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...
The EUR/USD pair is consolidating gains near weekly highs as the US Dollar languishes, following an unexpectedly weak services sector report that cast further doubts on the momentum of the United States (US) economy. Renewed concerns about stagflation keep the US Dollar pinned near lows, while in Europe, retail consumption figures have failed to provide significant support to the Euro. The Euro (EUR) is trading at 1.1580 in the early European session on Wednesday, after bouncing from 1.1530 lows on Tuesday. The pair holds most of the gains taken on Friday after the release of a grim US...
The Pound Sterling (GBP) trades in a tight range around 1.3300 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair tracks a rangebound US Dollar as investors await the announcement of Federal Reserve (Fed) Governor Adriana Kugler's replacement, which should happen sometime this week after she announced her resignation on Friday. At the time of writing, the US Dollar index (DXY), which tracks the Greenback's value against six major currencies, wobbles around 98.80. On Tuesday, US President Donald Trump said to reporters that he will announce Fed...
Gold prices slipped slightly Wednesday, consolidating after four days of gains, as investors digested weak U.S. economic data as well as President Donald Trump's potential appointment to the Fed's board. At 04:30 ET (08:30 GMT), Spot Gold ticked down 0.4% to $3,366.50 an ounce and Gold Futures for December also lost 0.4% to $3,420.72/oz. Bullion has risen in the last four consecutive sessions, with marginal gains this week after a 2% jump on Friday. Gold supported by Fed cut hopes Gold prices have been supported of late by the potential of early interest rates cuts by the Federal...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady after two days of slight gains and trading around 98.80 during the European hours on Wednesday. Traders will likely observe the speeches from the Federal Reserve (Fed) policymakers later in the day, including Susan Collins, Lisa Cook, and Mary Daly. The Greenback may gain ground as traders adopt caution following US President Donald Trump's announcement on Tuesday that he will appoint the Fed's Chair and Kugler's replacement by the end of the week, and confirmed his...
Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases. "There's still plenty of uncertainty over the U.S. imposing secondary tariffs on buyers of Russian oil ... market chatter is growing that China's purchases of Russian oil may come into focus next," ING commodity strategists said on Wednesday. "If India were to stop buying Russian oil amid tariff threats, we believe the market would be able to cope with the loss of this...