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 Japanese Yen (JPY) drifts lower for the third straight day on Wednesday and slides to a one-week low against its American counterpart during the Asian session. Worries that US President Donald Trump's no-exemption tariffs on commodity imports could endanger Japan's economic stability, along with a generally positive tone around the equity markets, undermine the safe-haven JPY. Apart from this, the emergence of some US Dollar (USD) buying lifts the USD/JPY pair back closer to mid-153.00s in the last hour. Federal Reserve (Fed) Chairman Jerome Powell said on Tuesday that the US central...
The Australian Dollar (AUD) maintains its position against the US Dollar (USD) on Wednesday. However, the AUD/USD pair faced challenges due to US President Donald Trump's 25% tariff hike and Fed Chair Jerome Powell's indication that the central bank was in no hurry to cut interest rates further. President Trump's trade adviser, Peter Navarro, criticized Australia late Tuesday, accusing the country of "killing the aluminum market" just a day after Trump signed executive orders imposing import tariffs on certain metals. Australia is seeking exemptions from the new steel and aluminum tariffs,...
Gold edges lower in early Asian trade amid mixed signals. Higher Treasury yields and a stronger U.S. dollar offset safe-haven demand on concerns of trade wars, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. Meanwhile, gold has reached extreme levels with the relative strength index showing overbought signals across multiple timeframes, based on charts, the analyst says. These RSI levels suggest that a pullback or consolidation may be on the horizon, the analyst adds. Spot gold is little changed at $2,895.58/oz. Source : Dow Jones Newswires
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.95 during the early Asian session on Wednesday. The WTI price edges higher to a two-week high amid the escalating geopolitical tensions in the Middle East. The latest US sanctions imposed on the Russian oil industry in January raised concerns about Russian and Iranian oil supplies, boosting the black gold price. "With the U.S. bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday," PVM oil analyst John Evans...
GBP/USD recovered on Tuesday (11/2) , ending a three-day losing streak and recovering to touch the 1.2450 level, up about two-thirds of a percent on the day. Global forex markets sold off the US dollar a bit as risk appetite recovered across the board, supported by a calm performance from Federal Reserve (Fed) Chairman Jerome Powell and expectations that US President Donald Trump's latest tariff threats will be averted by last-minute concessions, as has been the pattern since Donald Trump took over the White House. UK data remained thin throughout the mid-week session, but cable traders...