Wall Street drifts in mixed trading as gold and silver prices bounce back

NEW YORK (AP) — The U.S. banal marketplace is holding comparatively dependable connected Tuesday, portion golden and metallic bounce backmost from their latest sell-off.

The S&P 500 roseate 0.1% and was flirting with its all-time precocious acceptable past week. The Dow Jones Industrial Average was up 207 points, oregon 0.4%, arsenic of 9:40 a.m. Eastern time, and the Nasdaq composite was 0.1% lower.

Palantir Technologies helped pb the mode and climbed 7.5% aft reporting bigger nett and gross for the latest 4th than analysts expected. Its forecast for 61% maturation successful gross this twelvemonth besides topped analysts’ expectations, arsenic CEO Alex Karp crowed that his institution is unsocial and that “these numbers beryllium it.”

The better-than-expected show helped calm immoderate of the worries successful the marketplace that AI customers whitethorn not get arsenic large a payoff for their investments arsenic they expected. Such concerns person been weighing connected AI stocks aft they changeable to records due to the fact that of the frenzy underway successful AI tech.

The strengthened optimism helped South Korea’s Kospi surge 6.8% for its champion time since the chaotic days of the COVID clang and betterment successful aboriginal 2020. Just a time earlier, it had tumbled 5.3% from its grounds for its worst time successful astir 10 months. The Kospi is location to galore tech stocks, including Samsung Electronics, which surged 11.4%.

The enactment was adjacent stronger, again, successful metals markets. Gold’s terms climbed 6.3% to $4,947.80 per ounce successful its latest plaything since its jaw-dropping rally abruptly halted past week.

Silver’s price, which has been whipping though adjacent wilder moves, leaped 13.1%.

Gold and metallic had been climbing for much than a twelvemonth arsenic investors looked for safer places to parkland their currency amid worries astir everything from tariffs to a weaker U.S. dollar to immense indebtedness loads for governments worldwide. Their prices took disconnected successful peculiar past month, and gold’s terms astatine 1 constituent had astir doubled implicit 12 months.

But those rallies abruptly gave retired past week, and gold’s terms dropped from adjacent to $5,600 to little than $4,500 connected Monday. Silver plunged 31.4% connected Friday alone.

Many traders accidental expectations that President Donald Trump’s nominee to pb the Federal Reserve volition support involvement rates precocious to combat ostentation were what turned the momentum initially, though immoderate disagree. Most hold that elemental gravity past took over.

After golden and metallic prices had changeable up truthful much, truthful quickly, they were bound to autumn backmost astatine immoderate point, peculiarly with truthful galore investors piling successful to usage golden arsenic a mode to stake connected continued weakness for the U.S. dollar.

“The determination underscored however stretched anti-USD positioning had become,” according to volatility strategists astatine Barclays.

On Wall Street, PepsiCo roseate 2.8% aft the snack and beverage giant’s nett and gross for the latest 4th nudged past analysts’ expectations, though it besides said it would chopped prices this twelvemonth connected Lay’s, Doritos and different snacks to effort and triumph backmost inflation-weary customers.

That helped enactment against a 18.2% driblet for PayPal, which reported weaker results for the latest 4th than analysts expected. It besides named a caller CEO aft it said “the gait of alteration and execution” implicit the past 2 years “was not successful line” with the committee oregon directors’ expectations.

Pfizer fell 3.6% adjacent though it reported stronger nett for the latest 4th than analysts expected. The pharmaceutical institution gave a forecasted scope for nett successful 2026 whose midpoint was beneath analysts’ expectations.

The Walt Disney Co. slipped 1.2% aft it said Josh D’Amaro, caput of the company’s parks business, volition go its adjacent CEO successful March.

In the enslaved market, the output connected the 10-year Treasury held astatine 4.29%, wherever it was precocious Monday.

In banal markets abroad, indexes bounced backmost successful Asia from crisp losses the anterior day. Japan’s Nikkei 225 rallied 3.9%, portion stocks roseate 1.3% successful Shanghai and 0.2% successful Hong Kong.

Indexes were weaker successful Europe, wherever France’s CAC 40 fell 0.6%.

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AP Business Writers Yuri Kageyama and Matt Ott contributed.

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