The S&P 500 closed lower Wednesday after easing from intraday record high as the Federal Reserve cut interest rates, though cooled expectations about the certainty of further rate cuts ahead. The Dow Jones Industrial Average fell 73 points, or 0.2%, the S&P 500 index closed marginally lower, and the NASDAQ Composite gained 0.6%. The Federal Reserve cut interest rates by 25 basis points on Wednesday for the second time this year, citing concerns about a softening labor market. The central bank also said it would stop reducing the size of its balance sheet as soon as December,...
Oil prices were little changed as investors weighed President Donald Trump's delay of high US tariffs on China against the likely outcome of his meeting with Russia's Vladimir Putin. Brent crude traded near $67 per barrel, while West Texas Intermediate was around $64. Prices remained near two-month lows after a sluggish trading session on Monday and low volumes at the start of the Asian session. Trump signed an order extending a ceasefire with China until November 10, delaying a scheduled tariff increase on Tuesday. Traders were looking ahead to a meeting between Trump and Putin later this...
The Australian Dollar (AUD) held its ground against the US Dollar (USD) on Tuesday ahead of the Reserve Bank of Australia's (RBA) interest rate decision. The AUD/USD pair is likely to strengthen as US President Donald Trump has extended the China tariff deadline for another 90 days. The Reserve Bank of Australia (RBA) is expected to announce a 25 basis point (bps) interest rate cut to 3.6% from 3.85% at its August monetary policy meeting. Traders will likely be watching the Monetary Policy Statement, followed by a press conference by RBA Governor Michele Bullock. The Trump administration...
Gold strengthened in early Asian trading amid a possible technical recovery after its sharpest drop in three months on Monday. The rise came after a post on US President Trump's Truth Social account clarified that the precious metal would not be subject to tariffs. Last Friday, gold surged to an all-time high following reports that bullion might be subject to tariffs. Meanwhile, traders are likely to closely monitor the US July CPI data due later today for clues on the Fed's interest rate direction. Spot gold prices rose 0.2% to $3,347.81/oz. Source: Dow Jones Newswires
Oil was little changed after President Donald Trump extended a pause of sky-high tariffs on China, stabilizing trade ties between the world's two biggest economies. West Texas Intermediate traded near $64 a barrel, near the lowest in two months, while Brent closed above $66 in a subdued session on Monday. Trump signed an order extending the truce with China by 90 days, according to a person familiar with the matter. Oil is down more than 10% this year as traders grapple with a surplus in the market after OPEC+ reversed a supply cutback made in 2023, despite signs of slowing...
The EUR/USD edges lower on Monday, down 0.26% as the Greenback is bought by traders ahead of another inflation report in the United States (US) coming Tuesday. This, along with Italy's revelation that prices reached the European Central Bank's (ECB) target, justifies the need to hold rates even at the next meeting. The pair trades at 1.1615 after hitting a daily high of 1.1675. The shared currency halted its advance, even though talks between US President Donald Trump and Russian President Vladimir Putin are expected to show progress on a possible ceasefire in Ukraine. A favorable...