U.S. Stocks Decline After Record-Setting Session, Commodity Prices Show Mixed Performance in Energy and Metals

U.S. Stock Market on October 15: U.S. stocks declined on Tuesday (October 15), slipping from the record highs set in the previous session, as investors took a more cautious approach following a streak of peak sessions and reflected on the latest financial reports. Specifically, the S&P 500 fell 0.76% to 5,815.26 points. The Nasdaq dropped 1.10%, closing at 18,315.59 points, and the Dow Jones decreased by 324.8 points, or 0.75%, ending at 42,740.42 points.

U.S. Treasury Bonds on October 15: The yield on 10-year U.S. Treasury bonds fell sharply, settling at 4.038%.

Dollar Index Performance: The Dollar Index edged up in the latest trading session, reaching 103.23. The USD slightly gained against most major currencies yesterday, continuing its upward trend, pushing the currency to its highest level in over two months. This was driven by expectations that the Federal Reserve (Fed) will gradually cut interest rates over the next year.

Federal Reserve Chair Daly’s Comments: San Francisco Fed President Daly stated that last month’s rate cut by the Fed was a "policy recalibration" as inflation eased and rates remained restrictive. She added that the Fed could make one or two more 25-basis-point rate cuts this year.

Gold Market: Global gold prices reversed direction and rose slightly, with spot gold up $12.5, reaching $2,662.2 per ounce. Gold futures last traded at $2,679.6 per ounce, a $15.9 increase compared to yesterday morning.

Commodity Trading Market: On October 15, oil prices fell more than 4% to their lowest level in nearly two weeks due to a weaker demand outlook and reduced concerns about supply disruptions from the Middle East after reports that Israel would not target Iran's oil and nuclear facilities.

Brent crude oil prices dropped by $3.21, or 4.14%, to $74.25 per barrel. WTI crude prices fell by $3.25, or 4.4%, to $70.58 per barrel.

Mixed Performance in Metals: Metals showed mixed movements, with December 2024 silver futures (SIEZ24) increasing by 1.5% during the October 15 session, reaching $31.756 per troy ounce. In contrast, January 2025 platinum prices and December 2024 copper prices both declined, dropping by 0.7% and 1.6%, respectively, to $996.6 per troy ounce and $4.3375 per ounce.

Source: Compiled from various reports.