Dollar Dives Post-Fed, Tech Stocks Rally on Apple Boost

The dollar experienced its worst three-day decline of the year, following concerns that Fed Chair Jerome Powell may hint at the need for another rate hike in his press conference. Traders adjusted their expectations for rate cuts after the Fed's reassuring tone and weak payrolls data, causing two-year swap rates to plummet and two-year Treasury yields to drop over 20 basis points.
The yen, which initially weakened to 160 per dollar, rebounded to 151.86 on Friday, hitting its 100-day moving average before retracing.
Equities saw a rebound driven by strong earnings and a significant buyback from Apple. Tech stocks surged, with Apple, Nvidia, and Microsoft all posting gains, while rate-sensitive sectors like utilities and real estate also performed well.