Asia And Europe Markets Decline After Fed's Meet, Gold Surpasses $2,470, While Dollar Strengthens - Global Markets Today While US Slept
Portfolio Pulse from Akanksha Bakshi
On July 31, U.S. stock markets closed higher with significant gains in the S&P 500 and Nasdaq, driven by a rally in chip stocks and the Federal Reserve's decision to keep interest rates unchanged. U.S. pending home sales rose 4.8% in June, and private businesses added 122,000 jobs in July. In Asia, Japan's Nikkei 225 fell sharply due to a hawkish stance from the BOJ, while Australia's S&P/ASX 200 and India's Nifty 50 saw gains. European markets declined, and commodities like gold and crude oil saw price increases. The U.S. dollar strengthened.
August 01, 2024 | 10:52 am
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Gold prices rose to $2,477.85, reflecting increased demand for safe-haven assets amid market volatility.
Gold's price increase is likely due to investors seeking safe-haven assets amid global market volatility.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Nasdaq Composite rose 2.64%, marking its biggest gain since February 22, driven by a rally in chip stocks.
The Nasdaq's significant gain was driven by strong performance in the technology sector, particularly chip stocks.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The S&P 500 gained 1.58%, driven by a rally in chip stocks and the Federal Reserve's decision to keep interest rates unchanged.
The S&P 500's significant gain was driven by positive sentiment from the Fed's decision and strong performance in the technology sector.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The U.S. dollar index gained 0.29% to 104.39, reflecting a strengthening dollar amid global market movements.
The strengthening of the U.S. dollar is likely due to positive economic data and the Fed's decision to keep interest rates unchanged.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70