SENIOR MARKET ANALYST
03 Feb 2025 - 2min Read
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Markets are buzzing as the Dow came within 0.1% of its record high while the S&P 500 neared its all-time peak. However, the Nasdaq struggled, weighed down by AI-driven competition from China’s DeepSeek. Supporting equities, bond yields dipped, with the 10-year Treasury note falling below 4.50% for the first time since mid-December.
The Federal Reserve held interest rates steady but signalled no rush toward cuts. With Core PCE inflation lingering at 2.8%, expectations for immediate rate relief remain muted.
US Light Crude is holding near the 61.8% Fibonacci retracement of its recent rally. However, uncertainty looms as President Trump’s tariff threats on Canadian and Mexican exports could impact supply chains. Traders remain cautious—will oil break out or pull back under economic pressure?
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Gold soared past $2,800 last week, reaching an all-time high. Strong demand from Asian and Middle Eastern central banks is driving the rally, but market watchers remain alert for potential volatility. The daily MACD suggests overbought conditions, raising the question of whether gold will sustain its climb or see a correction similar to October’s sharp sell-off.
In Japan, Tokyo’s CPI ticked higher, retail sales exceeded expectations, and the yen marked its strongest January in seven years. Meanwhile, European stock indices continued their upward momentum, with the DAX, FTSE 100, and Euro Stoxx 50 pushing further into overbought territory.
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Markets remain on edge as investors assess shifting economic conditions and corporate earnings.
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