US stocks closed higher on Friday, with the S&P 500 up 0.8%, and the Nasdaq climbing nearly 1%, while the Dow gaining 206 points. Technology shares, led by Apple which surged 4.2% following its announcement of a $600 billion US investment plan helped lift the tech-heavy Nasdaq to new intraday highs. Investor optimism was also fueled by expectations of Federal Reserve rate cuts, with President Trump nominating Stephen Miran to the Fed Board, signaling possible shifts in monetary policy, despite concerns over new tariffs imposed by the Trump administration on imports from multiple...
Gold prices rose on Monday (17/) during the North American session, posting a gain of 0.56% amid thin trading as markets in the United States (US) were closed for Presidents Day. XAU/USD was trading at $2,898 after hitting an intraday low of $2,878. Gold posted its biggest loss since December 18 last Friday, but the outlook for the precious metal looks promising amid geopolitical uncertainty and US trade policy aimed at narrowing the deficit. Data from the US was mixed last week with the Consumer Price Index (CPI) and Producer Price Index (PPI) rising slightly. Retail Sales disappointed...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, consolidates last week's losses and trades flat at around 106.80 at the time of writing on Monday. The United States (US) economy is no longer an outlier, with several data points and the blood-red January Retail Sales data released last week pointing to slower economic growth. All eyes this week will be on Riyadh, in Saudi Arabia, where US and Russian officials are set to meet ahead of a meeting between US President Donald Trump and Russian President Vladimir Putin. The economic...
Oil held near $75 in a volatile session as OPEC+ considers pushing back a series of monthly supply increases that were due to start in April. Brent futures earlier added as much as 0.6% in London, before trading little changed. Global oil markets remain too fragile to revive production now, a delegate of the group said. A decision is yet to be made and the group is split on how to proceed, said another. At the same time, Kazakhstan's primary oil export pipeline was operating at a reduced rate after an attack by drones, the facility's operator said. The...
Gold advanced, following its biggest one-day decline in two months, on nervousness over President Donald Trump's latest trade threats. Bullion traded near $2,900 an ounce, after tumbling 1.6% on Friday. The gains on Monday came even after the 14-day relative strength index — a gauge of the pace and intensity of moves — showed the precious metal reached overbought levels in recent sessions. Market participants are waiting for more insights on Trump's reciprocal tariff plans, which could heighten global trade tensions, said Manav Modi, an analyst at Motilal Oswal Financial Services Ltd....
Brent crude oil stayed just below $75 per barrel on Monday as investors watched for progress on a possible Russia-Ukraine peace deal, which could ease sanctions and boost oil supply. US President Donald Trump said he might meet with Russian President Vladimir Putin soon to discuss ending the war, with initial talks between the US and Russia set to take place in Saudi Arabia this week. If negotiations succeed, more Russian oil could enter global markets, increasing supply. Additionally, Iraq's Kurdistan region signaled that its oil exports may resume next month. However, oil prices are...