US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Oil prices were steady on Monday on news that the eight-nation OPEC+ group, which has pledged voluntary oil output cuts, will now meet on May 31, a day earlier than previously planned. Brent crude settled down four cents at $64.74 a barrel, while U.S. West Texas Intermediate crude was last trading at $61.53 a barrel, unchanged from the previous session. Trading volumes were low due to the U.S. Memorial Day holiday. Three OPEC+ sources told Reuters on Monday of the change in meeting date. The meeting is likely to decide on July output, which sources previously told Reuters would require an...
Gold prices fell more than 0.50% on Monday (5/26) amid lack of demand for haven assets after United States (US) President Donald Trump delayed tariffs on the European Union (EU). Meanwhile, trading remained quiet due to the closure of the UK and US financial markets for a holiday. At the time of writing, XAU/USD was trading at $3,336. The market mood improved after Trump's statement on Sunday, delaying the imposition of tariffs on EU products until July 9. Therefore, Bullion was pressured after last week's gain of more than 4.86%, the most significant increase since the week began on April...
Gold prices fell more than 0.50% on Monday (5/26) amid weak demand for haven assets after US President Donald Trump delayed tariffs on the European Union (EU). Meanwhile, trading remained quiet as the UK and US financial markets were closed for a holiday. At the time of writing, XAU/USD was trading at $3,336. The market mood improved after Trump's remarks on Sunday, delaying the imposition of tariffs on EU products until July 9. Therefore, Bullion was pressured after last week's gain of more than 4.86%, the most significant increase since the week began on April 7. On Friday, XAU/USD...
Oil prices were steady on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt fuel demand. Brent crude futures fell 17 cents to $64.61 a barrel by 8:35 a.m. ET while U.S. West Texas Intermediate crude futures fell 18 cents to $61.35 a barrel. Both contracts were trading higher earlier in the session after Trump said he had agreed to extend a deadline for trade talks with the European Union until July 9, marking another temporary suspension of trade policy. Global markets rose...
Gold prices fell on Monday after U.S. President Donald Trump reversed course on his threat to impose 50% tariffs on goods from the European Union beginning June 1, reducing demand for the safe-haven asset. Spot gold was down 0.7% at $3,334.53 an ounce, as of 0848 GMT. U.S. gold futures fell 1% to $3,333.40. "I would call it a range-trading day," said Giovanni Staunovo, UBS analyst, attributing the modest drop in prices to Trump's decision to delay the imposition of higher tariffs on the EU. "With U.S. Memorial Day, activity is likely to be on the lower end today." The markets in the...