Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Australia Jobs Growth Strengthens Rate Hike Outlook 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Wall Street futures steadied on Tuesday evening as investors grew increasingly cautious ahead of Nvidia’s highly anticipated earnings report and a key U.S. labor market update. After a session marked by broad declines, especially across major technology names, traders appeared hesitant to make big moves amid concerns about stretched valuations and shifting expectations for Federal Reserve policy.
Tech stocks remained under pressure as skepticism over the sustainability of artificial intelligence-driven valuations continued to rise. Nvidia, a central force behind the AI boom, slipped 2.8% as markets await its earnings due Wednesday after the bell. While analysts expect another strong quarter from the chipmaker, investors are watching closely to see whether the company can justify its near-$5 trillion valuation and deliver encouraging guidance on AI demand. Growing concerns of a potential AI valuation bubble have weighed heavily on the broader tech sector in recent weeks.
Other tech giants also retreated. AMD dropped 4.3%, TSMC fell 1.5%, and Amazon slid 4.4%. Microsoft and Palantir declined between 2% and 3%, deepening the sector’s pullback. Retail stocks were also under pressure after Home Depot posted weaker-than-expected results, sending its shares down 6%. Lowe’s slipped 2.3%, Walmart fell 1.5% ahead of its own earnings, and Target closed flat.
During the main session, the S&P 500 fell 0.8%, the Nasdaq dropped 1.2%, and the Dow slid 1.1%. Futures showed modest stabilization afterward, with S&P 500 futures edging up less than 0.1%, Nasdaq 100 futures remaining flat, and Dow Jones futures rising 0.1%.
Meanwhile, bets on a Federal Reserve rate cut in December continued to fade. According to CME FedWatch, the probability of a 25 basis-point cut dropped to 43.4%, down sharply from 61.9% last week. With several economic reports delayed due to a prolonged government shutdown, the Fed could enter its December meeting with limited data, increasing the likelihood of maintaining current rates. Investors now turn their attention to Thursday’s September nonfarm payrolls report for insight into labor market conditions and inflation pressures.
