Web Trader MT5 
U.S. stock futures were mostly moving sideways in early trading today after a volatile trading session on Tuesday driven by escalating U.S.-China trade tensions.
Yesterday, the S&P 500 closed down 0.2% after recovering from a 1.5% intraday drop, while the Nasdaq 100 fell 0.62%. The Dow Jones managed to gain 0.38%, rebounding from earlier losses during the session.
This market turbulence followed President Trump’s threat to impose a cooking oil embargo on China in retaliation for Beijing’s halt on U.S. soybean purchases. This came on top of Trump’s earlier warning of a 100% tariff on Chinese goods, potentially taking effect by November 1, depending on China’s response.
Investors now await major bank earnings due Wednesday, while the market is likely to stay sideways amid trade war and shutdown uncertainty.
During the annual meeting of the National Association for Business Economics, Fed Chair Jerome Powell signaled that the Fed is nearing the end of its quantitative tightening program. And on interest rates, Powell hinted that more rate cuts are likely, citing signs of a weakening labor market. He emphasized the need to balance inflation control with preventing unnecessary job losses, noting that risks to inflation and employment are now closer to being in balance.
Gold prices continue to reach new record highs as investors seek safety amid escalating U.S.-China trade tensions and growing expectations of Federal Reserve rate cuts. The precious metal reached a high of $4,193 per ounce, while silver recaptured $52.00 levels after recording a new all-time high yesterday at $53.58
The rally is supported by several factors, including anticipated U.S. rate cuts, strong central bank demand, de-dollarization trends, and robust ETF inflows.
Oil prices fell on Wednesday as investors grew concerned about a global supply surplus and ongoing U.S.-China trade tensions. The International Energy Agency (IEA) forecast an estimated oversupply of up to 4 million barrels per day in 2026, driven by production increases from OPEC+ members. Supply growth for 2025 was also revised higher to 3 million bpd, while demand growth projections were lowered.
West Texas Intermediate (WTI) crude fell to $57.31 per barrel, and Brent crude recorded a low of $61.30 in yesterday’s session, both extending recent losses to multi-month lows.
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