US stocks rise, Gold price falls following strong earnings
U.S. equities were higher across the board in today’s session, as markets rebounded following recent economic-led volatility.
Today’s rally comes as Q2 earnings season neared its conclusion, with over 80% of the companies that have released earnings outperforming expectations.
McDonald’s and Spotify were among the companies to release earnings on Wednesday, with the fast-food franchise recording revenue of $6.84 billion vs $6.7 billion expected.
Markets were also buoyed by Apple announcing that it would invest a further $100 billion into a new “American Manufacturing Program”, bringing total investments over the next six years to $600 billion.
$APPL jumped by as much as 5% in today’s session, with XAUUSD falling by as much as $30 during the session.
The drop comes as investors found opportunities in stocks, as opposed to seeking shelter from safe havens like Gold.
Despite this, XAUUSD bulls remain optimistic about a move towards a long-term resistance level of $3,430. This move could occur once the relative strength index (RSI) of 14 days moves past a current ceiling at 56.00.
Author
Eliman Dambell
Sayvio AI
With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.
