US Stocks Slip From Highs as Gold Tops $3,700: Markets Wrap

(Bloomberg) — US stocks are set to pull back from all-time highs, with traders dialing back risk at the start of a relatively quiet week on the events calendar. Gold hit a fresh record.

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Futures for the S&P 500 retreated 0.2% after bets on a series of interest rate cuts drove the benchmark to a fresh high at the end of last week. European stocks were little changed. Asian equities rebounded as concerns over the Bank of Japan’s plans to offload exchange-traded fund holdings eased.

After the Federal Reserve cut rates for the first time this year, this week’s data calendar looks thin, with Friday’s release of policymakers’ preferred gauge of underlying inflation the main item. With the central bank’s dovish stance largely shaped by a weakening labor market, next week’s payrolls report looms as the bigger catalyst, alongside the start of the earnings season next month.

“This week is overall the calmest week of the month on the macro front and with the earnings season over, markets will likely drift on hearsay and sentiment,” said Panmure Liberum strategist Joachim Klement. “Investors are increasingly bullish on the six-month outlook for US stock markets as the Fed has restarted its cuts, but we think this is a case of collective overconfidence.”

Gold powered past $3,700 an ounce as ETF inflows hit a three-year high. Silver rose to the highest since 2011. With lower rates typically boosting non-interest bearing precious metals, market bets for almost two more cuts this year — alongside haven demand from geopolitical risks and trade tensions — have fueled a rally of more than 40% in bullion for 2025.

“As the world’s oldest inflation hedge and with the Fed poised to embark on another monetary policy loosening cycle, gold is likely to remain well supported,” said Kathleen Brooks, research director at XTB Ltd.

Corporate News:

BBVA SA has increased the value of its takeover bid for Banco Sabadell by about 10%, offering more of its shares as it looks to convince investors in its smaller rival to accept its offer. BYD Co. shares dropped the most in three weeks after a report that Warren Buffett’s investment firm offloaded its stake in the Chinese electric-vehicle maker. Pfizer Inc. is closing in on a potential $7.3 billion takeover of obesity startup Metsera Inc., the Financial Times reported. Samsung Electronics Co. shares jumped more than 5% after reports it’s won approval from Nvidia Corp. for the use of advanced memory chips, which marks a breakthrough for the Korean technology leader. Trump administration officials plan to link the active ingredient in Tylenol to autism Monday, the Washington Post reported, citing unnamed people familiar with the matter. Asia-listed Apple Inc. suppliers saw their shares rise after the US firm’s latest iPhone release was met with high shopper turnout. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 was little changed as of 9:34 a.m. London time S&P 500 futures fell 0.2% Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average fell 0.2% The MSCI Asia Pacific Index rose 0.3% The MSCI Emerging Markets Index rose 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1766 The Japanese yen was little changed at 147.86 per dollar The offshore yuan was little changed at 7.1168 per dollar The British pound rose 0.2% to $1.3500 Cryptocurrencies

Bitcoin fell 2.3% to $112,707.36 Ether fell 6.2% to $4,201.5 Bonds

The yield on 10-year Treasuries was little changed at 4.13% Germany’s 10-year yield was little changed at 2.75% Britain’s 10-year yield declined one basis point to 4.70% Commodities

Brent crude rose 0.5% to $67.01 a barrel Spot gold rose 0.9% to $3,718.90 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sagarika Jaisinghani and Anand Krishnamoorthy.

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