Amillex Daily Market Commentary | Inflation Concerns Trigger Rate Hike Expectations, Gold Undergoes Sharp Correction While Crude Oil Holds Firm Support

On May 20, 2026, the global asset pricing logic once again shifted fundamentally toward a tightening trajectory. During Wednesday’s early Asian session, spot gold traded near USD 4,486.80, extending the weak performance from the previous trading day after plunging nearly 2%, and at one point touching a near two-month low of USD 4,464.85. The core driver behind this sharp correction in gold prices lies in persistent inflation concerns that have completely squeezed out previous room for rate cuts, while instead pushing up expectations for Federal Reserve rate hikes within the year. As U.S. Treasury yields surged sharply, interest rate swap markets significantly increased the probability pricing for rate hikes this year. The strong rebound of the U.S. dollar has placed substantial short-term valuation deflation pressure on precious metals, which lack interest-bearing returns.

In contrast, crude oil, another core pillar of the commodities market, demonstrated stronger resilience amid the tug-of-war between bulls and bears, with U.S. crude currently holding firmly near USD 104 per barrel. Although positive progress in related multilateral negotiations has somewhat eased extreme market concerns over supply shortages, and all parties have expressed willingness to maintain stability, structural shortages at the physical circulation level continue to provide strong underlying support for oil prices. Overall, the current multi-asset market is at a crossroads of macro policy cycle restructuring. Elevated real interest rates and supply chains that have yet to fully recover together form the fundamental driver behind the broad market volatility in the short term.

資産パフォーマンスとファンダメンタル分析

1. U.S. Stock Market

インデックスパフォーマンス

ダウ・ジョーンズ工業株平均（DJI）: Reported at 49,368.95 points. Fell 322.01 points during the day, down 0.65%. The index encountered profit-taking pressure before reaching the 50,000-point milestone, while heavyweight value stocks faced localized correction pressure, reflecting an overall defensive market sentiment.
S&P500指数（SP500）: Reported around 7,400 points (7.4K). Slightly declined by 5.45 points during the day, down 0.07%. Despite narrow intraday fluctuations, the index remained within a high-level range, while capital rotated defensively among different sectors.
ナスダック100指数（NQ1！）: Reported at 28,908.25 points. Slightly declined by 16.00 points, down 0.06%. Core technology assets showed divergence, and under macroeconomic uncertainty, the index continued its consolidation pattern below the 29,000-point level.

主要銘柄

テスラ（TSLA）: Reported at USD 404.11, down 1.43% during the day. The stock price fluctuated above the USD 400 level as the market digested previous premiums, with short-term technical correction pressure emerging.
アップル（AAPL）: Reported at USD 298.97, up 0.38% during the day. It demonstrated strong resilience amid broad pressure on large-cap technology stocks, showing clear defensive characteristics near the USD 300 threshold.
インテル（INTC）: Reported at USD 110.80, surging 2.43% against the trend. Benefiting from improved industry fundamentals expectations or localized capital inflows, it became a safe haven within the technology sector during the day.
Amazon (AMZN) and Google (GOOG): Closed at USD 259.34 (-2.08%) and USD 387.66 (-2.34%) respectively. Large-cap growth stocks led the declines, reflecting localized liquidity outflows from high-valuation assets under the macro expectation of “higher for longer” interest rates.

2. 外国為替市場

米ドル指数（DXY）: Currently reported at 99.328. Slightly up 0.02% during the day. The dollar maintained high-level consolidation above the 99 threshold. Although lacking catalysts for a stronger upward breakout, weak fundamentals among non-U.S. economies continued to provide solid short-term support for the index.
ユーロ／米ドル（EURUSD）: Reported at 1.16054. Flat during the day (0.00%). The euro remained locked near the 1.16 level, with insufficient European economic growth momentum limiting rebound potential, while the market awaited fresh macroeconomic data guidance.
米ドル／円（USDJPY）: Reported at 159.078. Remained flat during the day. Depreciation pressure on the yen showed no obvious easing, with the exchange rate continuing to approach the critical psychological level of 160. Although verbal intervention expectations exist, carry trades remain active as long as the U.S.-Japan interest rate differential does not materially narrow.

3. 貴金属および商品

貴金属

スポットゴールド（XAUUSD）: Reported at USD 4,489.83 per ounce. Rose USD 7.94 during the day, up 0.18%. Gold prices showed strong resilience below the USD 4,500 level. Geopolitical uncertainties and potential risks in global macro policies continue to drive safe-haven capital inflows into gold and other hard currency assets.

商品

WTI原油（XTIUSD）: Reported at USD 107.37 per barrel. Fell 0.28 points during the day, down 0.26%. Oil prices fluctuated at high levels after surging above USD 100. Although slowing global economic growth expectations suppressed part of the demand outlook, potential supply-side disruptions in the Middle East and among major oil-producing countries continued to keep crude oil within the triple-digit range.

4. 暗号資産とマクロ経済動向

ビットコイン（BTCUSD）: Reported at USD 76,512. Fell USD 245 during the day, down 0.32%. After recent profit-taking activities, Bitcoin is currently seeking phased technical support near the USD 76,000 level, showing weak intraday consolidation.
イーサリアム（ETHUSD）: Reported at USD 2,103.84. Fell USD 6.22 during the day, down 0.29%. As risk-aversion sentiment recently intensified, capital has tended to flow toward traditional hard currency or U.S. dollar assets, temporarily weakening the overall attractiveness of digital assets.

5. 今日の焦点