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Dollar steadies, closing a volatile week with modest gains
The Dollar Index: Holds at 104.54, with a 1.5% post-election surge on Wednesday
Futures: U.S. stock futures inch up, near record highs.
Major Indexes: S&P 500, Dow up 4% weekly; NASDAQ leads with a 5.6% rise.
Oil: Prices dip but gain weekly as OPEC+ delays output hikes; WTI near $70.
USD
The U.S. dollar held steady on Friday, wrapping up a turbulent week with modest gains as markets absorbed the impact of a Trump election win and a relatively cautious Federal Reserve.
The Dollar Index, which measures the dollar's strength against six major currencies, remained unchanged at 104.54. Despite Wednesday’s significant 1.5% spike following Trump’s victory—its sharpest one-day jump since September 2022—the index is on course to finish the week up by only 0.2%.
Futures
U.S. stock index futures ticked up slightly on Friday, hovering near record levels as investors assessed the Federal Reserve’s stance on potential future rate cuts.
Overnight, the S&P 500 gained 0.7% and the NASDAQ Composite surged 1.5%, both reaching record highs. Meanwhile, the Dow Jones Industrial Average finished flat but stayed close to its own peak.
For the week, all three major indexes are set for solid gains: the S&P 500 and Dow have each climbed roughly 4%, while the NASDAQ leads with a 5.6% increase through Thursday’s close.
Oil
Crude prices dipped on Friday but remained set for substantial weekly gains, bolstered by top producers postponing output hikes and the potential for additional supply disruptions.
This week, the oil market found support after OPEC+—the Organization of Petroleum Exporting Countries and its allies—announced it would delay its planned production increase originally scheduled for December. Expectations of stricter sanctions on Iran and Venezuela from the incoming Trump administration also contributed to the positive outlook for crude prices.
WTI was last seen hovering near $70.
