- European indices, including the DAX and FTSE, closed the session slightly in the red. Sentiment on the Warsaw Stock Exchange was somewhat weaker, but the WIG20 retreated by just 0.6% and continues to hover near local highs.
- U.S. indices are showing modest gains, with the US100 up nearly 0.5%. Rigetti Computing shares are soaring almost 17% following its Q1 results, where the quantum computing company reported over $42 million in net income despite an operating loss of over $20 million.
- Super Micro Computer (SMCI.US) shares, riding the wave of the ongoing “AI bull market,” are rebounding more than 17% thanks to a $20 billion deal with Saudi Arabia. Meanwhile, Nvidia and Alphabet are the top gainers among large-cap tech stocks, both up around 4%. Strong gains are also being seen in Tesla and Singapore-based Sea Ltd, driven by solid financial results.
- Gold is retreating by more than 2%, amid easing global trade tensions, the impact of “Trump deals,” and profit-taking in an environment of still-high yields. With diminishing odds of a U.S. recession, demand for traditional safe-haven assets is facing pressure. Silver is also down close to 2%.
- The U.S. dollar is having a mixed session. The EURUSD pair erased part of its earlier gains after press reports indicated that the U.S. administration is not including clauses aimed at weakening the dollar in the trade agreements currently being negotiated.
- Fed members Goolsbee and Jefferson signaled a cautious stance toward maintaining the Fed’s current policy settings, suggesting that tariff-driven inflation pressures may be temporary, while economic growth may slow, though overall conditions have improved.
- NATGAS is down nearly 4% on lower demand forecasts, and crude oil is also slightly lower. Here is the US weekly EIA oil inventories change report:
EIA Crude Oil Inventories: 3.454M (Forecast -2.209M, Previous -2.032M)
- EIA Gasoline Inventories: -1.022M (Forecast -0.938M, Previous 0.188M)
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EIA Crude Cushing: -1.069M (Previous -0.740M)
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Among agricultural commodities, the steepest losses were seen in coffee and cotton. Donald Trump announced that markets can expect updates today from the Ukraine-Russia talks, although the final outcome of the negotiations in Istanbul appears highly uncertain. Media reports stated that neither Putin nor Lavrov are expected to attend in person.
