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...
Oil prices fell on Thursday after a report that OPEC+ was discussing increasing output for July, fueling concerns that global supply could outpace demand growth. Brent crude futures fell 57 cents, or 0.88%, to $64.34 a barrel by 11:17 a.m. EDT (1517 GMT). U.S. West Texas Intermediate crude fell 53 cents, or 0.86%, to $61.04. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another major output increase at their meeting on June 1, Bloomberg News reported. A 411,000-barrel-per-day increase for July is among the...
Gold slipped on Thursday after hitting a nearly two-week high earlier in the session, hurt by an uptick in the dollar, although worries over the U.S. government's increasing debt burden and fiscal outlook kept prices above $3,300 level. Spot gold was down 0.3% at $3,303.82 an ounce, as of 1020 GMT, after hitting its highest level since May 9 earlier in the session. U.S. gold futures fell 0.3% to $3,304.10. "Selling coming in especially from those looking to book profits and a degree of recovery in the dollar seems to have taken some of the shine off gold," Ross Norman, an independent...
Oil prices fell more than 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures lost 90 cents, or 1.4%, to $64.01 a barrel by 1000 GMT. U.S. West Texas Intermediate crude dropped 85 cents, or 1.4%, to $60.72. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported. An increase of 411,000 barrels per day (bpd) for July is among...
Gold price (XAU/USD) extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session. The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors. Investors now seem convinced that the Federal Reserve (Fed) will lower borrowing costs further in 2025, which might continue to act as a tailwind for the non-yielding yellow metal. Apart from dovish Fed expectations, growing worries about rising US...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, holds gains after registering losses in the previous three successive sessions. During the early European hours on Thursday, the DXY is holding its position around 99.70, slightly above two-week lows. Furthermore, traders await S&P Global US Purchasing Managers Index (PMI) data due on Thursday. The overall business activity is expected to expand at a steady pace in May, which could provide some support for the Greenback. The House Rules Committee approved US President Donald Trump's...