Tech Stocks Support Nasdaq, While Dollar Posts Biggest Weekly Drop in a Month

Market Overview

On Friday, U.S. equities delivered a mixed performance. The Nasdaq Composite rose 0.44%, supported by gains in major tech stocks, while the S&P 500 slipped slightly and the Dow Jones Industrial Average fell roughly 0.6%. U.S. Treasury yields edged higher, with the 10-year yield climbing 4.57 basis points. The U.S. Dollar Index hovered above the 97 level during the session, but for the week it recorded its steepest weekly decline in about a month.

The cryptocurrency market rallied across the board. Bitcoin advanced around 2%, marking a three-day winning streak; Ethereum broke out of its two-week consolidation zone with gains exceeding 6.2% at one point; and Solana climbed 6.3%.

In commodities, gold rose 0.27%. After hitting an all-time high of $3,674 last week, it is now consolidating at elevated levels. Oil prices staged a volatile V-shaped reversal, with both WTI and Brent crude finishing the session slightly higher by 0.2%.

Hot Topics Ahead

“Central Bank Super Week” Arrives

Global financial markets are bracing for a “super week” of central bank activity, with a flurry of rate decisions expected over roughly 36 hours. From the Federal Reserve to the Bank of Japan, policy announcements will set the tone for the final quarter of the global economy and directly affect nearly half of the world‘s most actively traded currencies. The spotlight remains firmly on the Fed, with consensus expectations pointing to the first rate cut since the start of Trump’s second term.

Goldman Sachs Issues a Warning

Goldman Sachs cautioned that while the Feds imminent rate-cutting cycle appears relatively straightforward this year, it could become significantly more complex by 2026. With looser financial conditions, aggressive fiscal stimulus, and tail-risk factors from AI technologies, the dovish stance of the new Fed Chair raises the likelihood of renewed economic acceleration next year. This dynamic could provide sustained support for real assets and inflation premiums.

Key Focus (GMT+8)

20:30 — U.S. September New York Fed Manufacturing Index