Gold Prices
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Powell’s Remarks Steal Spotlight as Fed Holds Rates Steady
The Federal Reserve held interest rates steady, but attention focused on Fed Chair Powell’s defense of his presence at a crucial legal proceeding involving Fed Governor Lisa Cook, warning his successor against political entanglement. Meanwhile, UK PM Starmer visited China, signaling efforts to deepen ties, with early signs of cooperation. Corporate earnings from Meta, Microsoft, and Tesla showed mixed investor reactions despite exceeding expectations. The S&P 500 neared 7,000, the dollar strengthened, and gold prices hit new highs. European banks and pharma companies also reported positive results.
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Fed Holds Rates Steady, Intrigue Lies Elsewhere
The Federal Reserve held interest rates steady, with Chair Powell addressing a significant legal case involving Governor Lisa Cook and advising against political entanglement. Tech earnings presented a mixed picture: Meta and AI-driven chipmakers like SK Hynix and Samsung saw gains, while Microsoft’s cloud growth outlook softened. The S&P 500 neared 7,000, the dollar strengthened, and gold hit a record high, indicating investor caution amid ongoing market shifts.
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We Could Still See a Year-End Rally Despite AI Stocks’ Dip.
The Nasdaq fell 0.84% due to tech sector weakness, with Apple, Meta, and Oracle declining. Nvidia dropped nearly 2% despite a large order backlog, raising caution ahead of its earnings report. Analysts are divided, with some anticipating a year-end tech rally driven by cloud and SaaS demand. Others see an AI bubble risk. Separately, wealthy investors are leasing gold bars to refiners for income, capitalizing on high gold prices to generate yields.
