Overnight Market Review (2022.5.23) Weekly investors are uneasy about the possible impact of the Fed’s measures to suppress inflation on the economy, which worsens Wall Street’s risk sentiment, the dollar edged up, the S&P 500 is on the brink of a bear market, and gold has its first weekly line in five weeks rise.
Global gold markets: Gold prices edged up last week, their first weekly gain in five, as concerns over economic growth persisted and the dollar fell for the week. A slide in U.S. Treasury yields supported safe-haven gold. Gold futures rose 0.1% to $1,842.10. “Recession fears are giving way to U.S. growth worries, which are boosting gold prices,” the data said.
U.S. stock futures rose in pre-market Monday after U.S. President Joe Biden said he was starting to lower tariffs on some Chinese imports, boosting market sentiment, but in the short term investors still need to pay attention to the minutes of the Federal Reserve meeting, which will be released this week, companies Earnings reports and economic data such as the PCE price index, the Fed’s favorite inflation gauge. High inflation, the Fed’s future policy path and a strong economy are expected to continue to affect market nerves.
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