US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq closed near the flatline as AI giants remained under pressure. Senate Republicans rejected Democrats' offer to scale down shutdown demands, but lingering hopes of an incoming agreement improved risk sentiment before the closing bell. The suspension of operations and government data were evidenced by the deteriorating consumer confidence measured by...
The dollar strengthened amid uncertainty over U.S. tariffs and after mixed economic data. The Bloomberg Dollar Spot Index rose 0.1%, paring an earlier 0.3% gain from a weaker-than-expected Chicago PMI; fell 0.6% in May and is set for the longest monthly decline since August 2020 U.S. personal income data beats forecasts, but personal spending falls in April; Consumer sentiment rebounds in May US Consumers Hit Brakes as Goods Imports Fall Sharply US Consumer Sentiment Improves in Latest Michigan Survey in May Proposed tax measures in the US tax and spending bill that could raise tax...
Oil prices fell on Friday and headed for a second straight weekly decline, as investors weighed the potential for a bigger OPEC+ output hike in July and uncertainty spread over U.S. tariff policy after the latest changes on the floor. Brent crude futures were down 21 cents, or 0.33%, at $63.94 a barrel by 1451 GMT. U.S. West Texas Intermediate crude futures were down 34 cents, or 0.56%, at $60.60 a barrel. Brent futures for July expire on Friday. The more liquid August contract was trading 43 cents lower, or 0.71%, at $59.77 a barrel. At that level, the benchmark front-month contract was...
Gold price (XAU/USD) recovers some of its initial losses and rebounds to near $3,305 during Nortyh American trading hours on Friday. Still, the precious metal is down almost 0.4%. The yellow metal bounces back as trade tensions between the United States (US) and China have renewed after President Donald Trump signaled in a post on Truth.Social that Beijing has violated trade agreement. "The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US," Trump wrote. Renewed trade tensions between the world's largest economies have increased demand of...
OPEC+ may discuss an increase in oil output for July at its meeting on Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters. Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share, Reuters has reported. On Saturday, the eight members may decide to increase output by 411,000 bpd for July, OPEC+ sources have...
Oil was on track for a marginal weekly decline ahead of an OPEC+ meeting on output policy that's expected to lead to another supply hike. Still, West Texas Intermediate futures edged above $61 a barrel on Friday, paring some of that weekly loss. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, following preliminary talks last week on a third consecutive supply increase. "The real story now is tomorrow's OPEC+ meeting among the eight producers that conducted voluntary cuts," said Arne Lohmann Rasmussen, chief...