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According to the New York Times: Iranian and U.S. officials have indicated that Iran is willing to shut down or suspend its nuclear program as a major concession to the United States.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 1.05% to 49,407.66 points, the S&P 500 rose 0.54% to 6,976.44 points, and the Nasdaq Composite rose 0.56% to 23,592.11 points. Caterpillar Inc. rose more than 5%, and Walmart Inc. rose more than 4%, leading the Dow. The Wind U.S. Tech Giants Index rose 0.11%, with Apple Inc. rising more than 4% and Google Inc. rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.65%, with XPeng Motors Inc. falling more than 8% and TAL Education Group Inc. falling more than 4%. Investors temporarily ignored the recent declines in silver and Bitcoin, and instead focused on the earnings reports of tech giants and the January non-farm payroll report. 2. All three major European stock indexes closed higher. The German DAX Index rose 1.09% to 24,806.1 points, the French CAC40 Index rose 0.67% to 8,181.17 points, and the UK FTSE 100 Index rose 1.15% to 10,341.56 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 4.71 basis points to 3.572%, the 3-year Treasury yield rose 5.66 basis points to 3.643%, the 5-year Treasury yield rose 4.52 basis points to 3.837%, the 10-year Treasury yield rose 4.39 basis points to 4.279%, and the 30-year Treasury yield rose 4.14 basis points to 4.912%. 4. The WTI crude oil futures contract closed down 4.42% at $62.33 per barrel; the Brent crude oil futures contract fell 4.1% to $66.48 per barrel. 5. International precious metals futures closed mixed. COMEX gold futures fell 1.35% to $4,680.90 per ounce, while COMEX silver futures rose 0.93% to $79.27 per ounce. Federal Reserve officials emphasized that interest rates would not be cut in 2026, maintaining a tight monetary policy. Hawkish nominees for chairman reinforced tightening expectations, boosting the dollar. Geopolitical safe-haven demand weakened, and exchanges increases in margin requirements exacerbated the clearing of leveraged funds. 6. London base metals all fell. LME copper fell 1.96% to $12,900 per tonne, LME zinc fell 2.45% to $3,318.5 per tonne, LME nickel fell 5.06% to $17,045 per tonne, LME aluminum fell 2.78% to $3,056.5 per tonne, LME tin fell 12.22% to $45,605 per tonne, and LME lead fell 1.92% to $1,970.5 per tonne.Nvidia (NVDA.O) shares rose as much as 0.8% in after-hours trading.OpenAI founder Altman: We are delighted to partner with NVIDIA (NVDA.O), whose AI chips are among the best in the world. We hope to become a major long-term customer.According to SEC filings, Berkshire Hathaway (BRK.AN, BRK.BN) sold 1,658,480 shares of DaVita common stock on the open market on January 29 at a price of approximately $120.55 per share.

COVID Concerns Send Copper Lower And Gold to A Three-month High

Skylar Williams

Nov 15, 2022 17:43

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On Tuesday, gold prices stayed at three-month highs as Fed officials sent mixed signals on the course of U.S. interest rates. Copper prices dipped as mounting COVID-19 cases in China, a major importer, signaled additional possible demand disruption.


Fed members Lael Brainard and Christopher Waller forecast a slower rate hike this week. They also suggested the Fed's cycle of rate hikes wasn't over and that high inflation required more tightening.


Slower interest rate increases may help gold and other commodity prices in the short term, but they will weaken gold's long-term appeal.


Spot gold fell 0.1% to $1,768.72 per ounce, while gold futures fell 0.3% to $1,779.90 as of 19:26 EDT (00:26 GMT). Bullion prices rose more than 5% last week, while the dollar sank after October inflation data was lower than expected.


The markets expect the Fed to hike rates by 50 basis points in December. This will be the highest interest rate since the 2008 financial crisis.


Rising Treasury yields boosted the potential cost of holding non-yielding assets, which hurt metal markets this year.


Gold is close to breaking even while being considerably below its yearly highs. Recent gains reduced the metal's year-to-date losses to 3%.


Copper prices were 0.3% lower after plunging nearly 3% on Monday.


Copper futures fell 0.3% to $3.8290/lb. Increasing COVID-19 cases in China hampered efforts to alter the country's zero-COVID policy.


The world's largest copper importer relaxed travel and quarantine restrictions last week. Increased local illnesses signal officials won't remove restrictions fully.


Shanghai and Wuhan are facing renewed lockdown restrictions, which is expected to hurt commodity demand in China.


This year, COVID lockdowns in China stopped economic activity and reduced China's thirst for imports.

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