Major US indices open lower

US dollar exhibits strength in response to recent declines

By Farah Mourad | 8 May 2024

Market close
  • Wall Street starts on a downward trend, reflecting mixed European trading

  • WTI crude dips below $78

  • Gold maintains resilience above $2,300 amid hawkish Fed tones

The opening bell on Wall Street rang out with a somber note as major US stock indices dipped into negative territory. This downward trend was mirrored across the Atlantic, following a mixed bag of trading in Europe. Notably, small-cap stocks took a hit, trailing behind their larger counterparts as the session commenced.


the US dollar displayed notable strength in the initial hours of the trading day. However, this surge is largely perceived as a rebound from the declines witnessed in the first week of May, subsequent to a brief consolidation phase towards the end of April.


Despite an early dip to the $2,310 range on Wednesday, gold swiftly rebounded, inching towards the $2,320 mark. The hawkish rhetoric emanating from Federal Reserve policymakers contributed to a slight uptick in US Treasury bond yields, might create some headwinds for gold's bullish momentum.


The oil market experienced a downturn following unexpected remarks from Iran regarding potential output increases. WTI crude oil prices slipped below the $78 threshold, signaling a trajectory towards the $75 mark.