Daily summary: Nasdaq and precious metals gain amid weakening US dollar 🗽

• Market sentiment on Wall Street remains mixed in the latter half of trading, though futures on major U.S. benchmarks have erased much of the earlier losses caused by tariffs. The US500 futures contract is trading slightly below the flatline, the US30 is down 0.3%, while the US100 is gaining 0.35%. After the U.S. session, Alphabet (GOOGL.US) and AMD (AMD.US) are among the companies set to report earnings.
• The EURUSD pair is up nearly 0.4% as the U.S. dollar weakens, driven by renewed hopes for a favorable resolution in ongoing trade talks between the U.S. and China. Optimism persists that a deal could still be reached, potentially leading to a rollback of tariffs between the two economies. Meanwhile, U.S. Treasury yields have edged slightly lower on both 2-year and 10-year bonds.

US JOLTS Job Openings (December): 7.6M (Forecast 8M, Previous 8.098M)

US Factory Orders MoM (January): -0.9% (Forecast -0.8%, Previous -0.4%)

• Chinese indices CHN.cash and HK.cash are up over 2%, fueled by optimism surrounding the rapid advancements in artificial intelligence among Chinese tech firms. Stocks such as Alibaba, JD.com, and Pinduoduo are among the biggest gainers following their impressive AI breakthroughs in recent days.
• Crude oil prices are up 1% after former U.S. President Donald Trump threatened to exert pressure on Iran, aiming to completely halt Iranian oil exports and suspend its nuclear program.
• Gold has climbed 1%, reaching new all-time highs at $2,840 per ounce, while silver is up more than 2%, benefiting from uncertainty surrounding the trade war and a weaker U.S. dollar, which has reacted to news from the new U.S. administration.
• Volatility in agricultural markets is elevated today, with most commodities recording gains. ICE sugar futures have surged nearly 2.5%, CBOT wheat is up 1.8%, and corn futures have gained 1.4%. Meanwhile, cocoa futures have declined by over 1%.
• Bitcoin is down nearly 2%, though it remains close to the $100,000 mark, having surged from $93,000 just hours ago. Smaller cryptocurrencies are also in decline, with Polygon and Polkadot down over 7%, while TRUMP token has dropped more than 10%.
• According to an S&PGR report, sustained U.S.-China tariffs could pose risks to the global expansion of tech firms. Meanwhile, Panama announced it is close to withdrawing from an agreement with a Hong Kong-based company operating in the Panama Canal following U.S. discussions.
• Waltz from the U.S. confirmed that the country has no plans to halt arms deliveries to Israel. Additionally, U.S. President Zelensky stated that Ukraine is prepared to offer the U.S. access to rare earth metals and other strategic resources in line with demands put forth by Donald Trump.