Market Minutes

Read snapshots of the latest market news

ADP jobs growth slows, misses estimates; Oil rises on lower US inventories

The latest ADP National Employment Report revealed a notable deceleration in private-sector hiring, suggesting persistent weakness in the United States labour market. Concurrently, crude oil benchmarks—Brent and WTI—advanced following a sharper-than-anticipated draw in US inventories, exacerbated by severe winter storms. Meanwhile, shares in Advanced Micro Devices (AMD) retreated significantly, despite the semiconductor firm reporting financial results that surpassed analyst estimates.

Oil prices rise on US–Iran tensions; Walmart hits $1 trillion

The primary global oil benchmarks, Brent and West Texas Intermediate (WTI), advanced in tandem following an escalation in geopolitical tensions between the United States and Iran. Market sentiment was further influenced by an US–India trade agreement, which is expected to bolster global demand through increased Indian imports of American crude. Concurrently, Walmart Inc. achieved a historic milestone, surpassing a $1 trillion market capitalisation for the first time.

Profit-taking and risk rotation push metals down

The initial pressure in the market originated in the Nasdaq, where selling emerged after a prolonged period of concentration-driven gains in large-cap technology stocks, gold and silver became sources of funding rather than destinations of fear. The market’s reaction to Kevin Warsh’s positioning was subtle but revealing. Rather than being interpreted as a dovish signal.

Stronger US dollar drives significant correction in metals

Precious metals underwent a substantial correction following a resurgence in the US dollar, which increased the cost of dollar-denominated commodities for international buyers. Simultaneously, the core Producer Price Index (PPI) accelerated year-on-year, intensifying pressure on the Federal Reserve’s inflation control measures. In the energy sector, blue-chip oil majors ExxonMobil and Chevron exceeded quarterly expectations, despite experiencing a contraction in their overall income levels.

Oil rises as US–Iran tensions escalate; Copper at records

The primary oil benchmarks, Brent and WTI, advanced by more than 3% following an escalation in tensions between the United States and Iran. Market participants expressed heightened concern regarding potential energy supply disruptions should Tehran move to blockade the strategic Strait of Hormuz. Concurrently, copper futures reached a new record high, driven by a confluence of demand and hedging factors.

Fed holds rates and signals neutral stance; markets mixed as gold hits record high

The Federal Reserve has elected to maintain its benchmark interest rate, adopting a more neutral stance for future policy adjustments. Amidst persistent uncertainty regarding the central bank's trajectory, US equity indices finished the session mixed. However, gold futures surged to an unprecedented milestone, breaching the $5,300 threshold for the first time. In the corporate sector, Microsoft, Meta, and Tesla exceeded market expectations in their latest quarterly reports.

Dow Jones slides after sharp decline in UnitedHealth shares

The Dow Jones Industrial Average retreated at the market close, diverging from the S&P 500 and Nasdaq 100, both of which advanced. The decline in the blue-chip index was primarily driven by a significant sell-off in UnitedHealth Group, whose shares plummeted by nearly 20%. Concurrently, investor sentiment was tempered by the looming threat of a US government shutdown as Congress struggles to reach a consensus on the Department of Homeland Security (DHS) budget.

Precious metals hit record highs as investors seek refuge

Precious metals—gold, silver, and platinum—recorded significant gains during a highly volatile trading session. Both private investors and central banks are demonstrating a clear intent to hedge against heightened global geopolitical uncertainty and a burgeoning lack of confidence in the US dollar. Meanwhile, US durable goods orders for November revealed a robust increase, underscoring the resilience of the North American economy.

Silver tops $100 amid global geopolitical turmoil; oil prices rise

Silver futures have breached the historic $100 threshold, while gold nears the significant $5,000 psychological milestone. These unprecedented levels reflect an accelerating flight to safety as investors navigate escalating global geopolitical tensions. Simultaneously, the primary crude oil benchmarks, Brent and WTI, advanced following heightening friction between the United States and Iran.

US PCE inflation edges higher; global stock markets gain

The US Personal Consumption Expenditures (PCE) price index accelerated slightly in November, aligning with market expectations. Concurrently, global equity markets rallied following a de-escalation of trade and diplomatic tensions between the US and the EU during the World Economic Forum in Davos, Switzerland. Furthermore, the Chinese government announced a significant treasury bond issuance aimed at financing industrial equipment upgrades and stimulating domestic consumption.