Stocks fell Tuesday, pressured by declines in artificial intelligence-related names like Palantir as investors grow increasingly concerned about valuations in the bull market-leading shares. The Dow Jones Industrial Average lost 410 points, or 0.9%. The S&P 500 dipped 1.2%, while the Nasdaq Composite lost 1.6%. Palantir shares shed 6.8% even as the software company beat Wall Street's estimates for the third quarter and gave strong guidance, fueled by growth in its artificial intelligence business. Palantir sees $1.33 billion in revenue for the current period, higher than the $1.19...
The Australian dollar stabilized around $0.643 on Friday, halting a six-day losing streak as Australia avoided the latest US tariff hikes, with most imports remaining subject to the 10% rate. On Thursday, President Trump issued an executive order revising "reciprocal" tariffs on several countries—raising rates 10–41%—while countries not listed will face an automatic 10% duty and transshipped goods an additional 40%, taking effect seven days after the order. However, Australia avoided steeper tariffs, with its rate held at 10% despite earlier threats of a hike to 15–20%. The White House...
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further. The Bank of Japan (BoJ) revised up its inflation forecasts on Thursday and offered a less gloomy outlook on the economy, keeping hopes alive for the resumption of rate hikes later this year. However, BoJ Governor Kazuo Ueda struck a dovish tone and signaled patience in policy normalization, to observe the tariff impact after the US-Japan trade deal. Furthermore, domestic political uncertainty, which has been fueling concerns about...
The Swiss franc underperformed its Group-of-10 peers after President Donald Trump announced a 39% tariff on the nation's products while setting a 10% global minimum rate. USD/CHF rose 0.2% to 0.8135. The latest tariff on Switzerland was higher than the 31% rate Trump initially threatened to impose in April when he unveiled duties on dozens of trading partners The Bloomberg Dollar Spot Index inched up 0.1% to the highest level since late May The downside for the Swiss franc may be limited as that greenback tends to weaken whenever Trump raises tariffs and as Switzerland's...
Oil is on track for the biggest weekly gain since mid-June after President Donald Trump ramped up pressure on Russia, as the market braced for the fallout from US tariffs that take effect on Friday. West Texas Intermediate was steady above $69 a barrel, up more than 6% for the week, the largest weekly move since Israel attacked Iran. Brent settled below $72 on Thursday. Trump has threatened economic penalties on Moscow if a swift truce on the war in Ukraine isn't reached, and singled out India for higher levies, in part due to its buying of Russian crude and weapons. For...
Gold held an advance — but remained on track for a weekly loss — as the White House unveiled President Donald Trump's tariff rates on trading partners that are set to take effect on Friday. Bullion traded near $3,290 an ounce as markets opened in Asia, after ending the previous session 0.5% higher. The US will maintain a minimum global tariff of 10%, while imports from countries with trade surpluses with the nation face duties of 15% or higher. Early market reaction was muted, showing investors were unsurprised by the announcement. Read More: How Trump Let $1 Trillion Worth of Imports...