20/02/2025 Evening Reports
US Stocks Slip, Gold Soars to Record High Amid Tariff Concerns and Mixed Earnings
- US equity futures declined modestly about 0.3% as investors weighed renewed trade tariff threats and mixed corporate earnings.
- Tech stocks led the downturn, with Palantir extending its 10% slide following Defense Secretary Pete Hegseth’s announcement of planned 8% cuts in military spending.
- Disappointing results from Vimeo and Carvana further dampened sentiment, although strong third quarter performance by Alibaba lifted Chinese e-commerce stocks like JD.com and PDD.
- Amid heightened geopolitical uncertainty stemming from Trump’s shifting stance on tariffs and support for Ukraine gold reached a new record above $2,954 an ounce.
- The dollar and Treasury yields eased after Fed minutes hinted at a potential pause in balance-sheet runoff, while the yen strengthened by about 1% on expectations that the Bank of Japan may raise rates soon.
- European stocks showed mixed results, with the Stoxx 600 edging higher despite weakness in major companies including Renault, Mercedes-Benz, and Airbus, and US-exposed defense stocks also losing ground.
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