Crude Gains On Supply Disruptions, Gold Hits Record High And Dollar Hits One Week Low - Global Markets Today While US Slept
Portfolio Pulse from Akanksha Bakshi
U.S. markets closed higher on expectations of a Federal Reserve rate cut, with tech stocks boosting the Nasdaq. Crude oil prices rose due to supply disruptions, and gold hit a record high. The U.S. dollar fell to a one-week low amid rate cut expectations.
September 13, 2024 | 10:23 am
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POSITIVE IMPACT
Gold reached a record high, driven by expectations of a larger Federal Reserve rate cut.
Gold's record high is attributed to shifting expectations for a Fed rate cut, which typically boosts gold prices as a hedge against inflation.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
The S&P 500 closed higher, driven by gains in communication services and energy stocks, despite losses from Moderna's weak revenue forecast.
The S&P 500's rise was supported by strong performance in key sectors, outweighing the negative impact from Moderna. This suggests a positive short-term outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Crude oil prices rose due to supply disruptions in the U.S. Gulf of Mexico caused by Hurricane Francine.
The supply disruptions in the Gulf of Mexico are likely to support higher crude oil prices in the short term, benefiting oil-related ETFs.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 60
NEGATIVE IMPACT
The U.S. Dollar Index fell to a one-week low amid expectations for a larger Federal Reserve rate cut.
The dollar's decline is linked to expectations of a Fed rate cut, which typically weakens the currency. This could negatively impact dollar-related ETFs.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50