The Nasdaq Composite rose 0.7% and the S&P 500 gained 0.3% on Friday, led by a 10.8% surge in Amazon shares after the company said cloud revenue climbed 20% in the third quarter and beat estimates, lifting tech names broadly. The Dow traded up 60 points. Palantir and Oracle added 3% and 2.8%, repsectively, on AI optimism and Nvidia also traded higher. Elsewhere, Netflix rallied 2.9% on an announced 10 for 1 stock split and Tesla jumped 3.1%. Energy names diverged as Chevron rose 1.9% on stronger earnings and Exxon Mobil slipped 1.5% after a profit decline. On the other hand, Meta fell...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, consolidates last week's losses and trades flat at around 106.80 at the time of writing on Monday. The United States (US) economy is no longer an outlier, with several data points and the blood-red January Retail Sales data released last week pointing to slower economic growth. All eyes this week will be on Riyadh, in Saudi Arabia, where US and Russian officials are set to meet ahead of a meeting between US President Donald Trump and Russian President Vladimir Putin. The economic...
Oil held near $75 in a volatile session as OPEC+ considers pushing back a series of monthly supply increases that were due to start in April. Brent futures earlier added as much as 0.6% in London, before trading little changed. Global oil markets remain too fragile to revive production now, a delegate of the group said. A decision is yet to be made and the group is split on how to proceed, said another. At the same time, Kazakhstan's primary oil export pipeline was operating at a reduced rate after an attack by drones, the facility's operator said. The...
Gold advanced, following its biggest one-day decline in two months, on nervousness over President Donald Trump's latest trade threats. Bullion traded near $2,900 an ounce, after tumbling 1.6% on Friday. The gains on Monday came even after the 14-day relative strength index — a gauge of the pace and intensity of moves — showed the precious metal reached overbought levels in recent sessions. Market participants are waiting for more insights on Trump's reciprocal tariff plans, which could heighten global trade tensions, said Manav Modi, an analyst at Motilal Oswal Financial Services Ltd....
Brent crude oil stayed just below $75 per barrel on Monday as investors watched for progress on a possible Russia-Ukraine peace deal, which could ease sanctions and boost oil supply. US President Donald Trump said he might meet with Russian President Vladimir Putin soon to discuss ending the war, with initial talks between the US and Russia set to take place in Saudi Arabia this week. If negotiations succeed, more Russian oil could enter global markets, increasing supply. Additionally, Iraq's Kurdistan region signaled that its oil exports may resume next month. However, oil prices are...
The Pound Sterling (GBP) trades steady against its major peers at the start of the week as investors turn cautious ahead of the United Kingdom (UK) employment data for three months ending December, which will be released on Tuesday. Investors will pay close attention to the UK labor market data to know whether business owners are still upset with Chancellor of the Exchequer Rachel Reeves's announcement of raising employers' contribution to National Insurance (NI). In the Autumn Budget, Reeves increased employers' social security contributions by 1.2% to 15%, which will come into effect from...