Amillex Daily Market Commentary | Fed Leadership Shift Pressures Gold Prices, Political and Economic Uncertainty Triggers Violent Oil Market Volatility

May 19, 2026 — Global financial markets have fallen into a tug-of-war between bulls and bears under the dual drivers of policy expectations and external macroeconomic developments. The gold market has recently come under significant pressure, with spot gold trading near USD 4,597 per ounce during early Asian trading hours. Although gold prices showed some resilience and staged a technical rebound after falling below the USD 4,500 threshold yesterday, the market’s increasingly hawkish expectations for monetary policy have formed a solid ceiling. As Kevin Warsh is set to officially be sworn in as Chairman of the Federal Reserve on May 22, his potentially aggressive stance has pushed the probability of interest rate hikes within the year to 52.5%, while the prospect of higher real interest rates continues to erode gold’s appeal as a non-yielding asset.

Meanwhile, the crude oil market experienced broad volatility amid a dramatic reversal in external news developments. Stimulated by rhetoric surrounding regional tensions, market concerns once pushed WTI crude oil above USD 105 per barrel. However, following cooling remarks at the policy level, market sentiment rapidly retreated, causing oil prices to plunge sharply from their highs and briefly fall below the USD 100 mark intraday. Prices are currently fluctuating near USD 102.45 per barrel, with intraday losses reaching 1.84%. Overall, policy uncertainty stemming from changes within the Federal Reserve is comprehensively reshaping commodity market pricing, and violent market shakeouts are likely to persist before the macroeconomic contest becomes fully clear.

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 49,690.96. Up 160.02 points intraday, a gain of 0.32%. The Dow has demonstrated strong resilience below the psychological 50,000-point level, supported by capital rotating back into value stocks during the latter stage of earnings season, reinforcing the index’s defensive performance.
S&P500指数（SP500）: Reported at 7,410. Down 92.74 points intraday, a decline of 1.24%. Although heavyweight blue-chip stocks stabilized, high-beta sectors — particularly semiconductors — dragged the index lower, with significant institutional selling pressure emerging above the 7,500-point level.
ナスダック100指数（NQ1！）: Reported at 29,108.00. Slightly up by 0.04%. Technology stocks are experiencing sharp divergence internally, as premiums on core AI assets are being reassessed, leaving the index locked in a tug-of-war around the 29,000-point level.

Key Individual Stocks

テスラ（TSLA）: Reported at USD 409.99. Down sharply by 2.90%. Concerns over weakening macro consumption and uncertainty surrounding autonomous driving policies caused the stock to lose critical support, demonstrating extremely high macro sensitivity.
アップル（AAPL）: Reported at USD 297.84. Down 0.80%. Against the backdrop of broad technology stock volatility, Apple’s performance remained relatively neutral as the market awaits upcoming supply chain data updates.

2. 外国為替市場

米ドル指数（DXY）: Reported at 99.022. Slightly rebounded by 0.07% intraday. Supported by stronger-than-expected April CPI data (3.8%) and hawkish signals from incoming Fed Chairman Kevin Warsh, the market is pricing in a “higher-for-longer” interest rate path, helping the dollar stabilize above the 99 level.
米ドル／円（USDJPY）: Reported at 158.916. Up 0.04%. As the U.S.-Japan interest rate differential widens again, the yen remains under pressure. Although there are market rumors of possible intervention by the Bank of Japan, carry trade momentum is steadily pushing the exchange rate toward the 160 level.
ユーロ／米ドル（EURUSD）: Reported at 1.16512. Slightly down by 0.04%. The euro remains weak amid the dollar’s rebound, while downward revisions to Europe’s growth outlook further limit upside potential for the currency.

3. 貴金属および商品

貴金属

スポットゴールド（XAUUSD）: Reported at USD 4,574.15 per ounce. Up 0.17% intraday. Gold prices remain elevated and range-bound following previous sharp volatility. Although a stronger dollar has created resistance, demand remains solid due to gold’s role as a safe-haven asset against inflation risks and potential renewed geopolitical tensions in the Middle East.
スポットシルバー（XAGUSD）: Reported at USD 84.240 per ounce. Down 1.50%. Silver experienced a technical pullback after its previous overextended rally. Due to its industrial nature being more sensitive to slowing economic growth, its volatility remains significantly higher than gold.

商品

WTI原油（XTIUSD）: Reported at USD 106.16 per barrel. Slightly down by 0.10%. Oil prices are consolidating above the USD 100 level. Although the IEA report showed some inventory recovery, potential supply disruptions in the Strait of Hormuz remain the core logic supporting the current extremely high premium.

4. 暗号資産とマクロ経済動向

ビットコイン（BTCUSD）: Reported at USD 77,204. Up 0.33%. After experiencing a significant pullback last week, BTC found support near the USD 77,000 level.
イーサリアム（ETHUSD）: Reported at USD 2,137.93. Up 0.44%. ETH slightly outperformed BTC, but still faces insufficient fundamental momentum below the USD 2,200 pivot level.

5. 今日の焦点