US stocks advanced on Thursday, with the S&P 500 and Dow Jones each up 0.2%, while the Nasdaq Composite gained 0.6%. The move followed a volatile session the day before, as investors focused on corporate earnings and the AI rally regained momentum after Taiwan Semiconductor Manufacturing raised its revenue-growth target. Communication services, technology, and utilities led the gains, while financials underperformed. Among major movers, Nvidia rose 1.4%, Alphabet added 1.5%, Broadcom gained 1.7%, and Micron Technology advanced 2.3%. Charles Schwab was up 0.5% after an earnings beat and...
The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday. The major pair edges lower after the UK Labour government announced its first Autumn Forecast Statement on Wednesday. The US inflation, as measured by the Personal Consumption Expenditure Price Index (PCE), grew at a slightly faster-than-expected pace in September. Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that the headline PCE rose 2.1% YoY in September, compared to 2.2% in August, in line with the market consensus of...
Gold was steady after its biggest one-day drop since July, as traders took profits near record-high levels and strong US data weakened the case for further monetary easing. Bullion traded near $2,745 an ounce and was on track to end this week little changed. The metal fell from a record-high on Thursday as Treasury yields climbed, reflecting a drop in expectations for aggressive Federal Reserve interest-rate cuts following an unexpected drop in new jobless claims and a pick up in underlying inflation. Higher rates tend to weigh on gold, which...