US stocks tumbled on Tuesday, with the S&P 500 down 1.1%, the Nasdaq shedding 2.1%, and the Dow losing about 240 points, as investors grew increasingly uneasy over stretched valuations in AI-driven names and cautious outlooks from top Wall Street executives. Tech-heavy losses led the decline, with Palantir plunging 8.1% on valuation concerns despite beating earnings estimates, while Nvidia (-2.7%), AMD (-2.1%), and Oracle (-2.6%) also fell sharply. The pullback comes as the S&P 500's forward P/E ratio climbed above 23, near its highest since 2000, heightening fears of a correction...
The Australian dollar edged higher to above $0.651 on Wednesday, ending its four-session losing streak, as a weaker US dollar outweighed soft domestic inflation figures. The greenback eased ahead of the Federal Reserve's policy decision, with expectations for a rate hold, though markets remained cautious about any signals hinting at a possible cut in September. In Australia, consumer prices rose at the slowest pace in over four years in Q2, with headline CPI at 0.7% QoQ and 2.1% YoY, and core inflation easing to a three-year low of 2.7% YoY—both below forecasts and within the RBA's 2–3%...
Gold is steady ahead of the FOMC decision due later today. While the FOMC is widely expected to leave rates unchanged, the focus will be on whether Fed Chair Powell offers any hint of a September rate cut in his press conference. Investors are turning their attention to the FOMC meeting and a slew U.S. economic data, DHF Capital's Bas Kooijman says in an email. A dovish shift in Fed rhetoric or any unexpected softness in data could support the precious metal, the CEO and asset manager says. Spot gold is little changed at $3,326.78/oz. Source: Marketwatch
Oil held the biggest gain in six weeks after US President Donald Trump reiterated he may impose additional economic penalties on Russia unless a truce is reached with Ukraine. West Texas Intermediate traded near $69 a barrel after closing 3.8% higher in the previous session. Brent settled above $72. Trump warned of "tariffs and stuff" if a ceasefire isn't agreed in 10 days and said he wasn't concerned about the impact on the market, suggesting the US could ramp up production. "I don't even worry about it," he told reporters aboard Air Force One on Tuesday as he returned to...
GBP/USD found some balance on Tuesday, pumping the brakes on an extended backslide but falling just short of snapping its losing streak. The Cable pair caught an intraday technical rebound near the 1.3300 handle, and FX markets are coiling ahead of the Federal Reserve's (Fed) latest interest rate decision, due on Wednesday. There remains little of note on the economic calendar for the United Kingdom (UK) side, leaving Cable traders to grapple with a hefty dose of US data releases through the remainder of the trading week. The Fed's latest interest rate decision is slated for Wednesday and...
Oil prices gained more than 3% on Tuesday as President Donald Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the U.S. and its major trading partners was abating. Brent crude futures settled $2.47, or 3.53%, higher at $72.51 a barrel while U.S. West Texas Intermediate crude gained $2.50, or 3.75%, to settle at $69.21. Both contracts settled at their highest since June 20. On Tuesday, Trump said he would start imposing tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in...