Amillex Daily Market Review | Fed Rate Cut Expectations Lift Gold near Highs; Regional Security Plan Caps Crude Oil Gains

July 31, 2026 — Global markets exhibited a clear divergence during early Asian trading. Spot gold gathered fresh momentum following a recent consolidation, hovering around $4,110/oz. The yellow metal’s rebound was primarily driven by a weakening US Dollar amid rate-cut expectations, coupled with softer US inflation data. This combination expanded macro liquidity, allowing bullish sentiment to regain control.

Conversely, crude oil remained locked in a tug-of-war, with WTI hovering near $84/bbl. Traders are closely monitoring a multi-nation maritime security initiative led by Saudi Arabia alongside Turkey, Pakistan, Egypt, and 11 other nations to secure the Red Sea and adjacent waters. Markets expect that if this mechanism successfully restores maritime order, previous supply constraints and transport risk premiums will dissipate, placing a direct cap on oil’s upside due to potential oversupply.

資産クラスとファンダメンタル分析

1. 米国株式市場

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）： で 52,213.21、上 614.06 points (+1.19%). A strong rebound in heavy-value and cyclical stocks pushed the Dow to outperform major peers, signaling capital flow toward traditional cash-flow-rich sectors during this policy adjustment period.
S&P 500（SP500）： で 7,471.43、上 20.33 points (+0.27%). The index consolidated in a tight range after breaching the 7,450 milestone, posting modest overall gains as mega-cap tech stocks showed mixed performance.
ナスダック100（NQ1！）： で 28,437.00、上 199.25 points (+0.71%). Tech growth stocks found buying support after digesting earlier gains, though high-valuation giants continue to face pressures regarding earnings recalibration.

株式ハイライト

テスラ（TSLA）： 閉店時間 $308.85 (+3.53%). Boosted by strong operational metrics and optimism around autonomous driving commercialization, solid inflows helped the stock reclaim the $300 mark.
インテル（INTC）： Surged to $91.13 (+11.30%). Breakthroughs in its foundry division and an upbeat guidance triggered short covering and aggressive buying, making it the top driver in the tech sector.
アマゾン（AMZN）： Rose to $235.50 (+3.90%). Resilience across e-commerce and AWS bolstered investor confidence in its return on invested capital (ROIC).
アップル（AAPL）： Fell to $333.43 (-1.41%). Sector rotation led investors to lock in profits, keeping the stock capped at elevated levels.
アルファベット／グーグル（GOOG）： Edged down to $333.66 (-0.91%). Concerns over AI infrastructure spending weighing on short-term margins kept the stock consolidating above $330.

2. 外国為替市場

米ドル指数（DXY）： Standing at 100.080 (+0.11%). A hawkish-leaning Fed rate outlook allowed the dollar to reclaim and hold above the 100 psychological level, pressuring non-USD currencies.
米ドル/円: Jumped to 160.318 (+0.48%). High yield differentials continued to drive carry trades, pushing the pair past the critical 160 mark and putting markets on high alert for verbal or physical intervention by the Bank of Japan.
ユーロ/米ドル: Slid to 1.15236 (-0.03%). Sluggish Eurozone economic momentum, coupled with unfavorable rate differentials against the US, kept the euro range-bound below 1.1550.

3. 貴金属・コモディティ

貴金属

スポットゴールド（XAUUSD）： で $4,101.11/oz (-0.05% / -$2.16). Gold consolidated above $4,100. A firmer US dollar capped immediate upside, but ongoing geopolitical risks and central bank buying continue to support its medium-to-long-term safe-haven premium.
スポットシルバー（XAGUSD）： まで $59.076/oz (+0.15%). Silver slightly outperformed gold, drawing support from both its industrial and safe-haven properties as it builds a technical base around $59.

商品

WTI原油（XTIUSD）： で $84.28/bbl (+0.06%). Supported by supply risks and steady demand expectations backed by soft-landing narratives, WTI held firmly above $84/bbl.

4. 暗号資産とマクロ経済の動向

ビットコイン（BTCUSD）： で $64,738 (+0.03%). Amid tight macro liquidity, Bitcoin traded sideways in the $64,000–$65,000 corridor, reflecting muted risk appetite.
イーサリアム（ETHUSD）： で $1,917.05 (+0.01%). ETH remained subdued, clinging to the $1,900 pivot point as capital preference shifted toward traditional high-yield fixed income and gold.

5. 本日の主な出来事