| Market Snapshot Gold 3,457.13 +0.97% S&P 500 Futures 5,233.5 +0.94% Nasdaq 100 Futures 18,096.25 +0.97% US 10-Year Treasury Yield 4.424% +0. |
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| Markets Snapshot | | | | Market data as of 06:28 am EST. | View or Create your Watchlist | | | Market data may be delayed depending on provider agreements. | | |
Five things you need to know | |
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US stock futures pointed to gains on Wall Street after Monday's rout. Investors were still attracted to safety though, with gold at a fresh record and the yen strengthening beyond 140 per dollar for the first time since September. -
President Donald Trump warned the economy may slow if the Federal Reserve does not move to immediately reduce interest rates. In his latest broadside against Fed Chair Jerome Powell, Trump said in a social media post that "there is virtually No Inflation," pointing to lower energy and food prices. -
The US said it's made "significant progress" toward a trade deal with India following talks between Vice President JD Vance and Indian Prime Minister Narendra Modi, laying down a roadmap that New Delhi hopes may shield it from tariff hikes. -
Nomura will buy Macquarie's US and European public asset management business for $1.8 billion, marking the Japanese brokerage's most significant overseas acquisition since it bought Lehman Brothers' assets in Europe and Asia in 2008. -
The rotation out of American assets will go on for years if Trump persists with his trade policy, says Societe Generale's head of asset allocation. | |
'The only true safe-haven left' | |
| Gold just blasted past another milestone, extending this year's 30% rally and briefly surpassing $3,500 an ounce for the first time.
The moves underscore how the "sell-the-US narrative" is gaining speed. And banks have become progressively more positive: Goldman Sachs has forecast $4,000 an ounce midway through next year. Jefferies analysts say gold may be "the only true safe-haven asset left."
Bullion gained as much as 2.2% on Tuesday, following a 2.9% jump in the previous session. In the near term, the ructions undermine Treasury Secretary Bessent's recent comments on his support for a strong dollar stance. Gold's surge also begs the question of just how weak a dollar Trump is willing to accept. "Gold's rapid ascent this year tells me that markets have less confidence in the US than ever," said Lee Liang Le, an analyst at Kallanish Index Services. "The 'Trump Trade' narrative has evolved into a 'sell America' narrative." The precious metal has surged as Trump's trade war and unpredictable policies erode trust in dollar assets. Flows into bullion-backed exchange-traded funds and central-bank buying have supported the upswing, with prices gaining every month this year. Still, the rapid recent gain has stretched some technical metrics. Bullion's 14-day relative-strength index — a gauge of the pace and intensity of moves — topped 79, above the level of 70 that can suggest the rally is due for a pause. — Yihui Xie and Jake Lloyd-Smith | |
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Halliburton, 3M, General Electric, Verizon and Lockheed Martin are slated to report earnings before the opening bell. All eyes will be on Tesla, which will release results in the afternoon. -
Solar stocks rise after the US set new duties as high as 3,521% on solar imports from four Southeast Asian countries. First Solar (+6.2%), Sunnova Energy (+5.6%), SolarEdge Technologies (+3%), Array Technologies (+1.7%) and Enphase Energy (+1.2%) -
L'Oreal gains 2.6% after reporting resilient sales growth, led by demand for high-end make-up and perfumes.— Subrat Patnaik | |
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US privilege gets revoked | |
| Two months into Trump's second term, the pillars of American financial hegemony — erected over the best part of a century — have rarely looked shakier. Trump's renewed tirades against the Fed, including the most explicit threats yet to fire Chair Powell, only amplified the shockwaves from his declaration of trade war on pretty much everyone. It's forcing a reappraisal of the assets fundamental to US economic dominance. The dollar and Treasury bonds, traditional havens at times of stress, suddenly look much less appealing. It's not long since investors were anticipating a so-called Trump trade, essentially turbocharging US exceptionalism, but now it looks more like a sell-America trade. And that's just part of an even broader and likely painful shift. The role of US households as goods-buyers of last resort for the global economy, and the American military as linchpin of security and political alliances, are being called into question too. Governments everywhere are in the same boat as money managers: struggling to reorient themselves. It's a turbulent backdrop for the International Monetary Fund's spring meetings, which this week brings global economy chiefs to Washington — for decades the pole of world order, and now the epicenter of disturbance. "The geopolitical power structure is being reorganized under our eyes," Jens Weidmann, the chairman of Commerzbank AG and previously the head of Germany's central bank, told a London audience last week. The "exorbitant privilege of the US," he said — using a phrase coined in Europe more than half a century ago to describe the dominance of the dollar — "may not be carved in stone." —Saleha Mohsin and Carter Johnson | |
Word from Wall Street | | "We are moving to a fundamentally different epoch in financial markets." | | Ben Powell Chief Middle East and APAC Investment Strategist at BlackRock Investment Institute | | |
One number to start your day | | $18 billion | | That's how much investors have added to gold, ultra-short Treasuries and low-volatility stock ETFs so far in April as they shift money to safety. | | |
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