The S&P 500 rose on Monday, led by tech, as a new month of trading began. The benchmark gained 0.5%, while the Nasdaq Composite advanced 1%. The Dow Jones Industrial Average climbed 18 points. Micron Technology gained 5% to lead chipmaker stocks higher. Nvidia and AMD were up 3% and around 1%, respectively. The VanEck Semiconductor ETF (SMH) climbed 1.6%. Other tech names such as Meta Platforms and Palantir gained 1.2% and 2%, respectively. The moves came after data center company Iren reached a multiyear $9.7 billion deal with Microsoft to provide the megacap technology company...
Oil prices rose for a second day on Tuesday as fresh U.S. sanctions imposed on Middle Eastern producer Iran increased concerns supply might tighten and as global refining margins remained strong. Brent crude futures rose 38 cents, or 0.5%, to $75.16 a barrel by 0401 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 0.7%, to $71.17 a barrel. Both contracts gained in Monday's session after a $2 drop last Friday. "In the short term, I continue to think crude oil is looking for a base. The fresh U.S. sanctions announced on Iran overnight will likely assist with this as will...
USD/CHF remains under pressure for the fourth consecutive session, hovering around 0.8970 during Asian trading hours on Tuesday. The pair's decline is driven by a weaker US Dollar (USD), weighed down by disappointing US economic data, including last week's Jobless Claims and the S&P Global Purchasing Managers' Index (PMI). Traders continued evaluating the interest rate outlook, with the Federal Reserve (Fed) expected to maintain its current stance for an extended period, amid ongoing uncertainty about President Trump's economic policies.USD/CHF remains under pressure for the fourth...
The Australian Dollar (AUD) recovers its daily losses as the US Dollar (USD) weakens amid declining US Treasury yields on Tuesday. Investors eagerly anticipate Australia's monthly inflation report on Wednesday, as it's expected to offer crucial insights into the future course of monetary policy after the Reserve Bank of Australia's (RBA) recent hawkish rate cut. The People's Bank of China (PBOC) injected CNY300 billion on Tuesday via the one-year Medium-term Lending Facility (MLF), maintaining the rate at 2%. Additionally, the PBOC injected CNY318.5 billion through seven-day reverse repos...
The Japanese Yen (JPY) reverses Asian session losses against its American counterpart, dragging the USD/JPY pair back below the 150.00 psychological mark in the last hour. Japan's Services Producer Price Index (PPI) released earlier this Tuesday underscores the view that rising wages are persuading firms to pass on higher labour costs through price hikes. This comes on top of Japan's strong consumer inflation figures and reaffirms bets that the Bank of Japan (BoJ) will hike interest rates further, which, in turn, continues to underpin the JPY. Meanwhile, BoJ Governor Kazuo Ueda's remarks...
Gold price (XAU/USD) ticks lower during the Asian session on Tuesday and erodes a part of the previous day's gains to a fresh all-time peak. The US Dollar (USD) builds on the overnight bounce from its lowest level since December 10 and turns out to be a key factor undermining demand for the commodity. Apart from this, slightly overbought conditions on the daily chart further prompt traders to lighten their bullish bets around the precious metal, though the fundamental backdrop warrants some caution before placing aggressive bearish bets. Meanwhile, investors remain worried about the...