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Technology stocks led the S&P to four consecutive gains, Oracle reached a new high after hours, the US dollar and US bonds fell, gold hit a new high, and commodities rose.
In August, the PPI in the United States showed a cooling down of inflation, and the market slightly raised its bets on the Fed's aggressive interest rate cuts. US stocks rose together, with Nvidia up nearly 2%, while NIO Inc and XPeng fell more than 5%. The European Central Bank cut interest rates for the second time this year, but maintained a restrictive policy. European bonds fell, and the euro rebounded from its four-week low. Commodities rose across the board, with US oil briefly rising by 3.7%, gold reaching a new high with a nearly 2% increase, palladium rising by over 4%, and copper experiencing its largest two-month increase.
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US stocks closed with mixed performance for the three major indexes. Tesla rose more than 9% over the past two days, while NIO soared 14% after its performance announcement.
Before the non-farm data, there is new evidence of the cooling of the US job market, and economic concerns support a substantial rate cut bet. The yield curve of the 2-year/10-year US Treasury bonds, which briefly inverted for the third time in two years. The S&P 500 fell for the third consecutive day, with Broadcom falling more than 4% after hours, Tesla rising nearly 5%, and Nvidia and Chinese concept stocks rising nearly 1%. The yen reached a one-month high, and the offshore renminbi rose by 300 points to break 7.09 yuan. Gold rose briefly by 1%, and oil prices rose more than 2% before falling. US oil fell below $70 for the first time in 15 months over two days.
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Shares of Precious Metal Companies Are Trading Lower Amid a Drop in the Price of Gold. Weakness in the Commodity May Be Due to August's ISM Manufacturing PMI Data Indicating an Economic Contraction and Pending Non-farm Payrolls Data That May Determine...
Goldman Sachs continues to be bullish on gold: hedging risks, central bank buying + Federal Reserve interest rate cuts, gold price rising to $2700 soon!
Due to the impact of the U.S. debt crisis, the Fed's interest rate reduction, and the hedging of value, Goldman Sachs believes that the price of gold still has over 8% room for increase by early next year, and if the U.S. debt concerns worsen, the gold price could even rise 15%.
Shares of Precious Metals Stocks Are Trading Lower Amid a Drop in the US Dollar.
Commodities Brace for September Volatility After Fourth Weekly Gain - Saxo Bank