Spot Silver Surges Over 3%, Hits 14-Year High

Market Overview

Friday marked a “triple witching day”—the simultaneous expiration of stock index futures, stock index options, and single-stock options—which drove trading volumes to the third-highest level on record. The three major U.S. equity indices extended gains for a second straight session, all closing at fresh all-time highs, though small-cap benchmarks pulled back from record territory.

On the corporate front, Apple rose more than 3% after upbeat reports on the iPhone 17s debut in Asia. Oracle climbed over 4% on rumors of cloud computing talks with Meta, while the semiconductor index retreated. Ahead of “Super Central Bank Week,” the tech sector stood out with cumulative gains of more than 3%.

U.S. Treasury yields climbed for a third consecutive day, with the 10-year yield hitting a two-week high. The U.S. Dollar Index also posted a three-day winning streak, reaching a one-week high. In crypto markets, Bitcoin slumped more than $2,000, breaking below the $116,000 level.

Commodities traded mixed. Crude oil fell more than 1%, marking a third straight decline and a one-week low. Gold gained over 1% intraday, snapping a two-day losing streak to log its fifth consecutive weekly advance. Spot silver surged more than 3%, reaching its highest level in 14 years.

Key Themes to Watch

● Bank of Japan Holds Rates Steady

The Bank of Japan kept rates unchanged for the fifth straight meeting and announced plans to begin selling its ETF holdings. On Friday, September 19, the BOJ voted 7–2 to maintain its benchmark rate at 0.5%, in line with expectations. The central bank described Japans economy as in a moderate recovery, with exports and output broadly stable and inflation expectations gradually rising. On core CPI (excluding fresh food), the BOJ noted that the impact of recent food price hikes—such as rice—should gradually fade. However, subdued economic momentum is likely to keep core inflation weak.

Events to Watch (GMT+8)

21:45 – Fed permanent voting member, New York Fed President John Williams speaks on monetary policy and the economic outlook.

22:00 – 2025 FOMC voting member, St. Louis Fed President Alberto Musalem discusses the U.S. economy and monetary policy.

00:00 (Overnight) – 2026 FOMC voting member, Cleveland Fed President Loretta Mester speaks on the U.S. economy; 2027 FOMC voting member, Richmond Fed President Thomas Barkin delivers remarks on economic conditions.