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US Stock Futures Slip,Gold Hits Fresh Record High: Markets Today

stock :: 1day ago :: source - bloomberg

By Sujata Rao and Margaryta Kirakosian


(Bloomberg) -- US stocks were set for a modest retreat from their latest record highs as concerns around trade tariffs weighed on sentiment. Gold set a fresh all-time high.

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Contracts on the S&P 500 and the Nasdaq 100 slipped by about 0.2%. Palantir Technologies Inc. was among the biggest losers in US premarket trading, on track to extend Wednesday’s 10% slide, after Defense Secretary Pete Hegseth outlined plans to cut military spending by 8% over the coming years.

Video game platform Vimeo Inc. and used car retailer Carvana Co. slumped in premarket after disappointing earnings.

Market jitters have been fanned in recent days by US President Donald Trump’s threats to extend tariff plans to a raft of sectors, along with his apparent withdrawal of support for Ukraine and its European allies. The geopolitical tensions lifted gold prices to a new record above $2,954 an ounce.

“We saw a shift in the tone of the US on how they are going to approach the Russia-Ukraine environment, and this shifting tone is bringing about some uncertainty for markets,” said Shaniel Ramjee, investment manager at Pictet Asset Management.

Somber earnings reports curbed a rebound in Europe’s Stoxx 600 index from its biggest decline in two months on Wednesday. Renault SA, Mercedes-Benz Group AG and Airbus SE declined after their results. US-exposed defense stocks, such as BAE Systems Plc and Qinetiq Group Plc, also slipped.

The dollar and Treasury yields slipped after Federal Reserve’s minutes revealed policymakers had discussed pausing or slowing its balance-sheet runoff. The yen advanced about 1%, breaching 150 per dollar on speculation the Bank of Japan will raise rates sooner rather than later.

Key events this week:

  • Eurozone consumer confidence, Thursday

  • US initial jobless claims, Philadelphia Fed manufacturing index, Thursday

  • Fed’s Austan Goolsbee and Alberto Musalem speak, Thursday

  • Eurozone HCOB manufacturing & services PMI, Friday

  • US S&P Global manufacturing & services PMI, existing home sales, consumer sentiment, Friday

Some of the main moves in markets:

Stocks

  • S&P 500 futures fell 0.2% as of 6:04 a.m. New York time

  • Nasdaq 100 futures fell 0.2%

  • Futures on the Dow Jones Industrial Average fell 0.1%

  • The Stoxx Europe 600 rose 0.3%

  • The MSCI World Index was little changed

Currencies

  • The Bloomberg Dollar Spot Index fell 0.3%

  • The euro rose 0.2% to $1.0445

  • The British pound rose 0.2% to $1.2614

  • The Japanese yen rose 0.9% to 150.05 per dollar

Cryptocurrencies

  • Bitcoin rose 1.1% to $97,356.03

  • Ether rose 1.3% to $2,744.83

Bonds

  • The yield on 10-year Treasuries declined one basis point to 4.52%

  • Germany’s 10-year yield was little changed at 2.56%

  • Britain’s 10-year yield was little changed at 4.62%

Commodities

  • West Texas Intermediate crude rose 0.1% to $72.34 a barrel

  • Spot gold rose 0.7% to $2,952.58 an ounce

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Abhishek Vishnoi and Anand Krishnamoorthy.

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