Gold broke 50 day support as rebounding oil, elevated Treasury yields and firmer Federal Reserve rate expectations overwhelmed geopolitical demand, while silver suffered a steeper decline and equity futures weakened before the United States open.
Oracle shares fell 5% after its Project Jupiter notice surfaced, while the company maintained the New Mexico campus remains on schedule and Blue Owl said financial commitments to the project have not changed.
Gold remained under pressure at $4,264.40 an ounce as jobless claims stayed below 200,000 and the 10 year Treasury yield reached 5.11%, strengthening concerns that the Federal Reserve has room to raise interest rates again.
Starbucks will close about 250 North American cafes and record approximately $300 million in restructuring charges as CEO Brian Niccol’s turnaround targets locations unable to meet customer experience or financial performance goals.
Treasury yields reached multidecade highs as stronger economic data, elevated oil prices and hawkish Federal Reserve comments drove the estimated probability of an October rate increase above 75%, deepening a global government bond selloff.
The average 30 year fixed mortgage rate reached 7.12% as higher oil prices, rising Treasury yields and the Federal Reserve’s latest rate increase intensified pressure on homebuyers and drove more applicants toward adjustable rate loans.
The Nasdaq reached another intraday record as artificial intelligence shares advanced, but Iran tensions, elevated oil prices, rising Treasury yields and weak market breadth kept broader investor enthusiasm firmly in check.
Gold rebounded above $4,340 as lower crude prices, falling Treasury yields and a softer dollar eased pressure across markets, though additional Fed tightening and formidable technical resistance still stand between bullion and a more durable advance.
Netflix, Nucor and Xenon Pharmaceuticals were identified among the biggest premarket movers, but the supplied material does not reveal whether their shares rose or fell, the size of their moves or any catalyst behind the activity.
Wall Street expects the Federal Reserve to lift rates for the first time since July 2023 as stubborn inflation, rising oil prices and a firmer labor market reshape policy expectations and pressure both stocks and Treasury markets.
Stocks moved modestly higher as investors prepared for a closely watched Federal Reserve decision, with futures markets strongly favoring a rate increase while oil prices, Treasury yields, consumer spending and several major corporate developments shaped trading.
New Zealand’s top ranked sovereign wealth fund delivered a 14.2% annual return, yet CEO Jo Townsend warned that powerful U.S. equity gains may fade as the fund lowers expectations and emphasizes diversification.
Expectations for Federal Reserve policy have swung sharply, with 86% of CNBC survey respondents anticipating a hike and 55% forecasting multiple increases as oil prices surge and broader inflation refuses to cool.
The 10-year Treasury yield reached 5.041% as surging oil prices fueled inflation fears and traders assigned greater than 92% odds to a 25 basis point Federal Reserve rate increase. Longer maturity yields also hit levels unseen since 2007.