US equities ended lower on Tuesday as investors grappled with downbeat economic data, rising trade tensions, and mixed corporate earnings. The S&P 500 dropped 0.5%, the Nasdaq slid 0.7%, and the Dow slipped by 62 points, following Monday's sharp rebound from Friday's losses tied to a disappointing jobs report. Concerns about stagflation resurfaced after the ISM Services index showed activity had stalled in July. Meanwhile, President Trump's threats of steep tariffs up to 250% on pharmaceutical imports alongside potential levies on semiconductors, added to market unease amid ongoing...
Oil prices settled down just over 1% on Wednesday after U.S. data showed surprisingly large build in gasoline and diesel inventories, swelling fuel supplies with OPEC+ planning more output and trade tensions clouding the energy demand outlook. Brent crude futures closed down 77 cents, or 1.2%, at $64.86 a barrel. U.S. West Texas Intermediate crude settled 56 cents, or 0.9% lower at $62.85. U.S. gasoline stocks swelled by 5.2 million barrels, the Energy Information Administration said. Analysts polled by Reuters had expected a rise of 600,000 barrels. Distillate stockpiles rose by 4.2...
Gold rose 1% on Wednesday, supported by a weaker dollar and weak U.S. data, as investors grappled with rising economic and political uncertainty. Spot gold rose 0.8% to $3,378.22 an ounce by 2:02 p.m. ET (1802 GMT), after rising as much as 1% earlier. U.S. gold futures settled 0.7% higher at $3,399.20. The U.S. dollar index (.DXY), opened in a new tab, fell 0.5%, making bullion cheaper for buyers holding other currencies, while the benchmark 10-year U.S. Treasury yield edged lower. "The US services sector - two-thirds of the economy - contracting for the first time in a year has pushed...
The U.S. Dollar Index slumped to 98.8 on Wednesday, near a six-week low of 98.6 hit on Tuesday, as a batch of weak economic data raised fresh concerns about the U.S. outlook. The latest ISM services PMI showed the sector contracted in May for the first time in nearly a year, dragged down by a sharp decline in new business and a surge in input costs, likely driven by new tariffs. Separately, ADP data showed private employers added just 37,000 jobs in May, the slowest pace since March 2023 and well below the 115,000 forecast. In contrast, Tuesday's JOLTs report showed job openings...
Oil prices fell slightly on Wednesday after U.S. data showed a bigger-than-expected build in gasoline and diesel inventories, adding to supply concerns amid global trade tensions and ongoing OPEC+ production increases. Brent crude futures were down 28 cents at $65.35 a barrel by 10:44 a.m. EDT (1444 GMT). U.S. West Texas Intermediate crude futures were down 8 cents at $63.33. Crude inventories fell by 4.3 million barrels last week, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop. However, U.S....
Gold prices rose on Wednesday, boosted by a weaker dollar and continued geopolitical tensions on multiple fronts, keeping investors on guard amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index (.DXY), fell 0.5%, making bullion cheaper for buyers holding other currencies. "There's a fair amount of geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, which is encouraging people to buy gold. Market sentiment remains fairly high, and while...