The U.S. stock futures market saw a slight increase as investors eagerly awaited earnings reports from major banks. Dow futures experienced a rise of 73 points, while S&P 500 and Nasdaq futures also showed modest gains. The surge in tech stocks, particularly in the Nasdaq, closing at a record high with a 1.68% jump, was primarily driven by the impressive performance of AI-focused companies such as Apple and Nvidia.
Gold prices skyrocketed to a record peak of $2,400.35 per ounce, with spot gold reaching $2,394.87, marking a nearly 3% weekly increase. This surge can be attributed to heightened geopolitical tensions and economic concerns, particularly revolving around China. The escalating demand for safe-haven assets by investors amidst geopolitical risks and economic uncertainties led to the strong performance of gold futures, rising by 1.6% to $2,411.70.
Oil prices experienced an increase on Friday due to escalating tensions in the Middle East, potentially disrupting the region’s oil supply. However, the oil market is expected to decline for the week due to reduced expectations of U.S. interest rate cuts. Brent crude rose by 0.9% to $90.53 a barrel, while West Texas Intermediate increased by 1.1% to $85.94. Concerns surrounding a possible Iranian retaliation to an Israeli attack supported the prices, though global demand forecasts have been downgraded, which restricted significant gains in the oil market.
The global economic events, such as geopolitical tensions and economic uncertainties, have been influencing the performance of U.S. stock futures and commodity prices. The anticipation of major banks’ earnings reports and the robust recovery in tech stocks have driven stock futures higher. At the same time, gold prices have surged to record levels due to growing demand for safe-haven assets, while the oil market has faced volatility amidst geopolitical risks and reduced expectations of interest rate cuts. As investors navigate through these uncertain times, it is essential to remain vigilant and informed about the ever-changing dynamics of the global economy.