Finance

Market participants aggressively repriced monetary policy expectations after the central bank signaled a stronger policy framework to battle inflation. The implied probability of an interest rate increase at the upcoming September meeting shot up to roughly 56%, driving short-term U.S. Treasury yields higher.

Although a stellar revenue forecast triggered a massive single-day surge for Nvidia, the momentum failed to spread across the wider industry. The broader VanEck Semiconductor ETF finished the week down by more than 3%, dragged lower by notable losses in heavyweights like Marvell Technology and Applied Materials.

Precious metals faced strong headwinds as the prospects of higher-for-longer interest rates reduced the appeal of non-yielding assets. Spot gold plummeted more than 2% to finish the session near $4,523 per ounce, pulling back from its recent consolidation patterns prior to the central bank's address.