Stock Market Update

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.23%) is in positive territory this afternoon, shaving a bit off levels from the prior half hour.

Gold futures settled $81.80 higher (+2.5%) at $3,397.20/oz, the escalation of the Russia-Ukraine conflict, coupled with President Trump's announcement to double tariffs on imported steel and aluminum to 50%, heightened investor anxiety, prompting a shift toward safe-haven assets like gold. Additionally, the Fed's indication of potential interest rate cuts later this year bolstered gold's appeal, as lower rates diminish the opportunity cost of holding non-yielding assets. A slight dip in the U.S. dollar further supported bullion prices by making them more affordable for foreign buyers.

Meanwhile, the U.S. Dollar Index is down about -0.5% to $98.87.