Crude Gains On Supply Disruptions, Gold Hits Record High And Dollar Hits One Week Low - Global Markets Today While US Slept

On Thursday, Sept. 12, U.S. markets closed higher as expectations grew for a Federal Reserve rate cut, driven by inflation data signaling a likely 25-basis point reduction. Strong tech stock performance lifted the Nasdaq, while Moderna’s weak revenue forecast led the S&P 500’s losses. The European Central Bank also announced a rate cut.

According to economic data, U.S. producer prices rose 0.2% in August, exceeding market expectations, while initial jobless claims increased by 2,000 to 230,000 for the week ending Sept. 7.

All 11 S&P 500 sectors closed higher, led by the gain in communication services. Energy and consumer discretionary stocks also posted significant gains.

The Dow Jones Industrial Average was up 0.58% and closed at 41,096.77. The S&P 500 ended the day higher by 0.75% at 5,595.76, and the Nasdaq Composite rose 1.00%, finishing the session at 17,569.68.

Asian Markets Today

• On Friday, Japan’s Nikkei 225 closed lower by 0.78% at 36,568.00, led by losses in the Marine Transport, Food and Transportation Equipment sectors.
• Australia’s S&P/ASX 200 gained 0.30%, ending the session at 8,099.90, led by gains in the Gold, Metals & Mining and Materials sectors.
• India’s Nifty 50 was down 0.10% at 25,363.55and Nifty 500 was higher by 0.17% at 23,948.05.
• China’s Shanghai Composite was down 0.48%, ending the session at 2,704.09, and the Shenzhen CSI fell 0.42%, closing at 3,159.25.
• Hong Kong’s Hang Seng ended the session higher by 0.75% at 17,369.09.

Eurozone at 06:00 AM ET

• The European STOXX 50 index gained 0.30%.
• Germany’s DAX rose 0.49%.
• France’s CAC was up 0.34%.
• U.K.’s FTSE 100 index traded higher by 0.12%.

Commodities at 06:00 AM ET

• Crude Oil WTI was trading higher by 1.13% at $69.75/bbl, and Brent was up 0.99% at $72.66/bbl.
• Oil prices rallied on Friday, driven by output disruptions in the U.S. Gulf of Mexico due to Hurricane Francine. A weaker U.S. dollar and supply issues also supported the gains.
• Natural Gas rose 1.02% to $2.381.
• Gold was trading higher by 0.75% at $2,599.90, Silver gained 1.29% to $30.495, and Copper gained 0.56% to $4.2185.
• Gold hit a record high, driven by shifting expectations for a larger Federal Reserve rate cut.

US Futures at 06:00 AM ET

Dow futures were up 0.14%, S&P 500 futures rose 0.19%, and Nasdaq 100 Futures gained 0.08%.

Forex at 06:00 AM ET

• The U.S. Dollar Index fell 0.41% to 100.95, USD/JPY was down 0.98% at 140.40, and USD/AUD declined 0.07% to 1.4863.
• The dollar dropped to its lowest level this year against the yen amid rising expectations for a larger Federal Reserve rate cut. The dollar index also fell to a one-week low as hawkish comments from Bank of Japan officials supported the yen.

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