**GLOBAL MARKET WRAP** **Equities: Tech Slide Weighs on Indices** Global markets faced headwinds as the trading week concluded, driven primarily by a sharp sell-off in major technology stocks. The **S&P 500** retreated **0.43%** to close at **6,939**, while the tech-heavy **Nasdaq Composite** dropped **0.94%** to **23,461**. The **Dow Jones Industrial Average** shed **0.36%**, closing at **48,892**. Software giant **Microsoft** proved to be the biggest drag, plunging **10%** after its quarterly cloud revenue growth failed to meet elevated investor expectations. This pulled down the broader software sector, with declines seen in peers like Salesforce and Adobe. In Europe, the **DAX** bucked the trend, gaining **0.94%**, while the **FTSE 100** touched a new record high above **12,250** earlier in the session. **Crypto: Bitcoin Stabilizes** The crypto market is consolidating after a volatile week. **Bitcoin** is trading near **$84,000**, recovering slightly from earlier lows as the market digests the nomination of **Kevin Warsh** as the next US Federal Reserve Chair. **Ethereum** remains under pressure, trading around **$2,687**. Altcoins showed mixed performance, with **Solana** and **BNB** seeing recoveries while **XRP** dipped marginally. **Commodities: Gold & Oil Rally** Precious metals continued their historic run, with **Gold** breaking above **$5,550** per ounce, driven by safe-haven demand and geopolitical tensions. **Silver** also saw significant strength, tracking gold’s ascent. Energy markets pushed higher, with **Brent Crude** topping **$70** per barrel and **WTI** rising to approximately **$66**. The rally is supported by escalating concerns over US-Iran relations, which have renewed fears of supply disruptions in the Middle East. **Key Drivers** * **Fed Nomination:** Markets are actively pricing in President Trump’s selection of Kevin Warsh to lead the Federal Reserve, a move sparking debate on future interest rate trajectories. * **Earnings Jitters:** The "Magnificent Seven" trade showed cracks, as Microsoft’s earnings miss highlighted the high stakes for AI-driven growth valuations. * **Geopolitics:** Heightened friction in the Middle East continues to put a floor under oil and gold prices.