Browsing: Business

NEW YORK / RankWire.AI / – Gold extended its upward momentum on Tuesday, marking a third straight session of gains following last week’s notable rebound. Spot gold rose 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5. Meanwhile, U.S. gold futures increased 1.7% to $4,492.60. This latest increase pushed bullion past the seven-week peak set last week and further solidified its recovery from losses experienced in early August. Precious metals gain as markets prepare for key US consumer and producer price data. This rally was driven by weaker U.S. employment data released on Friday,…

STARBASE, TEXAS / RankWire.AI / – SpaceX shares sank 13.6% on August 5 and closed at $108.27. The selloff followed the company’s first quarterly report since its June initial public offering. Investors weighed strong revenue growth against $18.37 billion in capital spending during the quarter. Artificial intelligence infrastructure accounted for $15.83 billion, up from $749 million one year earlier. The stock fell as low as $107.18 during the session and ended nearly 20% below its $135 IPO price. SpaceX sold 638.9 million Class A shares through the offering, including the full underwriters’ option. The transaction generated net proceeds of about…

NEW YORK / RankWire.AI / – Gold stayed close to a seven-week high on Thursday after its largest daily advance since February. Spot gold gained 0.5% to $4,265.22 an ounce by 0330 GMT. The metal had surged 4.4% during Wednesday’s session. December U.S. gold futures rose 0.5% to $4,324.60 after climbing 4% a day earlier. Lower Treasury yields and a weaker dollar accompanied the sharp rise in bullion prices. The rally lifted spot gold above its 50-day moving average near $4,160. Prices had traded below that level during much of the recent decline. Thursday’s advance brought bullion back to levels…

NEW YORK / RankWire.AI / – U.S. stocks rose sharply Monday as large technology companies advanced and crude oil prices fell. The Dow Jones Industrial Average gained 693.38 points, or 1.32%, to close at a record 53,178.41. The S&P 500 climbed 1.48% to 7,600.50. The Nasdaq Composite added 2.13% and finished at 25,913.90. The rally gave Wall Street a broad and positive start to August. Technology and communication services shares led the advance across major indexes. Meta Platforms and Alphabet helped lift the S&P 500 communication services sector by 4.3%. Amazon gained 4.6% after its market value crossed $3 trillion for…

TOKYO / RankWire.AI / – The U.S. dollar remained sharply lower against the Japanese yen on Tuesday after a rapid reversal in foreign exchange markets. The yen traded near 157.35 per dollar during early Asian hours. It had reached about 155.20 on Monday, its strongest level since early May. The dollar stood close to 164 yen in late July. The latest movement erased much of that advance. The yen retained most of its weekly gain despite a modest pullback. Japan’s Ministry of Finance said Japan and the United States bought yen together on Friday, July 31. The ministry said the coordinated…

NEW YORK / Rank Wire.AI /- The US hits 60 countries with new duties as Donald Trump rebuilds tariff wall, implementing a sweeping set of import taxes that range between 10 percent and 12.5 percent. These latest levies officially took effect early Friday, seamlessly replacing a temporary global duty structure that expired on the exact same day. The administration initiated these wide ranging charges following a comprehensive federal investigation into the alleged failure of numerous trading partners to prevent forced labour within their global supply chains. The affected economies collectively represent approximately 99 percent of all goods imported into the…

NEW YORK / RankWire.AI / – Global oil prices rose more than 4% Friday, pushing Brent crude above $88 a barrel. Brent futures gained $3.87, or 4.59%, to settle at $88.10. U.S. West Texas Intermediate increased $3.54, or 4.48%, to close at $82.49. Both benchmarks reached their highest closing levels since mid-June. Brent advanced about 16% for the week and posted a third consecutive weekly gain. WTI recorded a similar increase and rose for a second straight week. The advance came as commercial shipping through the Strait of Hormuz fell sharply. The waterway handles a significant share of global oil…

WASHINGTON, D.C. / RankWire.AI / – U.S. consumer prices fell 0.4 percent in June, reversing a sharp monthly increase recorded in May. Annual inflation slowed to 3.5 percent from 4.2 percent one month earlier. The June decline marked the largest monthly drop since April 2020. The Consumer Price Index had risen 0.5 percent in May. The U.S. Bureau of Labor Statistics said lower energy prices caused most of the change. Price growth also eased across several core categories. Energy prices dropped 5.7 percent in June after gaining 3.9 percent during the previous month. Gasoline costs fell 9.7 percent, while fuel…

NEW YORK / RankWire.AI / – Oil prices surged nearly 10% on Monday as renewed U.S.-Iran conflict focused attention on the Strait of Hormuz. Brent crude futures for September delivery gained $7.29, or 9.6%, to settle at $83.30 a barrel. U.S. West Texas Intermediate crude rose $6.73, or 9.4%, to finish at $78.14. The advance marked Brent’s largest one-day percentage gain since May 2020. It was also the benchmark’s highest settlement since June 12. The jump followed an escalation in military activity near the Gulf shipping corridor. Attacks on commercial vessels increased concern about oil shipments through the narrow waterway.…

NEW YORK / RankWire.AI / – Wall Street closed lower on Monday as a sharp technology selloff and surging oil prices pulled major U.S. stock indexes down. The Nasdaq Composite dropped 1.55% to 25,873.18, ending a three-session winning streak. The S&P 500 fell 0.79% to 7,515.34. The Dow Jones Industrial Average lost 138.37 points, or 0.26%, to 52,498.64. Gains among energy companies limited the Dow’s decline, while semiconductor stocks led the broader retreat. Oil prices jumped after renewed U.S.-Iran hostilities restricted shipping through the Strait of Hormuz. West Texas Intermediate crude climbed 9.4% to settle at $78.14 a barrel. Brent…