Press Release
Ultima Markets Daily Market Insights – 24 July 2026
Middle East Escalation and Hawkish Fed Repricing
Markets opened Friday under heavy risk-off pressure as soaring energy prices and ongoing concerns over AI capital expenditure triggered a broad sell-off across equities.
Geopolitical tensions intensified following several developments:
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Continued US Air Strikes: The US carried out a 13th consecutive night of strikes against targets in Iran.
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Escalation Warnings: Reports suggest President Trump is considering a “massive attack” on Iran.
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Red Sea Tanker Attacks: Iran-backed Houthi militants claimed responsibility for attacks on Saudi oil tankers, raising concerns over global oil supply routes.
The escalation has reignited fears of an energy supply shock and renewed inflationary pressures.
As a result, the US 10-year Treasury yield climbed to its highest level since January 2025. According to the CME FedWatch Tool, markets now price an 80% probability of a Fed rate hike in September.
FX Outlook: Dollar Benefits from Safe-Haven Demand
Rising Treasury yields, stronger rate hike expectations and risk aversion have driven the US Dollar Index above the key 101.00 level.
With 101.00 now acting as support, the dollar remains positioned for further gains as long as safe-haven demand and energy-driven inflation concerns persist.
Near-term pressure is expected to remain on non-US currencies.
US Equities Outlook: Macro Headwinds Intensify
S&P 500 (SP500): Pressure Builds Below 7,500
The S&P 500 has broken below the important 7,500 support level.
With 7,500 now acting as resistance, the broader bias remains bearish. A break below the current triangle support could trigger a deeper correction.
Nasdaq 100 (NAS100): Bearish Reversal Confirmed Below 29,000
The Nasdaq 100 continues to weaken following its break below 29,000.
Immediate support is located at 28,400, while a further decline could expose the 28,000 psychological level. Any rebound below 29,000 is likely to attract selling pressure.
Gold Outlook: Higher Yields Limit Safe-Haven Demand
Despite geopolitical uncertainty, gold remains under pressure from rising Treasury yields and a stronger dollar.
The metal is expected to remain focused on the $4,000 support level, with range-bound trading likely to continue in the near term.
Market Summary & Key Highlights Today
Escalating Middle East tensions, rising energy prices and stronger Fed rate hike expectations have fuelled a risk-off environment, supporting the US dollar while increasing pressure on equities and gold.
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
