What matters in U.S. and global markets today |
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Markets are digesting mixed signals this morning: Wall Street cooled after hitting record highs, Asia is riding an AI-driven surge, and gold has smashed through $3,750 an ounce, as investors hedge against uncertainty. Meanwhile, the Fed's messaging remains split ahead of Powell's remarks, keeping rate-cut bets alive, but looking more fragile. |
- The S&P 500 and Nasdaq paused after hitting record highs, with the Dow down 0.21%, S&P 500 off 0.02%, and Nasdaq up 0.11%. Apple surged 2.4% on strong iPhone 17 demand, while Tesla and Nvidia extended gains. But Trump's proposed $100,000 H-1B visa fee rattled tech and banks that rely on foreign talent. Shares in Tylenol-maker Kenvue look set to recover some of Monday's losses on the back of the Trump administration's claim that use of the painkiller by pregnant women is linked to autism in children.
- Asian markets extended gains as AI optimism drove tech stocks higher. Nvidia pledged a $100 billion OpenAI investment, fueling momentum. Gold hit a fresh record above $3,750 an ounce, up nearly 9% this month, as investors hedge against uncertainty. Japan's Nikkei was shut for a holiday but remains up 6.5% in September; Taiwan and Korea also posted strong monthly gains.
- Markets still price a 90% chance of an October rate cut, but Fed speakers urged caution. Yields climbed, with the 10-year at 4.15%. The dollar index hovered near 97.33, while the euro held at $1.18 and yen at 147.77. Oil eased, with Brent crude futures at $66.24 and WTI at $61.98. Gold's rally contrasts with hawkish Fed remarks as Powell prepares to speak later today.
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Mike is off this week, but we'll keep you up to date with all the latest market-moving news and analysis. |
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- Nvidia (NVDA.O) will invest up to $100 billion in OpenAI and supply it with data center chips, the companies said on Monday, marking a tie-up between two of the highest-profile players in the global artificial intelligence race.
- Disney (DIS.N) said on Monday it would return comedian Jimmy Kimmel to late-night television on Tuesday, six days after his show was threatened with a regulatory probe and suspended over comments he made about conservative activist Charlie Kirk's assassination.
- The United States is considering imposing sanctions as soon as this week against the entire International Criminal Court, putting the court's day-to-day operations in jeopardy in retaliation for investigations of suspected Israeli war crimes.
- U.S. pension funds and households have never held more equities as a share of their overall assets, by some measures, raising questions about whether the long-term shift towards stocks has run its course or whether investors have truly undergone a paradigm shift. Read the latest from ROI markets columnist Jamie McGeever.
- Asia dominates the global thermal coal market, but, writes ROI columnist Clyde Russell, the future is looking increasingly split between robust domestic markets in the three heavyweights of China, India and Indonesia and a gradually fading seaborne market.
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Graphics are produced by Reuters. |
Gold has hit yet another record high, bringing gains for this year to nearly 45%, set for its largest annual rally since 1979. Bitcoin has been described as "digital gold" by its fans and last year, its burst above $100,000 looked almost certain to consolidate its reputation as modern-day bullion. That's not been the case so far this year, however. Even with all the fanfare in Washington DC around crypto, bitcoin is only up 20%, meaning gold, once called a "barbarous relic" by economist John Maynard Keynes, is suddenly looking like a sparklier option. |
- U.S. PMI surveys (9:45 AM EDT)
- Fed Chair Powell speaks on economic outlook (12:35 PM EDT)
- UN General Assembly meetings
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