Market Recap for 25-July-2024

Gold prices (XAU/USD) fell for the second consecutive day, reaching a two-week low during the Asian session on Thursday. However, some buying interest emerged around $2,365, which helped to mitigate the losses.

The anticipation expectation that the Federal Reserve will begin cutting rates in September is keeping the US Dollar weak, which provides a tailwind for the non-yielding yellow metal.

On Wednesday, US stocks dropped sharply, particularly in the tech sector, following disappointing earnings reports from major companies.

The Nasdaq Composite fell over 3%, marking its worst day since 2022. The S&P 500 dropped more than 2%, and the Dow Jones fell by over 500 points. Tesla shares plummeted 12% after missing earnings estimates and reporting a significant decline in auto revenue.