U.S. stock indexes erased early losses and the S&P 500 inched closer to record highs as latest economic data supported expectations for interest rate cuts from the Federal Reserve next year. AI and technology stocks extended gains for a fourth session
Gold jumped to a record high to start the week, powered by safe-haven flows as U.S.-Venezuela tensions flared, while silver also touched an all-time peak. U.S. gold futures for February delivery settled 1.9% higher.
Nvidia has told Chinese clients it aims to start shipping its second-most powerful AI chips to China before the Lunar New Year holiday in mid-February. The U.S. chipmaker plans to fulfil initial orders from existing stock, with shipments expected to total 5,000 to 10,000 chip modules.
The FTSE 100 closed lower, after three straight days of gains, as data confirmed Britain’s economy grew at a sluggish pace last quarter. The blue-chip index ended down 0.3%, while the domestically focused midcap FTSE 250 reversed early losses to close up 0.1%, holding near recent seven-week highs.
Oil prices edged up on possible disruptions from a U.S. blockade of Venezuelan tankers as the market waits for news about a possible Russia-Ukraine peace deal. That put Brent and WTI down about 1% last week after both crude benchmarks fell about 4% the week before.
The yen weakened sharply against the dollar and other major peer currencies on Friday after the Bank of Japan raised rates to a 30-year high but did not offer clarity on future hikes. The yen fell against the dollar after the BOJ lifted its policy rate to 0.75% from 0.5% in a move that had been well-telegraphed by policymakers, prompting traders to sell.
