The daily reports for important events that affects the forex, stocks and commodities markets.

10/10/2024 Daily Reports

US Futures Steady After Record Highs, DOJ Targets Google, Fed Minutes Show Rate Cut Debate

U.S. stock futures remained steady on Thursday after the Dow and S&P 500 reached record highs on Wednesday. The Dow rose 1.03%, the S&P 500 gained 0.71%, and the Nasdaq added 0.6%, with most S&P sectors, led by healthcare, technology, and industrials, closing higher. Notable gains came from tech giants like Apple, Amazon, and Broadcom. However, Alphabet dropped 1.6% as the U.S. Department of Justice suggested a potential order to force Google to sell key assets such as Chrome and Android due to monopoly concerns.

Investors also focused on the Federal Reserve’s September meeting minutes, which revealed that a majority of officials supported a significant 50-basis-point rate cut. However, the outlook for additional cuts remains uncertain, adding to market anticipation as investors look ahead to September’s consumer inflation report.

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Gold Rebounds Above $2,610 Ahead of Key US Inflation Data

Gold prices climbed above $2,610 per ounce on Thursday, recovering after six consecutive declines, as investors awaited key US CPI data for further clues on the Federal Reserve’s interest rate outlook. Earlier this week, gold touched a near three-week low due to lowered expectations for aggressive Fed rate cuts. Minutes from the recent FOMC meeting showed policymakers were divided between a half-point and quarter-point rate cut, while a robust jobs report signaled labor market strength. Currently, markets are pricing in an 83% chance of a 25 basis point cut in November. Despite easing, gold remains favored as a safe-haven asset amid ongoing Middle East tensions.

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