US stocks rose Tuesday ahead of Nvidia’s earnings, with the Nasdaq leading gains. Treasury yields fell further on expectations of expanded bond buybacks, pressuring the US Dollar. Oil dropped to a one-week low as sanctions eased escalation fears, while gold held steady near multi-month highs. A busy calendar awaits, headlined by US Core PCE, GDP and Durable Goods data.
📊 Equities
US stocks pushed higher in trading yesterday as investors looked ahead to Nvidia’s earnings results, with the Nasdaq leading the move after gaining 0.66% to close at 26,151. The S&P 500 added 0.32% to 7,677, while the Dow Jones rose 0.30% to 53,577 as risk appetite remained relatively firm.
🛢️ Oil
Oil prices were one of the major movers, with Brent crude falling 5.48% to $87.12 and WTI dropping 3.12% to $82.36. Prices fell to their lowest levels in around a week as investors appeared to take some comfort from the prospect of US sanctions rather than a further escalation in hostilities.
🥇 Gold
Gold was comparatively steady, gaining 0.11% to $4,656.59 after earlier pushing to fresh multi-month highs.
💵 FX & Bonds
Treasury yields moved lower across the curve as markets continued to factor in increased bond buybacks from the US Treasury. The 2-year yield fell 5.8 basis points to 4.174%, while the 10-year yield dropped 6.7 basis points to 4.629%. The move lower in yields also helped keep the US Dollar under pressure, with the USD Index edging 0.09% lower to 98.91.
| Market | Change | Close |
|---|---|---|
| Dow Jones | +0.30% | 53,577 |
| S&P 500 | +0.32% | 7,677 |
| Nasdaq | +0.66% | 26,151 |
| US Dollar Index (USD) | -0.09% | 98.91 |
| US Treasury 2Y | -5.8 bps | 4.174% |
| US Treasury 10Y | -6.7 bps | 4.629% |
| Brent Crude | -5.48% | $87.12 |
| WTI Crude | -3.12% | $82.36 |
| Gold | +0.11% | $4,656.59 |
📌 Today’s Focus
Attention now turns to a much busier macroeconomic calendar today, with Australia’s CPI data due during the Asian session before markets focus on a series of major US releases later in the day. The Fed’s preferred inflation gauge, Core PCE, will be released alongside preliminary US GDP and Durable Goods data, giving traders plenty to digest heading into the final stages of the week.
🔹 Asian Session – 11.30 am – Australia – CPI Data
🔹 US Session – 10.30 pm – US – Core PCE Price Index Data
🔹 US Session – 10.30 pm – US – Preliminary GDP Data
🔹 US Session – 10.30 pm – US – Durable Goods Data