Market Analysis - 24/09/25

US Stocks Edge Higher – Nasdaq +0.15%

US stocks continued their upward momentum on September 23, though gains were more modest compared to the previous session. The Dow rose 0.14% to 46,381, the S&P 500 added 0.44% to 6,693, and the Nasdaq led tech-heavy gains with a 0.70% jump to 22,788. The rally was supported by AI-related news, including new collaborations in the tech sector, and strong earnings from Micron. However, broader market enthusiasm was tempered by slower-than-expected PMI data, stricter US visa policies impacting tech recruitment, and Fed warnings about elevated stock valuations. The US dollar softened slightly, with the DXY down 0.32% to 97.32, while Treasury yields ticked higher: the 2-year yield rose 3.1 bps to 3.603% and the 10-year climbed 1.9 bps to 4.147%. Oil prices remained relatively stable, with Brent down 0.14% at $66.59 and WTI off 0.13% at $62.32. Commodities showed mixed performance, but gold again stole the spotlight.

Gold Continues Its Surge

Gold extended its climb, jumping 1.66% to 3,746.70 USD/ounce, breaking further into uncharted territory. The precious metal’s rally came despite overall quiet market conditions, suggesting a significant portfolio reallocation may be underway. Traders continue to cite the Fed’s recent rate cuts as a potential catalyst, though no sharp reaction has been observed in the dollar or US Treasury yields since last week. For now, gold’s upward momentum remains strong, and investors are closely watching for any signs of a pause or reversal.

Upcoming Economic Events

Market participants will focus on key events tomorrow that could influence sentiment and trading. At 03:10 AM, Fed official Daly will speak, and any comments hinting at further rate cuts could provide additional support to gold. Later in the day, at 19:30, the final US Q2 GDP (annualized) will be released. Should the data indicate stable growth, equity markets may receive a boost. Traders will also keep an eye on commentary from other central bankers, as any shifts in policy tone or guidance could affect risk appetite, currency movements, and commodity prices.