The S&P 500 is trading higher by 22 points, or 0.6%, to 4236 shortly after the open. Even stronger is the Nasdaq, which is up 1.1%. Pacing the gain is a 4% rally in Nvidia shares. The chipmaker now has a $1 trillion market cap, joining Apple, Alphabet, Amazon, and Microsoft in the club. It’s
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Dollar appears to be taking a breather, experiencing a broad decline in month-end trading as it reverses some of its recent gains. The initial support from the debt ceiling deal seems to be waning, while market participants are adopting a cautious stance ahead of this week’s crucial non-farm payroll data. The figures are expected to
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Oil prices slipped on Monday as economic worries over further interest rate hikes trumped a tentative debt ceiling deal reached in the U.S., possibly averting a default in the world’s largest economy and oil consumer. Brent crude futures slipped 68 cents, or 0.8%, to $76.27 a barrel by 1350 GMT, while U.S. West Texas Intermediate
The debt ceiling agreement led to a brief flurry of trading early in the day but much of that has now faded. It is surprising to see USD/JPY 35 pips lower because the flood of Treasury issuance should presumably push yields higher but that may already have been priced in late last week. Prior to
Gold prices softened by Rs 110 to Rs 59,965 per 10 grams in the national capital on Monday amid a fall in the metal’s prices overseas, according to HDFC Securities. The precious metal had settled at Rs 60,075 per 10 grams in the previous trade. Silver, however, jumped Rs 290 to Rs 73,040 per kg.
Japan defence ministry says it ordered preparation for destruction of any North Korean missile Says order is in response to North Korea’s planned launch of what it says is a satellite Says order for destruction would be for any North Korean missile that is confirmed to land in our territory standard SM-3 or Patriot missile
The near-term outlook for gold remains weak as the US debt ceiling crisis nears a resolution and the Dollar Index remains strong. Traders can look to book profits in gold and silver futures. As for buyers of physical gold and silver, the correction will bring an opportunity to buy bullion. The price of physical gold
Weaker-than-expected demand for copper from China dampened the sentiment for the base metals. Copper, the widely used industrial metal is trading down by more than 8% so far this month in key London Metal Exchange and domestic futures platforms. A similar trend was witnessed in the China Shanghai futures as well. Copper prices were on
The debt ceiling charade is all over. This was the 79th time it’s been raised since 1960 and the US still hasn’t defaulted. Remember that next time. The US has averted a major economic crisis by raising its debt ceiling as part of a new two-year budget agreement that echoes the structure of the past
Last week saw the US Dollar dominating the currency markets, with a surprising rally buoyed by market sentiments flipping in favor of an imminent Fed rate hike in June. An atmosphere of growing optimism pervaded the scene, buoyed by increasing confidence in a forthcoming agreement on raising the US debt ceiling, thus staving off a
A debt ceiling deal isn’t done yet but it’s safe to trade as if it is. Here are the latest comments from US House majority leader Kevin McCarthy. We do not have a deal yet June 5 date doesn’t change things We’ll get debt ceiling deal when it gets right Have not dropped permitting reform
Gold prices languished near a two-month low on Friday and were set for their third straight weekly fall, as progress in U.S. deal ceiling negotiations bolstered the dollar. FUNDAMENTALS * Spot gold was flat at $1,939.18 per ounce by 0032 GMT after hitting its lowest since March 22 in the previous session. U.S. gold futures
AI image Treasury Secretary Janet Yellen has conjured a few extra days for US politicians to grandstand. She now says that extraordinary measures won’t be exhausted until at least June 5. House Republican leader McCarthy has said his deadline is June 1 but you can never trust a politician. In any case, a deal will
COMEX Gold prices are poised for a third consecutive weekly decline, after notching a 33-month high of $2,085.4 per troy ounce in early May. It has been a painful week for the yellow metal, as hawkish comments from Fed officials, better than expected economic data from US, and progressive talks on the debt ceiling front
Markets: WTI crude oil up 96-cents to $72.79 Gold up $6 to $1946 US 10-year yields flat at 3.81% S&P 500 up 1.4% GBP leads, JPY lags The odds of a June Fed hike have risen to 70% from 50% today and that tells the story in FX, with the dollar gaining, though not exactly
The market is exhibiting caution as it awaits a catalyst, precisely the outcome of the US debt ceiling talks, to determine its next directional move. Despite positive developments, we expect the discussions to widely go down to the wire, resulting in extreme volatility. As a result, we expect the crude prices to trade in a
While Dollar engaged in retreat for most of the day, some buying appears to emerge again in early US session. A surprising rise in both headline and core PCE inflation is considered to be a key factor driving this resurgence. While it’s unsure whether that could result in sustainable rally, the sentiment should stabilize the