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...
Gold price (XAU/USD) trims a part of modest intraday losses, though remains depressed below the $3,400 mark and over a two-week high touched earlier this Friday. Against the backdrop of the upbeat market mood, a modest US Dollar (USD) uptick prompts some profit-taking around the commodity following the recent move higher over the past week or so. However, a combination of factors helps limit the downside for the precious metal. US President Donald Trump's fresh tariff threats this week keep investors on edge and continue to act as a tailwind for the safe-haven Gold price. Furthermore, the...
Silver (XAG/USD) is trading higher on Friday and on track for a 3.5% weekly rally from $31.20 lows, but the precious metal is struggling to find acceptance in the upper range of the $38.00s, which might lead to some bearish correction. The Fundamental background remains favourable, with recent US data putting pressure on the US Dollar to lower interest rates, but comments from St Louis Fed President Raphael Bostic warning about the inflationary impact of Trump's tariffs have eased hopes of a September cut, providing some support to the US Dollar. Beyond that, news reports by Bloomberg...
Oil prices headed for their longest decline since 2021, as traders judged that US efforts to end the war in Ukraine would not impact overall supply, even as Washington punished India for taking Moscow's crude. Brent fell near $66 a barrel, down for the seventh straight session, while West Texas Intermediate fell below $64. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, said he is willing to meet with Vladimir Putin, even if the Russian leader has not yet agreed to sit down with Ukrainian President Volodymyr Zelenskiy. Earlier this week, Trump...
Gold prices (XAU/USD) weakened from a more than two-week high in the $3,409-$3,410 range during the Asian session as traders opted to take profits ahead of the weekend. Furthermore, positive sentiment in equity markets and a modest recovery in the US dollar (USD) exerted downward pressure on gold bullion. However, a combination of factors acted as a boost for the precious metal, warranting caution for aggressive bearish traders. Investors remain cautious amid ongoing trade-related uncertainty, particularly following US President Donald Trump's new tariff threats this week, which could...
Silver traded above $38 an ounce on Friday (August 8) and is expected to rise about 3% this week, as expectations of a US interest rate cut and uncertainty over new tariffs boost demand for the precious metal. Higher-than-expected weekly jobless claims, coupled with last week's weaker-than-expected nonfarm payrolls report, have prompted traders to price in the possibility of a Federal Reserve rate cut in September, with another move possible in December. In political developments, President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to replace...