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Good evening,
Tuesday’s action was centred on the gold market, as the precious metal suffered its steepest daily decline in a decade, down over 5% from its all-time high. Easing trade tensions and a stronger dollar, particularly against a weakening Japanese yen, triggered a sharp reversal in gold prices as investors took profits. The whole precious metals complex plunged with Silver, Platinum and Palladium losing 7%. Stock indices, core bonds, and crude oil were little changed, with few notable events beyond a series of corporate earnings releases.
Earnings: Reports released before the market open from blue chips General Motors, Coca-Cola, and RTX Corp beat both top and bottom line estimates, setting a positive tone for the day. However, after the close, Netflix missed earnings expectations, and its shares fell 5% in extended trading. GM was the notable mover with a 15% gain as management highlighted profitability improvements despite EV challenges and easing tariff costs, boosting investor confidence and pushing the stock to record highs. This rally marks GM’s best single-day performance in over five years, amidst growing optimism over its operational discipline and future outlook.
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