U.S. Stocks and Gold Continue to Set New Records in Last Night’s Trading, While Silver Reaches a 12-Year High

U.S. Stock Market on October 29: By the end of trading on October 29, the Nasdaq Composite closed at a record 18,712.75 points, up 0.78%. The S&P 500 rose 0.16% to 5,832.92 points. Meanwhile, the Dow Jones fell by about 0.36% to 42,233.05 points. It is anticipated that by the end of this week, 150 companies within the S&P 500 will report earnings.

U.S. Treasury Bonds on October 29: Yields on 10-year U.S. Treasury bonds continued to set new three-month highs.

Dollar Index (DXY): The DXY index dropped 0.05% to 104.27. However, it remains on track to reach a more-than-two-year high and is currently anchored at its highest level in nearly three months.

The U.S. Department of Labor’s JOLTS survey showed that job openings fell to their lowest level in over three years in September, alongside a downward revision of last month’s data, indicating a cooling labor market. Meanwhile, U.S. consumer confidence reached its highest level in October, driven by improved perceptions of the job market.

Gold Market: Gold prices continued to set new records, hitting $2,771.61 per ounce before closing at $2,766 per ounce, up 0.9% from the previous session. Gold futures rose 0.9% to $2,779.5 per ounce.

Commodity Trading Market: Global oil prices continued to decline. By the end of trading on October 29, WTI crude oil fell 0.25% to $67.21 per barrel, while Brent crude oil dropped 0.42% to $71.12 per barrel.

In the short term, Goldman Sachs experts noted that oil prices are still undervalued relative to fundamentals. However, in the long term, oil prices are at risk of falling due to weakened demand from China, increased U.S. production, and OPEC+ plans to raise output.

Metals Market: Silver prices attracted attention as they rose to their highest level in 12 years. December 2024 silver settled at $34.441 per troy ounce, up 1.3% from the previous session. Likewise, platinum (January 2025) increased 1.2% to $1,059.3 per troy ounce. December 2024 copper prices edged down to $4.2605 per pound.

Source: Compilation