russell 2000 gaining 1.59%, while the Dow Jones lagged with a modest 0.22% advance. Semiconductor names rebounded sharply following Wednesday's sector-wide selloff, buoyed by positive research notes and short covering. The Philadelphia Fed's manufacturing index surprise (10.3 vs. 9.8 expected) provided additional support, though initial jobless claims (226K) came in slightly above estimates.
📅 Economic Calendar Highlights
The Bank of England delivered the day's most consequential decision, holding rates at 3.75% but revealing a more hawkish split than expected with 2 members voting for a hike. UK employment data showed resilience with 100K jobs added in April versus 75K forecast. In the U.S., the Philly Fed employment subindex turned positive at 7.9 after May's -2.8 reading, while continuing jobless claims rose to 1.81M. The SNB, Norges Bank, and Taiwan's central bank all stood pat on rates as expected.
📋 Earnings Spotlight
Accenture (ACN) reported before the bell, with investors scrutinizing its consulting demand outlook amid tightening financial conditions. Grocery chain Kroger (KR) also released results, providing fresh data on consumer spending trends in essential goods sectors.
💱 FX & Commodities
The dollar index surged as the GBP/USD plunged 1.69% to 1.32 and EUR/USD fell 1.30%. Precious metals collapsed, with gold down 2.99% at $4,228.40 and silver cratering 7.33%. Oil markets were mixed as WTI dipped 1.35% while Brent edged up 0.05% amid reports of Saudi tankers transiting the Strait of Hormuz. Cryptocurrencies extended losses, with Bitcoin falling 2.81% to $62,608.
Markets now turn to Friday's flash PMI releases, with attention focused on whether the tech rally can sustain momentum into quarter-end. Asian markets will digest the BOJ's unchanged stance and watch for potential intervention as USD/JPY tests key psychological levels.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,488.76 | ▲ +68.66 | ▲ +0.93% |
| Nasdaq 100 | 30,364.06 | ▲ +693.11 | ▲ +2.34% |
| Dow Jones | 51,607.41 | ▲ +114.86 | ▲ +0.22% |
| Russell 2000 | 2,964.36 | ▲ +46.38 | ▲ +1.59% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1459 | ▼ -1.30% |
| GBP/USD | 1.32 | ▼ -1.69% |
| USD/JPY | 161.73 | ▲ +0.82% |
| AUD/USD | 0.7011 | ▼ -0.78% |
| USD/CHF | 0.8058 | ▲ +1.61% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,228.40 | ▼ -2.99% |
| Silver (XAG/USD) | 65.51 | ▼ -7.33% |
| Crude Oil (WTI) | 75.75 | ▼ -1.35% |
| Brent Oil | 79.59 | ▲ +0.05% |
| Natural Gas | 3.22 | ▲ +2.45% |
| Bitcoin | 62,608.05 | ▼ -2.81% |
| Ethereum | 1,685.27 | ▼ -3.58% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| ACN | Accenture plc | BMO | 78470000000.0 |
| GRCE | Grace Therapeutics Inc | BMO | 35120000.0 |
| KR | Kroger Co | BMO | 34970000000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 07:30 | CHF | SNB Interest Rate Decision (Q2) | 🔴🔴🔴 | 0.00% | 0.00% | 0.00% |
| 11:00 | GBP | BoE Interest Rate Decision (Jun) | 🔴🔴🔴 | 3.75% | 3.75% | 3.75% |
| 12:30 | USD | Initial Jobless Claims | 🔴🔴🔴 | 226K | 225K | 230K |
| 12:30 | USD | Philadelphia Fed Manufacturing Index (Jun) | 🔴🔴🔴 | 10.3 | 9.8 | -0.4 |
| 06:00 | GBP | Average Earnings Index +Bonus (Apr) | 🟡🟡 | 4.4% | 4.0% | 4.4% |
| 06:00 | GBP | Claimant Count Change (May) | 🟡🟡 | 31.2K | 25.8K | 8.3K |
| 06:00 | GBP | Employment Change 3M/3M (MoM) (Apr) | 🟡🟡 | 100K | 75K | 148K |
| 06:00 | GBP | Unemployment Rate (Apr) | 🟡🟡 | 4.9% | 5.0% | 5.0% |
| 07:30 | IDR | Interest Rate Decision | 🟡🟡 | 5.75% | 5.75% | 5.50% |
| 08:00 | TWD | Interest Rate (Q2) | 🟡🟡 | 2.000% | 2.000% | 2.000% |
| 08:00 | NOK | Interest Rate Decision | 🟡🟡 | 4.25% | 4.25% | 4.25% |
| 11:00 | GBP | BoE MPC vote cut (Jun) | 🟡🟡 | 0 | 0 | 0 |
| 11:00 | GBP | BoE MPC vote hike (Jun) | 🟡🟡 | 2 | 1 | 1 |
| 11:00 | GBP | BoE MPC vote unchanged (Jun) | 🟡🟡 | 7 | 8 | 8 |
| 12:30 | USD | Continuing Jobless Claims | 🟡🟡 | 1,810K | 1,800K | 1,786K |
| 12:30 | USD | Philly Fed Employment (Jun) | 🟡🟡 | 7.9 | -2.8 | |
| 12:30 | CAD | RMPI (MoM) (May) | 🟡🟡 | 0.7% | 1.1% | 2.6% |
| 14:00 | USD | US Leading Index (MoM) (May) | 🟡🟡 | 0.1% | 0.1% | 0.2% |
| 17:00 | USD | U.S. Baker Hughes Oil Rig Count | 🟡🟡 | 433 | 433 | |
| 17:00 | USD | U.S. Baker Hughes Total Rig Count | 🟡🟡 | 563 | 562 | |
| 07:00 | EUR | German Buba President Nagel Speaks | 🟡🟡 | — | ||
| 07:30 | CHF | SNB Monetary Policy Assessment | 🟡🟡 | — | ||
| 08:30 | CHF | SNB Press Conference | 🟡🟡 | — | ||
| 10:10 | EUR | ECB's Elderson Speaks | 🟡🟡 | — | ||
| 11:00 | GBP | BoE MPC Meeting Minutes | 🟡🟡 | — | ||
| 12:15 | EUR | ECB's Lane Speaks | 🟡🟡 | — | ||
| 20:00 | USD | TIC Net Long-Term Transactions (Apr) | 🟡🟡 | — | 72.5B | 81.3B |
| 20:30 | USD | Fed's Balance Sheet | 🟡🟡 | — | 6,725B | |
| 23:30 | JPY | National Core CPI (YoY) (May) | 🟡🟡 | — | 1.4% | 1.4% |
| 23:50 | JPY | Monetary Policy Meeting Minutes | 🟡🟡 | — | ||
| 23:50 | JPY | National CPI (MoM) (May) | 🟡🟡 | — | 0.1% |
Report published: June 18, 2026 — 21:21 CET
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