The three major US stock averages fluctuated between small gains and losses on Wednesday, attempting to rebound from Tuesday's weak session, when concerns over lofty AI valuations weighed on sentiment while earnings remained in focus. The tech sector stayed under pressure, while materials and energy outperformed. AMD slipped 1.7% after issuing a revenue forecast that failed to impress investors, and Super Micro Computer tumbled 7.3% following a weaker-than-expected earnings outlook for the current period. Palantir Technologies extended losses, falling 2.3%. Nvidia edged down 0.2%, while...
Gold (XAU/USD) is benefiting from renewed trade tensions on Monday, which have triggered demand for the safe-haven yellow metal. As the August 1 tariff deadline looms, prospects of a deal between the European Union (EU) and the United States (US) are fading. As a result, XAU/USD has recovered with bulls approaching the $3,400 psychological barrier at the time of writing. EU-US trade tensions rise, lifting demand for Gold Ongoing talks between the EU and the US have failed to make any meaningful progress over recent weeks. US President Donald Trump has threatened to impose a 30% tariff on...
The US Dollar (USD) kicks off the week on the back foot, slipping against major currencies in Monday trading. Investors are reacting to renewed trade tensions ahead of the August 1 deadline and a generally cautious market sentiment. Despite mostly solid US economic data lately, the Greenback is feeling the heat from ongoing uncertainty surrounding the US President Donald Trump administration's ramped-up tariff threats and increasing political pressure on the Federal Reserve (Fed) to cut interest rates. The US Dollar Index (DXY), which measures the Greenback against six major currencies, is...
Gold prices rose slightly in European trade on Monday, taking some support from haven demand fueled by persistent uncertainty over elevated U.S. tariffs set to take effect in the coming weeks. A mild pullback in the dollar, after a two-week ascent, also helped spur some gains in metal markets, although gold remained squarely in a $200 trading range seen since at least April. Spot gold ticked higher by 0.5% to $3,365.49 an ounce, while gold futures for September rose 0.4% to $3,372.88/oz by 06:23 ET (10:23 GMT). Gold gains amid murky tariff outlook Advances in gold came after the Wall...
The Pound Sterling (GBP) starts the week on a slightly positive note. The British currency ticks up as market experts have pared bets supporting a higher number of interest rate cuts by the Bank of England (BoE) for the remainder of the year. According to a report from Reuters, a number of Wall Street brokerage houses have reassessed their BoE rate cut expectations, following the release of the hotter-than-projected United Kingdom (UK) Consumer Price Index (CPI) data for June and lesser-than-expected weakness in the labor market data for the three months ending in May. Analysts at Bank of...
Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 38 cents, or 0.55%, to $68.90 a barrel by 0925 GMT after settling 0.35% down on Friday. U.S. West Texas Intermediate crude declined 30 cents, or 0.45%, to $67.04 after a 0.3% decline in the previous session. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products...