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Rita Nazareth and Vildana Hajric, Bloomberg News
BNN Bloomberg s mid-morning market update: May 25, 2021 VIDEO SIGN OUT
Stocks fluctuated as economic reports underscored the impacts of potential inflation pressures, overshadowing optimism with dovish reassurances from Federal Reserve officials.
The S&P 500 was little changed as a gauge of new U.S. home sales fell by more than forecast with higher prices restraining demand. Separate figures showed that consumer confidence dropped for the first time this year as inflation concern and elevated unemployment likely curbed improvement in sentiment. Meanwhile, Chicago Fed President Charles Evans and the central bankâs Vice Chair for Supervision Randal Quarles said any inflation increase would likely be temporary.
Tech leads gains in stocks amid Fed reassurance
Rita Nazareth and Vildana Hajric, Bloomberg News
BNN Bloomberg s mid-morning market update: May 25, 2021 VIDEO SIGN OUT
Technology companies led gains in U.S. stocks as concern over higher inflation eased after some Federal Reserve officials pushed back against the idea of long-lasting price pressures.
The tech-heavy Nasdaq 100 outperformed major equity benchmarks after Chicago Fed President Charles Evans said Tuesday that recent data âdoes not appear to be the precursor of a persistent movement to undesirably high levels of inflation.â His remarks followed Mondayâs dovish reassurances from other central-bank speakers. The dollar was little changed, while Treasury 10-year yields fell.
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Gold is close to erasing this yearâs decline as investors turn more bullish on the precious metal, with holdings in bullion-backed exchange-traded funds on an uptrend. While market-based measures of inflation expectations have dipped, traders remain cautious about price pressures as well as flareups in Covid-19 cases in some parts of the world.
âFed speak continues to support the idea that inflation in the US will be transitory and that is good enough to keep short-term bullish momentum in place for gold,â said Edward Moya, senior market analyst with Oanda Corp. âGold continues to face resistance from the $1 900 level, so if the dollar stabilises over the next couple of sessions, bull
May 26 2021, 3:53 PM
May 25 2021, 6:59 AM
May 26 2021, 3:53 PM
(Bloomberg) Gold erased 2021 losses as signs of inflationary pressures stoked growth concerns and Federal Reserve officials assured investors on the outlook for monetary policy.
(Bloomberg) Gold erased 2021 losses as signs of inflationary pressures stoked growth concerns and Federal Reserve officials assured investors on the outlook for monetary policy.
Central bank officials reiterated that they expect transitory rather than lasting price pressures from the U.S. economic rebound, damping speculation around any push to tighten policy. Declines in Treasury yields also underpinned gains in precious metals. Bullion has risen in eight of the past nine sessions.