Nasdaq 100 Back Above 30,000 Points. Gold And Silver Pare Gains

Key takeaways

• Market sentiment remains mixed: Asian markets ended the session without a clear direction, while Wall Street futures are edging lower but remain close to record highs, supported by softer PPI inflation and strength in the technology sector.
• Today, investors will focus on eurozone GDP, US retail sales and the University of Michigan consumer sentiment index, which could influence expectations for economic growth and central bank policy.
• Gold and silver are trading lower, the US dollar remains weaker, while Brent crude is stabilizing near $87 per barrel amid persistent geopolitical risks surrounding Iran and concerns over global demand.

Against the backdrop of a mixed session in Asia, where Hong Kong’s Hang Seng fell nearly 1% while South Korea’s KOSPI and Japan’s Nikkei advanced, equity investors are taking some profits following the strong gains of recent days. Sentiment across global markets is being supported by gains on Wall Street, slightly lower oil prices and a softer-than-expected US Producer Price Index (PPI) reading. Technology stocks performed particularly well in Asia, including Japanese and South Korean semiconductor companies.

• Nasdaq 100 futures are edging lower, down just under 0.2%, although the index finally closed above 30,000 points for the first time since mid-July. Meanwhile, the S&P 500 reached a new all-time high, climbing above 7,800 points. Futures on major European indices, including the Euro Stoxx 50 (EU50) and DAX (DE40), are trading broadly flat ahead of a relatively busy calendar of key macroeconomic releases.
• Today, investors will focus primarily on the preliminary estimate of eurozone GDP for Q2 (10 AM GMT, with the market expecting growth of 1% YoY and 0.4% QoQ), US retail sales for July (1:30 PM GMT, with Wall Street expecting a 0.1% MoM increase following 0.2% in June), as well as the University of Michigan’s preliminary US consumer sentiment and inflation expectations for August (3 PM GMT).
• Precious metals are trading lower, with silver down around 1% and gold falling 0.7% toward $4,300, compared with around $4,440 yesterday. The US dollar is weakening, while EURUSD is testing the 1.154 area. Oil prices remain broadly stable, with Brent crude (OIL) trading near $87 per barrel. Investors are balancing the risk of further escalation around Iran against concerns about weakening global demand. The US has announced unprecedented economic measures against Tehran, while the Pentagon has indicated that a naval blockade of Iranian ports could be maintained indefinitely.
• The U.S. is preparing to deploy the USS George Washington aircraft carrier to the Middle East, where it will replace the USS Abraham Lincoln as part of a previously scheduled rotation. The Lincoln has been deployed for more than 250 days, including a record 200 days without a port call, prompting concerns in Congress over supply shortages, crew fatigue and technical issues.
• Detroit automakers warn that proposed changes to the North American trade agreement could increase annual costs for each manufacturer by at least $2 billion. Washington wants vehicles to contain at least 50% U.S.-made content to qualify for lower tariffs. General Motors (GM.US) estimates its tariff costs this year at between $2.5 billion and $3.5 billion, while Ford (F.US) expects an impact of around $1 billion.
• Apple is investing hundreds of millions of dollars in a new advanced manufacturing facility in Houston, which has already shipped its first AI servers. The facility is also expected to begin producing Mac mini computers later this year.

(summary in progress)

US100 chart (D1 interval)

Source: xStation5

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