Recap
Last week, the S&P 500 increased 1.7%, the Nasdaq rose 1.6% and the Dow Jones jumped 2.3%.
US stock prices posted their third week of positive performance, producing record highs again last week as trade optimism continued, while Congress passed the Big Beautiful Bill that will enact corporate tax cuts. On Thursday, better-than-expected Nonfarm Payrolls figures outlined the continued strength of the US economy. Crude oil prices climbed, but natural gas prices declined to a one-month low. Gold and silver prices pushed higher as the dollar weakened. Platinum and palladium prices continued rising after data from China suggested its economy could experience stronger growth in the coming months.
This Week
OPEC+ held its meeting on July 5th and decided to raise production by 548,000 bpd from August, a figure that exceeded market expectations. This week marks a critical point for trade, with the July 9th deadline approaching for the EU and other countries to demonstrate significant progress on a trade agreement. It is unclear whether the US could extend the deadline or would impose potentially high reciprocal tariffs if deals are not reached. The highlight of the economic week will be the US Fed Meeting Minutes on Wednesday, which could provide clues on the Fed’s future interest rate path.
Stocks
NETFLIX
Netflix’s price declined 1.9%, but hit a fresh all-time high on Tuesday before finishing the week lower. The streaming platform jumped early in the week following reports that the company is in talks with Spotify to expand its live TV offering, including music events. But its stock price fell on profit taking towards the end of the week. Netflix continues to outperform expectations following its crackdown on password sharing, which did not trigger a fall in subscriptions as some on Wall Street had feared. The stock price has instead jumped around 90% over the past year and in 2025 has risen 45%. Expectations are high that the company would post positive earnings results on July 17th.
GOLDMAN SACHS
Goldman Sachs’ stock price rose 1.71% on Friday, reaching an all-time high. The investment bank benefited from broad positive sentiment, while Goldman also emerged as a winner in the Fed’s recent 2025 stress tests for banks, which showed that GS has capital flexibility, potentially boosting the possibilities of share buybacks. The bank also recently announced a 33% increase in its dividend, reinforcing its appeal to shareholders. Goldman Sachs’ stock price has jumped almost 20% over the past month alone, putting it in a strong position ahead of its Q2 earnings results on July 16th.
Commodities
Crude Oil
Crude oil prices grew 2.6% to record a nine-day high, amid reports suggesting Iran was refusing to co-operate with the UN nuclear watchdog, raising concerns over supply disruption. Prices were also underpinned by easing trade tensions and a softer dollar. However, some of the earlier upward movements were trimmed towards the end of the week due to mixed US inventories data and concerns over an expected OPEC production increase, which was set to be announced at the OPEC meeting over the weekend.
Gold
Gold prices climbed 2.1% amid concerns of fiscal instability, after the Big Beautiful Bill was passed by Congress. Alongside tax cuts, the bill is estimated to increase the US national debt by $3.4 trillion. Tension also increased towards the end of the week ahead of the US trade deadline that could see reciprocal tariffs being reimposed on the EU and other countries. A falling dollar also provided support for gold prices.
Silver
Silver prices climbed to a two-week high, increasing 3.33% last week. The metal mirrored gold’s move higher, with some investor caution setting in, ahead of Trump’s July 9th tariff deadline. Better economic data from China boosted the chances of increased industrial demand from its major consumer. A softer dollar, making silver more affordable globally, also supported the commodity.
USD/CAD
The USD/CAD pair declined 0.6%, falling to a more than two-week low. Market sentiment towards the end of the week was fragile as traders were concerned about the potential return of tariffs. This, combined with worries over US fiscal policy turning markets somewhat risk-averse. Canada reported a narrowing trade deficit, which is considered broadly supportive for the Loonie.