US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold is being weighed by a stronger U.S. dollar as investors eye the election results, says Phillip Nova's Priyanka Sachdeva in a note. The U.S. dollar gained in early Asian trade as early election results trickled in. No matter whether Trump or Harris wins, gold remains the preferred hedge as the risk is immense and investors will need robust hedges in portfolios, the senior market analyst says. Current gold projections discount easing Fed rates, but inflation is still hovering above the Fed target, she says. There's still a possibility of derailment, especially given Trump's inflationary...
The Japanese yen weakened to around 154 per dollar on Wednesday, hitting its lowest level in 14 weeks as the dollar and US Treasury yields surged after former President Donald Trump took an early lead against Vice President Kamala Harris in the US presidential race. The results have unfolded largely as expected, with the outcome now hinged on seven key swing states. Domestically, minutes from the Bank of Japan's most recent meeting revealed that board members were in broad agreement on continuing to raise interest rates, as inflation and economic conditions align with the central bank's...
Oil slumped as traders monitored the US presidential election, and an industry report signaled a gain in stockpiles. Brent crude fell below $75 a barrel, with West Texas Intermediate near $71. With polls closed in more than two-thirds of states, Donald Trump had taken an early electoral lead over Kamala Harris, although the contest could take days to settle. A gauge of the US dollar advanced, weighing on most commodities. The outcome of the race for the White House carries the potential for significant shifts in US foreign, energy and climates policy. If Trump were to win,...
Gold was steady as investors monitored a tight US election that could prove massively consequential for financial markets. Bullion was near $2,740 an ounce as a gauge of the dollar rose. Given the closeness of the race between Democrat Kamala Harris and Republican Donald Trump, it's possible a final result may not be known for days or even longer, with the uncertainty potentially benefiting the precious metal. Some investors in recent weeks have bet heavily on a Trump victory. Trades tied to his pro-growth agenda have buoyed the dollar, which would typically dent...
Front-month gold futures settle up 0.2% to $2,740.30 an ounce, while SPDR Gold shares are up 0.1%. The moves come as U.S. Presidential candidates entered the day seemingly deadlocked. But, a win by either Harris or Trump isn't expected to alter the trajectory for gold prices much, says Taylor Krystkowiak of Themes ETFs. "The U.S. national debt is expected to rise under either candidate regardless of who ultimately wins," says Krystkowiak. "This has been a significant tailwind for gold in the months leading up to the election." Until the election concludes, volumes are expected to stay...