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The Dow Jones Industrial Average rose 313.69 points, or 0.64%, to close at 49,412.40 on Monday, January 26; the S&P 500 rose 34.62 points, or 0.50%, to close at 6,950.23; and the Nasdaq Composite rose 100.11 points, or 0.43%, to close at 23,601.36.January 27th - U.S. stocks closed Monday with the Dow Jones Industrial Average up 0.64%, the S&P 500 up 0.5%, and the Nasdaq Composite up 0.4%. Intel (INTC.O) fell more than 5%, Apple (AAPL.O) rose 2.97%, and USA Rare Earth rose more than 7%. The Nasdaq China Golden Dragon Index closed down 0.6%, and Alibaba (BABA.N) fell 1%.January 27th - According to three sources familiar with the matter, Border Patrol senior official Gregory Bovino and some of his team are expected to leave Minneapolis tomorrow to return to their respective areas of responsibility, temporarily removing a key figure in the Trump administrations immigration enforcement efforts from the public eye. This comes after President Trump announced he would send White House border affairs director Tom Homan to Minneapolis in response to the fatal shooting on Saturday. The White House stated that Homan will oversee Immigration and Customs Enforcement (ICE) operations in the city. An official said Bovinos departure was a "mutual decision."Nike (NKE.N) will lay off 775 employees to accelerate the "automation" process of its U.S. distribution centers.On January 27, NATO Secretary General Mark Rutte, answering questions from members of the European Parliament on the afternoon of January 26 local time, said, "If anyone thinks that the EU or Europe as a whole can defend itself without the United States, then keep dreaming." Rutte said that if Europe wants to achieve full defense autonomy, each countrys defense spending as a percentage of its GDP will have to increase significantly to 10%, and it will also need to build its own nuclear capabilities, which will cost billions of euros.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

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