US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold prices fell around 0.48% on Thursday (5/22) and failed to maintain the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%. The market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add...
Oil prices fell on Thursday after a report that OPEC+ was discussing increasing output for July, fueling concerns that global supply could outpace demand growth. Brent crude futures fell 57 cents, or 0.88%, to $64.34 a barrel by 11:17 a.m. EDT (1517 GMT). U.S. West Texas Intermediate crude fell 53 cents, or 0.86%, to $61.04. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another major output increase at their meeting on June 1, Bloomberg News reported. A 411,000-barrel-per-day increase for July is among the...
Gold slipped on Thursday after hitting a nearly two-week high earlier in the session, hurt by an uptick in the dollar, although worries over the U.S. government's increasing debt burden and fiscal outlook kept prices above $3,300 level. Spot gold was down 0.3% at $3,303.82 an ounce, as of 1020 GMT, after hitting its highest level since May 9 earlier in the session. U.S. gold futures fell 0.3% to $3,304.10. "Selling coming in especially from those looking to book profits and a degree of recovery in the dollar seems to have taken some of the shine off gold," Ross Norman, an independent...
Oil prices fell more than 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures lost 90 cents, or 1.4%, to $64.01 a barrel by 1000 GMT. U.S. West Texas Intermediate crude dropped 85 cents, or 1.4%, to $60.72. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported. An increase of 411,000 barrels per day (bpd) for July is among...
Gold price (XAU/USD) extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session. The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors. Investors now seem convinced that the Federal Reserve (Fed) will lower borrowing costs further in 2025, which might continue to act as a tailwind for the non-yielding yellow metal. Apart from dovish Fed expectations, growing worries about rising US...