Stock Market Update
08-May-25 14:00 ET
Gold tumbles 2.5% as Fed’s hawkish stance dampens rate-cut hopes, lifts dollar
Dow +516.78
at 41630.75,
Nasdaq +319.91
at 18058.07,
S&P +73.33
at 5704.61
[BRIEFING.COM] The tech-heavy Nasdaq Composite (+1.80%) is atop the averages on gains just under 320 points.
Gold futures settled $85.90 lower (-2.5%) at $3,306.00/oz, driven by the Fed's decision out yesterday to maintain interest rates, coupled with a more hawkish tone in its latest meeting minutes. The minutes revealed that while some Fed officials remained optimistic about inflation cooling, others expressed concerns about the pace of disinflation. The sentiment shift led to a reassessment of the Fed's rate-cut trajectory, diminishing the appeal of non-yielding assets like gold.
Meanwhile, the U.S. Dollar Index is up +0.8% to $100.67.
