US equity markets moved in different directions overnight, but once again, tech stocks did the heavy lifting. Alphabet surged following a favorable court ruling, dragging the Nasdaq 1.02% higher to 21,457, and helping the S&P 500 climb 0.51% to 6,448. Meanwhile, the Dow Jones lagged, slipping 0.05% to 45,271.
The first jobs data of the week disappointed, with JOLTS Job Openings coming in weaker than expected. That pushed the US dollar lower, with the DXY down 0.25% to 98.15, while Treasury yields eased — the 2-year fell 2.3bps to 3.617% and the 10-year dropped 4.5bps to 4.217%.
On the commodities front, oil was hit hard on speculation that OPEC+ may move to increase output later this week. Brent crude tumbled 2.55% to $67.39, and WTI slid 2.81% to $63.75. In contrast, gold extended its rally, adding 0.74% to $3,559.42 per ounce.
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Gold Keeps Glittering
Safe-haven demand is in full swing. Gold smashed through the $3,500 mark on Monday and has powered higher ever since. The yellow metal hit fresh record highs of $3,578.50, gaining more than 4.5% in just a few sessions as investors hedge against rising uncertainty.
Geopolitical tensions remain high, with little progress on a Ukraine ceasefire. At the same time, ongoing questions over the legality of US tariffs are adding to market unease. With strong momentum behind the move, traders are eyeing further upside in the days and weeks ahead.
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Data Risk Ahead
A busy macro calendar lies ahead for traders today.
- Australia: RBA Deputy Governor Andrew Hauser speaks early, which will keep AUD markets alert.
- Europe: Swiss CPI (expected 0.0% m/m) takes the spotlight in the London morning.
- US: The New York session is packed with key data releases:
- ADP Employment Change (exp 73k)
- Weekly Jobless Claims (exp 230k)
- ISM Services PMI (exp 50.9)
- Fed speakers John Williams and Austan Goolsbee
With Non-Farm Payrolls due tomorrow, today’s releases could provide critical clues for traders and add volatility across markets.