The three major U.S. stock indices closed higher collectively, with the Dow Jones reaching a new all-time high again. On Friday, U.S. stocks ignored weak consumer confidence data and closed higher across the board, driven by blue-chip and technology stocks. Among them, the Dow Jones Industrial Average performed the best, hitting a new closing record for the second consecutive trading day. Dow Jones Index: up 0.58%, closing at 50,579.70 points. S&P 500 Index: up 0.37%, closing at 7,473.47 points (eight consecutive weekly gains). Nasdaq Composite Index: up 0.19%, closing at 26,343.97 points. Sector performance: Chip stocks and AI concepts performed strongly, with the Philadelphia Semiconductor Index hitting a new record. Qualcomm surged over 11% in a single day after announcing a chip supply agreement with Stellantis and other positive news; quantum computing concept stocks also collectively exploded. However, some stocks like Nvidia and Micron Technology experienced counter-market declines.

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Gold and crude oil both declined under pressure due to rising Federal Reserve interest rate hike expectations, a strengthening dollar, and easing tensions in the Middle East. The precious metals and oil markets both saw corrections. Spot gold: prices fluctuated lower, breaking below the $4,500 per ounce level. The June gold futures on the New York Mercantile Exchange closed at $4,507.9 per ounce, down 0.76%. International crude oil: despite volatile intraday trading, the overall close was under pressure. WTI crude oil for July delivery closed at $96.35 per barrel, down 1.94%; London Brent crude futures closed at $102.58 per barrel, down 2.32%.
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Key macro developments: The U.S.-Iran negotiations and Federal Reserve comments about Trump are currently the key factors influencing global market sentiment: Progress in U.S.-Iran negotiations: Currently, under the mediation efforts of Pakistan, Qatar, and others, the U.S. and Iran are negotiating an "intention letter" to end the conflict. Trump stated that signing this document would mean the official end of the war, but also warned that if the "correct answer" is not received, the situation could escalate rapidly. Market expectations of easing geopolitical tensions have somewhat alleviated the extreme risk of oil price spikes. Fed policy expectations: Kevin Warsh was officially sworn in as the new Federal Reserve Chair on Friday. Meanwhile, Fed Governor Christopher Waller expressed a hawkish stance, stating that if inflation cannot be quickly reduced, future rate hikes are possible. This directly pressured gold prices and pushed U.S. Treasury yields higher.
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Next week preview: On Monday, May 29, U.S. markets will be closed for Memorial Day. The market's focus will shift to the upcoming final results of the U.S.-Iran negotiations and the release of the April core PCE price index in the U.S. next week. $BTC