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EUR/USD held 1.1620 in a tight range overnight as DXY sagged to 99.31. The single currency clipped 22 pips off yesterday's AM print despite a broadly soft dollar, capped by month-end rebalancing flows.

Cable slipped 49 pips to 1.3406, the worst G10 performer overnight as gilt-yield drift weighed and traders unwound long sterling positioning into month-end. Range was orderly between 1.3395-1.3460 across Asia.

USD/JPY ground 36 pips higher to 159.57, pressing the 159.70 cycle high again as US10Y at 4.48% kept the carry trade firmly bid. Tokyo CPI miss earlier capped the topside but didn't unwind positioning.

AUD/USD sold 42 pips to 0.7123, sharpest G10 underperformer on session despite DXY weakness. Soft Aussie monthly CPI (3.1% vs 3.3% expected) released overnight reignited RBA cut bets for August.

Gold slid 1.0% to $4,455 after probing $4,510 yesterday, snapping a three-day grind higher. The pullback came as Iran-ceasefire optimism returned post the US drone incident clarification, easing the safe-haven bid by $52/oz.

Silver collapsed 3.27% to $73.81, the worst single-day move in the metals complex. The decline triggered ETF outflows and broke the 50dma at $74.50, with industrial-demand cohort selling driving the slide.

WTI cratered 4.07% to $90.07 even as Brent rose ~3% — a violent transatlantic divergence. The split reflects US shale-stockpile builds plus a specific NYMEX-Brent spread unwind, not a unified bearish call on oil.

S&P 500 closed near flat at 7,520, just 0.25% off the 7,539 all-time high. Underneath, sector dispersion was sharp: chips fell, energy got hit on WTI, financials and discretionary led with AMZN +2.5% and META +3.7%.

NDX slipped 0.09% to 29,974, snapping a four-session win streak as chip stocks led the decline — NVDA -1.05%, MSFT -0.81%. The reversal came as Snowflake earnings printed strong AH but couldn't lift cash session sentiment.

Dow outperformed at +0.36% to close 50,644, just below the 50,830 all-time high. The advance was broad — healthcare led on Eli Lilly's positive cholesterol drug trial, with industrials and financials adding to gains.

Bitcoin slid 2.21% to $74,153, breaking $75K as the token decoupled from the tech rally for the third consecutive session. BTC dominance climbed to 57.8% as altcoins bled harder — but ETFs saw $480m of outflows.

Ethereum dropped 2.63% to $2,016, the lowest weekly print this year. ETHA spot ETF saw seven consecutive sessions of outflows, and ETH/BTC ratio collapsed to 0.0272 — the worst relative performance since 2020.

NVDA fell 1.05% to $212.60, underperforming the broader chip group as profit-taking weighed. The stock is now 10.1% below its all-time high of $236.54, with rotation into memory names (Micron, SK Hynix) the active narrative.

Tesla rallied 1.56% to $440.36 on no specific catalyst, extending the recent grind from the $420 base. The move was a mega-cap rotation beneficiary rather than fundamentals-driven, with retail flows leading the bid.

Apple climbed 0.82% to $310.85, within 0.8% of the all-time high at $313.26. The move came on broker upgrades flagging Android exposure to AI memory shortages — Apple's vertical integration insulates it from the worst of the squeeze.

Microsoft fell 0.81% to $412.67, underperforming despite Marvell's strong AI-chip earnings beat AH. The stock is now 25.7% below its $555 all-time high, deep in the rotation-out-of-mega-cap-AI penalty box.

Meta led mega-cap gains at +3.74% to $635.26, recapturing the $620 level decisively. The bid came on the Snowflake-AWS deal headline plus optimism around the 'AI funded by user data' monetization narrative gaining traction.

Alphabet finished flat at $388.83, drifting in a tight $386-$391 range. The day was overshadowed by an insider-trading case against a Google engineer making $1.2M on Polymarket — a narrative drag but not material to the bull case.

Amazon rallied 2.47% to $271.85, just 2.4% off the all-time high at $278.56. The bid came on the Snowflake $6B AI compute deal — AMZN sells the chips, AWS captures the recurring revenue, and the stock got the lift.