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...
Oil prices edged down on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited the market's downside. Brent futures fell 25 cents, or 0.3%, to $76.75 a barrel by 0408 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 28 cents, or 0.4%, to $73.04 a barrel. The declines snapped a three-day streak of gains for prices with Brent climbing 3.6% while WTI rose 3.7%. Crude oil stockpiles in the U.S., the world's biggest oil producer and consumer, rose by 9.4 million barrels in the...
GBP/USD remains steady after registering gains in the previous session, trading around 1.2450 during the Asian hours on Wednesday. However, the pair could face challenges as US President Donald Trump's 25% tariff hike has increased trade war tensions.Additionally, Fed Chair Jerome Powell's cautious indication regarding the US policy outlook could provide support for the US Dollar (USD) and limit the upside of the GBP/USD pair. Powell said in his semi-annual report to Congress that the Fed officials "do not need to be in a hurry" to cut interest rates due to strength in the job market and...
EUR/USD remains steady around 1.0360 during Asian trading hours on Wednesday after gaining in the previous session. The pair could depreciate as US President Donald Trump's administration is advancing a plan for reciprocal tariffs through executive action, bypassing Congress. The initiative aims to match or exceed tariffs imposed on US exports by other nations and could also address non-tariff barriers such as foreign subsidies, taxes, and regulations. According to the Wall Street Journal, this move could lead to higher US tariffs on goods from Japan, the EU, and China. The Euro could face...
Gold price (XAU/USD) trades with a mild negative bias for the second straight day, though it lacks follow-through selling and holds steady just below the $2,900 mark during the Asian session on Wednesday. The US Dollar (USD) ticked higher in the wake of the Federal Reserve (Fed) Chair Jerome Powell's hawkish remarks on Tuesday, which, in turn, is seen as a key factor undermining the commodity. That said, concerns about the potential economic fallout from US President Donald Trump's trade tariffs and global trade war fears continue to act as a tailwind for the safe-haven bullion.Traders also...
Silver price (XAG/USD) retraces its recent losses, hovering around $31.90 per troy ounce during Wednesday's Asian session. Safe-haven demand for the precious metal rises amid growing risk aversion following new US tariffs and escalating geopolitical tensions in the Middle East. On Monday, US President Donald Trump implemented a flat 25% tariff on steel and aluminum imports, eliminating all exemptions and nullifying previous trade agreements with key US allies. The move aims to bolster struggling domestic industries but raises the risk of a broader trade conflict. Geopolitical tensions in...