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EUR/USD slid 85 pips to 1.1631 as a 1.4% monthly PPI shock (vs +0.4% expected) jolted Treasury yields and pulled the dollar bid into Powell's final day at the Fed.

Cable lost 172 pips to 1.3354 — the steepest move of the week — as broad dollar strength stacked on top of unresolved Starmer leadership risk that's still bleeding the gilt curve.

USD/JPY pushed to 158.60 (+74 pips) as US 10-year yields surged to 4.56% on the PPI miss, pulling capital back into dollars and resetting the carry trade in dollar-yen's favor.

Aussie shed 100 pips to 0.7153 as risk-off swept commodities — silver collapsed 8.5% intraday, gold dropped 2.5% — and the dollar regained safe-haven flow on the PPI shock.

Gold dropped $117 (-2.5%) to $4,561 as Iran-Hormuz reopening talk between Trump and Xi cut the geopolitical premium, while US 10-year yields surged to 4.56% on a hot PPI print.

Silver crashed 8.5% to $77.69 in the heaviest single-day drop of 2026 — a leveraged unwind of the speculative long that built around the AI-build-out copper/silver narrative.

WTI eased 1.8% to $99.38 even with Strait of Hormuz uncertainty in the headlines — Bessent's 'Iran has run out of storage' line and Trump-Xi reopening talk capped the bid.

S&P 500 closed 1.16% lower at 7,414.57, surrendering Thursday's record close after monthly PPI printed 1.4% vs 0.4% expected — the biggest annual jump (6% YoY) since December 2022.

Nasdaq 100 fell 1.55% to 29,120 as the duration trade got hit twice — hot PPI pushing 10s to 4.56%, plus profit-taking in mega-cap tech after the Trump-Xi summit photo-op rally faded.

Dow gave back 405 points (-0.81%) to 49,657 after reclaiming 50,000 Thursday — a textbook gap-fill driven by the PPI shock that hit cyclicals and rate-sensitives hardest.

Bitcoin slipped 1.76% to $79,628, back below $80K as ETF outflows hit a 3-month high ($635M) and dollar/yield strength on the PPI shock pulled risk-asset capital toward Treasuries.

Ethereum lost 1.9% to $2,238, tracking BTC lower as Consensys delayed its IPO and Schwab's crypto launch headlines failed to attract fresh bids into a risk-off tape.

Nvidia sold off 3.7% to $227.03 even with CEO Jensen Huang joining the Trump-China delegation — the rate shock from PPI overwhelmed the China-access optimism into the close.

Tesla fell 3.1% to $429.57 even with Musk on the Trump-China trip — China FSD approval talk wasn't enough to offset the broad tech-rate selloff after the PPI shock.

Apple slipped just 0.32% to $297.27 — best-in-Mag-7 — as Tim Cook on the Trump-Xi trip kept the supply-chain optimism bid alive against the broader rate-shock tape.

Microsoft was a rare gainer, +1.4% to $415.17, as the LinkedIn AI strategy overhaul and another round of AI-infrastructure capex commentary kept the institutional bid firm into close.

Meta dropped 1.27% to $610.59, caught in the broader Mag-7 distribution day driven by the PPI/yield spike, with employee-morale stories adding a small idiosyncratic drag.

Alphabet fell 1.76% to $394.01, tracking the tech tape lower as PPI hit duration assets and 'AI vs search' narrative pieces resurfaced after a quiet week.

Amazon fell 2.14% to $261.49 as rate-shock hit both the retail and AWS legs simultaneously, with consumer-discretionary pressure compounded by the PPI inflation surprise.