Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Australia Jobs Growth Strengthens Rate Hike Outlook 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
U.S. stocks ended mixed on Wednesday after the Federal Reserve cut interest rates by 25 basis points, a widely expected move. The Nasdaq and S&P 500 slipped, while the Dow Jones Industrial Average closed higher as traders digested Fed Chair Jerome Powell’s cautious outlook.
The central bank signaled two additional quarter-point cuts this year, citing concerns about labor market weakness. Powell acknowledged downside employment risks but emphasized the need to balance inflation management. According to LSEG data, markets had already priced in this rate cut. Michael Rosen, CIO at Angeles Investments, said Powell cooled expectations for aggressive easing, while the Fed raised its inflation forecast, underscoring its delicate policy challenge.
The Dow rose 260.42 points, or 0.57%, to 46,018.32, supported by financial stocks like American Express. The S&P 500 slipped 6.41 points, or 0.10%, to 6,600.35, and the Nasdaq lost 72.63 points, or 0.32%, to 22,261.33.
Wall Street’s recent rally, driven by hopes of lower rates and AI enthusiasm, now faces a test. Nvidia dragged on the Nasdaq, falling 2.6% after reports that China’s regulator ordered tech firms to halt purchases of its chips. Workday surged 7.2% following news of Elliott Management’s $2 billion stake, while Lyft jumped 13.1% after Alphabet’s Waymo announced autonomous ride-hailing plans in Nashville. Rival Uber dropped 5%.
Market breadth was slightly negative, with decliners outnumbering advancers on both the NYSE and Nasdaq. Trading volume hit 18.91 billion shares, above the 20-day average of 16.47 billion. The S&P 500 logged 18 new highs and five lows, while the Nasdaq recorded 122 highs and 45 lows.
