US stocks head for strong monthly gain as oil sees monthly drop

Chris Beauchamp IG

"French and German CPI came in lower-than-expected but inflation across Europe remains well above the ECB's target ", says Axel Rudolph, Chief Technical Analyst at investing and trading platform IG.

Dow joins S&P 500, Nasdaq 100 to hit fresh record

“US equity indices extended their gains with the Dow also hitting a new record as investors made the most of the AI-driven rally alongside falling oil prices. Both Brent and WTI - trading in the $90 per barrel region - are set for a monthly drop amid hopes of the Strait of Hormuz re-opening in early June. In Europe inflation data for its two largest economies came in lower-than-expected but remains well above the ECB's target."

All eyes on next week's US non-farm payrolls

"With markets expecting the situation in the Middle East to de-escalate and the Strait of Hormuz to re-open next month, investors will focus on the US labour market, factory orders, manufacturing and services data for further insight into the strength of the US economy, potentially shaping expectations around the future path of Federal Reserve policy."

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

GBP/USD strengthens above 1.3350 ahead of US CPI data

The GBP/USD pair trades in positive territory around 1.3360 during the Asian trading hours on Tuesday. However, the potential upside for the major pair might be limited amid fears of an escalating US-Iran conflict. The US June Consumer Price Index inflation report will take center stage later on Tuesday.

EUR/USD posts modest gains above 1.1350 as traders await US CPI inflation release

The EUR/USD pair posts modest gains near 1.1385 during the Asian trading hours on Tuesday. Nonetheless, the potential upside for the major pair might be limited amid renewed US military strikes against Iran. Traders will take more cues from the US June Consumer Price Index inflation data, which will be released later on Tuesday.

Gold recovers further beyond $4,000; focus remains on US CPI, Fed's Warsh

Gold builds on its steady intraday recovery from a nearly two-week low, touched during the Asian session, and climbs to the $4,023-$4,024 region in the last hour. The US Dollar pauses following a strong two-day rally as bulls turn cautious ahead of the latest US consumer inflation figures and Federal Reserve Chair Kevin Warsh's testimony. This is seen as a key factor offering some support to the bullion.

Trump urges Senate to pass CLARITY Act as crypto bill nears crucial vote

US President Donald Trump on Monday urged the US Senate to swiftly pass the Digital Asset Market Clarity Act, following the death of Senator Lindsey Graham, who passed away unexpectedly over the weekend at age 71. "In honor of Senator Lindsey Graham, a big supporter, the US Senate should pass the CLARITY Act," Trump wrote in a Truth Social post.

Oil jumps, bonds break and the AI trade starts losing its shine

Wall Street finally ran into the collision course it had spent weeks pretending would never happen. Oil surged, bonds sold off, the dollar caught a bid, and the most crowded corner of the equity market began to buckle under its own weight.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.