After last week's mixed July jobs report, economists say inflation data will carry more weight. Jeffrey Roach, chief economist at LPL Financial, noted that the Federal Reserve's rate-hike path depends on how long elevated inflation persists. At Vanguard, analyst Xikelin argued that the July jobs report, along with an anticipated improvement in inflation, would boost the Fed's rationale for staying on hold until year-end. A run of recent data has also strengthened market expectations that the central bank will keep rates unchanged for the rest of the year.

U.S. equities rebounded Tuesday, ending a three-session losing streak, with the Dow Jones Industrial Average up 0.74%, the S&P 500 up 0.89%, and the Nasdaq Composite gaining 1.29%. The move was led by technology shares, especially semiconductors and AI hardware names, after some of the market’s hardest-hit momentum stocks bounced sharply. Still, the broader tone stayed cautious. BTIG strategist Jonathan Krinsky said the advance looked less convincing beneath the surface because market breadth remained weak and trading volume was light. Goldman Sachs noted that high-volatility tech stocks had fallen as much as 33% in a short period, leaving the group deeply oversold and vulnerable to short covering. Goldman and UBS said the momentum selloff may be nearing its end, while BTIG argued the rebound was approaching resistance. At the same time, rising geopolitical tension between the U.S. and Iran pushed Brent crude back above $91 a barrel and WTI above $85, reviving inflation concerns and sending Treasury yields higher. In equities, memory-chip names led the surge: Micron rose 12.17%, SanDisk 14.27%, SK Hynix 13.75%, Western Digital 12.51%, and Seagate 11.14%. Investors also tracked tariff signals from Washington, upcoming earnings from Tesla and Google, and a major share lockup event approaching for SpaceX.

U.S. technology momentum stocks staged a violent rebound on Tuesday, July 21, with Morgan Stanley’s TMT momentum factor jumping more than 12% in its biggest one-day gain on record, beating any single-session rise seen during the 2000 dot-com era. Goldman Sachs’ high-beta momentum long index rose about 8.5%, its strongest daily performance since April 2025, while its long-short high-beta momentum index climbed 9.5%, the best since 2021 and near historical highs going back to 2003. The Nasdaq Composite gained about 1.3%, led by semiconductors, as the Philadelphia Semiconductor Index rose 4.6% and the VanEck Semiconductor ETF added roughly 4.5%. The rebound followed a three-day slide and came after momentum stocks had fallen 33% in just a handful of sessions. Analysts pointed to short covering as a major driver, especially after losses hit traders in Korea and Japan and margin calls surfaced in Korea. Still, several desks said the internal picture remained weak. BTIG highlighted light volume, poor breadth and major resistance levels, while Bloomberg’s Michael Ball said it was too early to call the correction over. Goldman Sachs and UBS took a different view, arguing the momentum washout was in its late stage and that investors could start rebuilding exposure gradually. Earnings this week, Treasury yields, oil prices and broader macro conditions remain central to what happens next.

De-dollarization is gaining momentum as 11 countries reduce reliance on the U.S. dollar, with analysts estimating a $1.5 trillion impact. A weaker dollar, rising local-currency settlements, and alternative payment systems are reshaping global trade and market expectations.

Eleven countries are accelerating de-dollarization, pressuring the US dollar as the Dollar Index falls below 100. The shift toward local-currency trade and alternative payment systems could reshape global trade, bond markets, and crypto sentiment.

Eleven countries are reportedly moving away from the US dollar in 2025, with analysts estimating a potential $1.5 trillion impact. BRICS-led local currency settlement and regional payment systems are reshaping global trade flows.

A new report says 11 nations are accelerating de-dollarization in 2025, with estimated pressure on the dollar reaching $1.5 trillion. BRICS, the CIS, and ASEAN are expanding local-currency settlement and alternative payment systems as the US Dollar Index falls below 100.

Eleven countries are accelerating de-dollarization in 2025, with analysts estimating a potential $1.5 trillion hit to the US dollar. As the Dollar Index falls to a three-year low, global trade settlement and payment systems are becoming increasingly diversified.