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...
Gold price recovered some ground on Tuesday after falling for the fourth straight day as the Greenback trimmed some of its earlier gains, which boosted appetite for the yellow metal. A drop in US Treasury yields and a soft labor market report in the United States (US) prompted investors to buy Bullion. The XAU/USD trades at $3,330, up by 0.50% after reaching a three-week low of $3,301 on Monday and a daily low of $3,308. The US Bureau of Labor Statistics (BLS) revealed that the Job Openings and Labor Turnover Survey (JOLTS) for June missed estimates as companies seemed reluctant to hire,...
Gold (XAU/USD) steadies on Tuesday, halting a four-day slide after dipping to a near three-week low around $3,300 on Monday. The slight rebound comes despite a broadly risk-on mood that has kept demand for safe-haven assets subdued. Optimism around easing geopolitical tensions ahead of the August 1 deadline and a renewed push into equities have curbed upward momentum for the metal. At the time of writing, the precious metal is trading around $3,321 during the American session, little changed on the day. Price action remains muted, with Gold oscillating in a narrow range between $3,300 and...
The US dollar (USD) held firm on Tuesday (July 29th) after posting its strongest daily gain since May, gaining 1.0% on Monday. This rally came after the United States (US) and the European Union (EU) announced the framework for a major trade deal on Sunday. The market welcomed the news, viewing the agreement as highly beneficial to Washington. Investors are betting that the deal will give the US greater economic and strategic power, boosting confidence in the greenback. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, consolidated Monday's...
Oil prices edged higher on Tuesday (July 29th) amid optimism that the trade war between the United States and its major trading partners is easing and as President Donald Trump increases pressure on Russia over its war in Ukraine. Brent crude futures rose 22 cents, or 0.3%, to $70.26 a barrel at 12:18 GMT, after touching their highest level since July 18th, while U.S. West Texas Intermediate crude was at $66.98, up 27 cents, or 0.4%. Both contracts closed more than 2% higher in the previous session. The trade agreement between the United States and the European Union, despite imposing 15%...
Gold held steady as investors prepared for the Federal Reserve's policy decision, a series of key economic data, and the outcome of US trade negotiations. Gold bullion prices traded in a narrow range on Tuesday after weakening in the previous session amid a rally in the dollar. Although the deal announced Monday between the US and the European Union initially eased fears of a trade war, the asymmetric nature of the agreement has dampened expectations for economic growth outside the US. With President Donald Trump's August 1 tariff deadline approaching, several other trading partners,...