US stocks closed mixed on Friday as investors digested economic data, corporate news, and geopolitical developments. The S&P 500 slipped 0.3% after briefly hitting a record high, while the Nasdaq fell 0.4% amid weakness in chipmakers, with Applied Materials tumbling 14% on a downbeat forecast and Nvidia losing 0.9%. The Dow finished 35 points higher after touching records higher earlier in the session, lifted by a 12% surge in UnitedHealth after Berkshire Hathaway disclosed a major stake. Retail sales in July rose 0.5%, meeting expectations, but the University of Michigan's consumer...
Gold prices drop as Wednesday's Asian session begins, which is sponsored by Trump's comments that he is not looking to fire Fed Chair Jerome Powell. At the time of writing, XAU/USD plunges over 1% and trades at $3,333. Recently, US President Donald Trump said that he had no intention of firing Powell. He said, "The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates." Earlier news from the United States (US) Treasury Secretary Scott Bessent revealed that he saw a de-escalation with...
Gold fell in early Asian trade on signs of easing U.S.-China tensions that usually reduce the precious metal's appeal as a safe haven. President Donald Trump appeared to soften his stance on his trade war with China on Tuesday, saying the U.S.'s 145% tariffs on Chinese imports would be reduced "substantially" once the two sides negotiate a deal. Additionally, gold has started to fall, likely on profit-taking, Fawad Razaqzada, market analyst at City Index and FOREX.com, said in an email. From a technical analysis perspective, there is support at the $3,300/oz level, Razaqzada added. Spot gold...
The USD/JPY pair struggled to regain ground on Tuesday, trading around the 142.00 mark during North American hours after bouncing off earlier lows near 140.65. The pair's modest rebound came as markets stabilized but its gains remained capped amid lingering concerns over the Federal Reserve's autonomy. President Donald Trump's continued attacks on Fed Chair Jerome Powell—whom he called a "big loser"—have shaken confidence in the greenback's credibility. White House officials have acknowledged that the administration is exploring legal avenues to remove Powell, adding to market jitters. The...
Oil prices rose more than $1 a barrel on Tuesday as fresh U.S. sanctions on Iran and a rally in equities helped fuel a recovery rally from the previous session's sharp selloff. Brent crude rose $1.18, or 1.8%, to settle at $67.44 a barrel. The U.S. West Texas Intermediate crude contract for May, which expires on Tuesday, rose $1.23, or 2%, to settle at $64.32. The more actively traded June WTI contract also rose 2% to settle at $63.47. The U.S. on Tuesday imposed new sanctions targeting the liquefied petroleum gas kingpin and Iran's crude oil shipments and its network of companies....
Gold prices fell after hitting a record high of $3,500, but traders booking profits and improving risk appetite sent Bullion lower, despite falling US Treasury yields. At the time of writing, XAU/USD was hovering near $3,400, down more than 0.63%. The latest news from US Treasury Secretary Scott Bessent, who said he sees a de-escalation with China, boosted market sentiment, which has been a drag on Bullion prices. Since the headline, the yellow metal has fallen $50 from around $3,420 to $3,370. However, uncertainty about US trade policy and President Donald Trump's attacks on the Federal...