Stock Market Update

[BRIEFING.COM] The Nasdaq Composite (+0.55%) is in first place on Thursday afternoon, up just shy of 120 points.

Gold futures settled $25.70 higher (+0.8%) at $3,474.30/oz, driven by growing market conviction that the Fed will initiate rate cuts as early as September. Investors are bracing for the Personal Consumption Expenditures (PCE) Price Index, a key inflation indicator, that may further cement dovish expectations. With the probability of a 25-basis-point cut now above 85%-90%, and gold holding near the critical $3,400 threshold, sentiment remains firmly bullish. Additionally, residual safe-haven demand, stemming from recent policy uncertainties, continues to bolster gold's allure in our low-rate, risk-skittish environment.

Meanwhile, the U.S. Dollar Index is down about -0.4% to $97.80.