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The Market News Today: Crude Oil Jumps on Iran-Saudi Political Uncertainty

FXEmpire.com -

Brent Oil Gains Amid Iran, Saudi Leadership Crises

Brent crude futures rose on Monday amid heightened political uncertainty following the death of Iran’s president in a helicopter crash and the Saudi crown prince canceling his trip to Japan due to King Salman’s health issues. The incident in Iran added to market volatility, while concerns over Saudi Arabia’s leadership added another layer of uncertainty. Despite this, oil prices remained largely stable. Analysts suggested a potential rebound in WTI crude, with the market now focusing on the upcoming OPEC+ meeting for clearer direction on output policy.

Gold Hits Record High Amid Middle East Tensions

Gold prices soared to record highs in Asian trade on Monday due to increased geopolitical tensions in the Middle East, sparked by a helicopter crash involving Iranian President Ebrahim Raisi. The instability in the region, coupled with ongoing conflicts between Israel and Gaza, as well as Russia and Ukraine, boosted safe haven demand. Other precious metals also advanced, supported by broader market rallies and expectations of a U.S. interest rate cut this year.

Nvidia Earnings to Drive Market Focus This Week

This week’s highly anticipated earnings results from Nvidia are expected to be a key market catalyst. Investors will also closely watch reports from Target, Palo Alto Networks, and Lowe’s. Nvidia, now the third-largest S&P 500 stock by market cap, has significantly outperformed other major stocks. Its upcoming earnings report holds substantial market influence, with potential impacts on semiconductor companies tied to its performance. Another strong result could boost markets, while a miss might have the opposite effect.

Dow’s Momentum Poised to Continue as Key Earnings Loom

U.S. stock futures rose on Monday after the Dow Jones closed above 40,000 for the first time on Friday. The S&P 500 inched higher while the Nasdaq Composite slipped slightly. Analysts expect the market rally to continue in the short term, with focus on upcoming events such as the Microsoft Build event and Nvidia’s earnings report. Other key earnings and economic data, including the Federal Reserve meeting minutes, will also be closely watched this week.

Treasury Yields Steady as Investors Eye Economic Data, Fed Comments

U.S. Treasury yields remained stable on Monday as investors awaited new economic data and Federal Reserve comments. Key reports this week include existing and new home sales, durable goods orders, and the Fed’s meeting minutes. The central bank recently left interest rates unchanged, signaling no cuts until inflation targets are met. Investors will seek insights into future rate changes from policymakers speaking throughout the week, following recent inflation data that showed mixed results.

This article was originally posted on FX Empire

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