Tech drags as Fed meeting looms

Sentiment changes hands as we come closer to the FOMC decision!

By Nadia Elbilassy | @Nadia Elbilassy | 3 July 2023

Market open
  • Dollar falls below 104 as FOMC decision approaches

  • Gold prices stabilize within narrow range amid dollar dip and rate hike speculation

  • Stitch Fix stock surges 28% on strong Q3 results, but tech sector sentiment weakens before Fed meeting

FOMC next week

The dollar fell below 104 to 103.97. As markets remain in the mix regarding the FOMC decision next week. Markets expect the Fed to keep the policy unchanged by more than 60% but considering labor market data from last week things are getting a little spicy.

Gold prices take a breather

Gold prices take a breather this morning after an overnight dip.

And for almost three weeks, the price of gold has remained within a narrow range in trading. This stability has been influenced by the strengthening of the US dollar and rising treasury yields, as investors speculate about the Federal Reserve's position on potential interest rate increases.

Gold futures have been fluctuating between $1,940 and $2,000 per ounce, while spot gold has stayed within the range of $1,930 to $1,980 per ounce since mid-May.

US Stocks were mixed

In a notable surge overnight, Stitch Fix experienced a significant increase of 28% in its stock price after the online personal styling company announced third-quarter results that exceeded expectations. The jump however failed to lift the Nasdaq as tech optimism fades as we get closer to the Fed day!