Energies
S&P 500 futures were flat in early trading today as the index nears its record highs. Dow futures fell 13 points, while Nasdaq 100 futures edged slightly higher.
The S&P 500 gained over 1% Tuesday as oil prices declined on ceasefire hopes, bringing the index closer to its record high The Nasdaq Composite rose over 1%, the Dow jumped more than 500 points, and the Nasdaq 100 climbed 1.5% to a record close.
Oil prices plunged on Tuesday, with WTI crude down 4% to $64.45, and Brent down 3.37% to $66.67, boosting stocks.
Asia-Pacific markets were mixed Wednesday. Optimism grows for the ceasefire brokered by President Trump. Australia’s S&P/ASX 200 remained flat. South Korea’s Kospi rose 0.32%, while Kosdaq fell 0.22%. Japan’s Nikkei 225 edged up 0.1%, with Topix down 0.13%. Hong Kong’s Hang Seng gained 0.67%, while China’s CSI 300 was flat.
Cryptocurrencies rose Tuesday following Trump’s announcement of the ceasefire. Bitcoin surpassed $105,000 after falling below $100,000 on Monday, ether exceeded $2,400, and XRP reached $2.19.
Beyond the Mideast de-escalation that boosted stocks, momentum came from Republican senators’ bill defining crypto regulations, allowing CFTC registration, and reducing SEC oversight reversing Biden SEC Chair Gensler’s stricter approach. The Senate recently passed a stablecoin bill, crypto’s first major legislative win.
In the Forex market, the USD fell against major currencies as demand on the greenback as a safe haven declined. EURUSD was up 2.8% reaching 1.1642, its highest level since November 2021. The British Pound also gained 0.67% and reached its highest level in more than three years at 1.3648
Gold prices fell as sentiment in the markets improved.The precious metal was down 1.34% to $3,223 in yesterday’s trading . Silver also dropped initially but recovered some of its losses and closed at $35.95
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