
US major indices rose on Tuesday with the S&P 500 up nearly 0.7%, the Nasdaq 100 gaining about 1%, and the Dow Jones rising 0.6%. The rally was led by a nearly 9% surge in Advanced Micro Devices (AMD) after a multiyear deal with Meta Platforms, alongside a relief rebound in software and cybersecurity stocks following new AI product updates from Anthropic.
Investors are closely watching upcoming earnings from Nvidia and Salesforce today, amid concerns about AI spending and tech valuations. Markets are also monitoring U.S.–Iran tensions.
In the commodity market, gold faced resistance at around $5,250 level yesterday, but is currently trading above $5,200, staying near its monthly high as geopolitical tensions in the Middle East boost safe haven demand. A softer US dollar has also provided additional support to the precious metal.
Despite the Federal Reserve’s hawkish tone and stronger US consumer confidence data, the dollar has struggled to extend gains amid uncertainty surrounding President Trump’s tariff policies.
While positive equity sentiment may limit aggressive upside, gold remains technically supported above the $5,100 pivot level and the rising 200-period moving average near $4,940, keeping the broader uptrend intact.
Brent traded near $70 in the early Asian session, pressured by a sharp rise in US crude inventories. According to the American Petroleum Institute, stockpiles surged by 11.4 million barrels last week, raising oversupply concerns ahead of the official Energy Information Administration (EIA) report.
Markets are also watching escalating US-Iran tensions before upcoming talks in Geneva. While geopolitical risks could support oil prices if tensions worsen, an increase in inventory may further weigh on prices, whereas a surprise draw could provide support.
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