Market Summary
Stocks Slide as AI Trade Faces Key Test: Stocks fell at the start of a pivotal week for markets, with the artificial intelligence trade under pressure ahead of Nvidia’s earnings and the Federal Reserve’s annual gathering at Jackson Hole. The KOSPI is down 2.94% this morning, while the Nikkei has fallen 0.66%. Nasdaq 100 futures are down 0.88%, and S&P 500 futures are 0.21% lower as investors assess whether the AI rally has further room to run and look for clues about the outlook for US interest rates.
Treasury Yields Ease Ahead of Jackson Hole: The US 10-year yield eased by two basis points to 4.70%, while yields in Australia and New Zealand also moved lower. Investors are focused on Fed Chair Kevin Warsh’s comments at Jackson Hole for signals about the path of interest rates, particularly as elevated oil prices continue to add to inflation concerns and longer-term bond yields remain near multi-decade highs.
Gold Extends Rally as Bitcoin Breaks Above $70,000: Gold has risen 0.79% this morning to $4,552 an ounce, putting the metal on track for a third consecutive weekly gain. Bitcoin also surpassed $70,000 for the first time in more than two months, supported by renewed optimism following President Donald Trump’s meeting with crypto industry leaders earlier in the week. Bitcoin is currently trading around $74,897, up 3.07% this morning.
Gold Climbs Above 200-Day Average: Gold has risen 0.97% this morning to around $4,646 an ounce, moving above its 200-day moving average and close to a three-month high. The rally has been supported by renewed concerns about the dollar following the US Treasury’s intervention in the bond market, prompting investors to seek alternatives amid heightened uncertainty over fiscal and monetary policy.
Oil Pulls Back Despite Iran Pressure: Brent crude has fallen 1.3% this morning to $93.14 a barrel, reversing some of its recent gains despite heightened geopolitical tensions. The move comes as the US prepares to unveil what Treasury Secretary Scott Bessent described as the greatest financial offensive ever launched against an adversary, with Iran set to face an “economic D-Day” today.
Economic Calendar
- Mexico GDP
- US Chicago Fed National Activity Index
Key Market Moves Today
- S&P 500 Futures: -0.21% (7,675.0)
- US 10-Year Yield: -2.39 bps (4.70%)
- Brent Crude: -1.3% ($93.14)
- Bitcoin: -0.49% ($77,019)
- Spot Gold: +0.97% ($4,646)
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