04/09/2025
Futures edge up.
U.S. stock futures were slightly higher, with investors eyeing steadying bond markets and looking ahead to the release of key U.S. economic data later in the week. The Trump administration files an appeal with the Supreme Court to hear its case to keep in place emergency powers which allow the president to impose a raft of import tariffs. Elsewhere, a Federal Reserve report shows little change in the economy in recent weeks, although firms remained worried over sticky inflation. Figma also delivers its first earnings report since its blockbuster initial public offering earlier this year.
Futures inch up
U.S. stock futures hovered just above the flatline on Thursday, as global bond markets stabilized after a bout of selling earlier in the week.
By 03:55 ET (07:55 GMT), the S&P 500 futures contract had added 8 points, or 0.1%, Nasdaq 100 futures had risen by 36 points, or 0.2%, and Dow futures were broadly unchanged.
Bond markets were calmed by comments from several Federal Reserve officials, including Governor Christopher Waller, which further bolstered wagers that the central bank will resume slashing interest rates at its next meeting later this month.
Gold prices fall from record highs.
Gold prices fell in Asian trade on Thursday, facing some profit-taking at record highs as the dollar steadied ahead of more cues on the U.S. labor market and interest rate cuts, due in the coming days.
The yellow metal hit a series of record highs over $3,500 an ounce this week, amid growing conviction that the Federal Reserve will cut interest rates later this month. Safe haven demand for gold was also boosted by concerns over stretched government debt levels in the developed world.
Gold faces some profit-taking from recent records
Spot gold surged to a record high of $3,578.80/oz earlier this week, as safe haven demand for the yellow metal was boosted by a slew of factors. But this left the yellow metal open to some profit-taking, especially amid some easing concerns over Fed independence.
European shares edge higher.
European shares edged higher on Thursday as expectations of an imminent interest rate cut by the U.S. Federal Reserve calmed markets, although travel and leisure stocks fell after British budget airline Jet2’s weak forecast.
The pan-European STOXX 600 edged up 0.18% to 547.74 points at 0835 GMT. Travel and leisure fell 1% to lead declines among sectors, with Germany’s TUI down 2.1% and Easyjet off nearly 4%.
Jet2’s shares lost a quarter of their value after the British low-cost airline forecast full-year operating profit towards the lower end of its expectations.
Chris Beauchamp, chief market analyst at IG Group, said the travel outlook continues to remain somewhat uncertain as consumers may crimp on spending given the possibility of higher inflation in Europe for the rest of the year.
Concerns over debt-driven fiscal spending in developed economies, which reemerged this week and triggered an equity market selloff, subsided as dovish remarks from Federal Reserve policymakers and signs of labor market weakness raised hopes of an early U.S. interest rate cut.
“With the yields having calmed down today, perhaps again, there’s a sense that this bit of an early autumn, late summer panic seems to have subsided just a little bit,” Beauchamp said.
Still, longer-dated European bond yields are near mutli-year highs and focus will be on France with the government likely facing a collapse next week after it pushed for a budget squeeze in 2026. September is also a historically a tough period for markets.
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