Stocks Edge Higher Ahead of Fed Minutes
US stocks moved higher midweek as traders looked to the Federal Reserve’s September meeting minutes for clarity on the path of rate cuts.
- Dow Jones Industrial Average: +0.4%
- S&P 500: +0.5%
- Nasdaq Composite: +0.8%
The rebound followed a soft Tuesday session when concerns over cloud earnings at Oracle (ORCL) and waning AI momentum briefly cooled enthusiasm for tech stocks.
Markets are now digesting whether the Fed’s latest pivot to easing will translate into two more rate cuts this year — a move policymakers remain split on amid incomplete data and inflation uncertainty.
Gold’s Record-Breaking Surge Continues
Gold prices extended their historic rally, with futures climbing beyond $4,000 per ounce for the first time on record.
- Gold is up over 50% year to date, its biggest annual advance since 1979.
- The rally has been fueled by central bank buying, record inflows into gold-backed ETFs, and fears of currency debasement as the dollar weakens.
- Analysts at JPMorgan and Goldman Sachs have reiterated gold as their top long-term conviction trade, citing both monetary and geopolitical catalysts.
As AI exuberance fades and uncertainty grows around the Fed’s independence, investors appear to be rotating back into tangible, defensive assets — with gold emerging as the trade of the year.
Shutdown Adds to Market Uncertainty
The ongoing federal government shutdown, now in its seventh day, continues to delay vital economic data — including labor and inflation reports.
- The Bureau of Labor Statistics remains offline, depriving markets of employment data.
- Fed policymakers have been left flying blind, heightening uncertainty around future decisions.
- Reports suggest the administration may withhold back pay for furloughed workers, further souring sentiment.
Without official data, Wall Street is leaning on private reports to gauge growth and employment, leaving markets more sensitive to speculation and volatility.
WSA Take
The market’s calm masks deep structural tension: gold’s climb reflects eroding trust in policy clarity, while equities are riding on hope rather than fundamentals. With no official data and a politically charged backdrop, the next Fed signal could either stabilize sentiment or trigger another rotation into hard assets.
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