Tonight’s Highlights | Powell’s Rhode Island Speech Looms, Gold Prices Hit Another Record High
Similar to the past two days, U.S. stock futures showed indecision before Tuesday’s open, while international gold prices continued their bold march to new highs.
As of this writing, Nasdaq 100 futures rose 0.00%, S&P 500 futures dipped 0.02%, and Dow futures gained 0.08%.
Gold prices hit fresh record highs on Tuesday. As of this writing, London spot gold reached $3,791 per ounce pre-market, while COMEX gold futures in New York touched $3,824 per ounce. The Fed’s rate cut outlook, coupled with global allocation demand driven by inflation and geopolitical risks, remains the core driver of this historic rally.
The world’s largest gold ETF, SPDR Gold Trust (GLD), reported a 0.6% increase in gold holdings from last Friday to Monday, reaching 1,000.57 tons, the highest in over three years.
For U.S. stocks and gold, a key moment arrives tonight: at 12:35 a.m. Beijing time on Wednesday, Fed Chair Jerome Powell will deliver a speech on the economic outlook in Rhode Island.
Nvidia and OpenAI’s $100 billion “blockbuster” deal continued to stir markets on Tuesday. Infineon, STMicroelectronics, and Besi rose together after the European market open. As of this writing, TSMC’s U.S.-listed shares were up 3.72% pre-market, while Nvidia, which hit a new high yesterday, was down nearly 1%.
Deutsche Bank’s head of forex research, George Saravelos, noted in a recent report that Nvidia is “carrying the burden of U.S. economic growth.” Without this tech-focused spending surge, the U.S. “might have been close to or already in a recession this year.” This also explains why significant U.S. job market slowdowns haven’t tipped into a recession, as AI-driven capital investment requires minimal labor.
On the current market structure, Pepperstone strategist Ahmad Assiri summed it up: “The cross-asset landscape is shaped by two forces: tech-driven sentiment, exemplified by Nvidia’s massive role in AI, and policy scrutiny around Fed independence. Stocks remain upbeat, the dollar struggles for upside momentum, and gold has firmly established itself as the market’s most attractive anchor.”
Other Market News
"Wood Sisters" Splurge $21 Million on Chinese Stocks like Alibaba
Wall Street star fund manager Cathie Wood of Ark Invest made notable portfolio adjustments on Monday. Ark’s ETFs invested about $21 million in Chinese stocks, including Alibaba Group, Baidu, and Pony.ai.
Trump’s Claim Rebutted, Tylenol Maker Kenvue’s Stock Rebounds
As of this writing, Tylenol maker Kenvue rose over 5% pre-market on Tuesday. The stock plunged 7.47% the previous day, hitting a post-spinoff low, after the U.S. President linked Tylenol to childhood autism. Multiple medical experts and financial analysts said the claim lacks scientific basis.
Kenvue reiterated that Tylenol’s active ingredient, acetaminophen, has no scientific link to autism, and such claims could endanger maternal health.
White House Official: Crypto Market Structure Bill Likely to Pass by End of 2025
Patrick Witt, executive director of the White House Cryptocurrency Committee, said he expects a cryptocurrency market structure bill to pass by year-end. Speaking at the “Korea Blockchain Week Impact 2025” conference on Tuesday, September 23, Witt said the committee is working under existing rules to advance the bill, collaborating with Senate and House members to present it to President Donald Trump soon.
Germany’s DHL Resumes U.S. Commercial Parcel Service
German logistics firm DHL Group announced on Tuesday that it will resume commercial parcel services to the U.S. starting Thursday, September 25. The service was paused for four weeks after the U.S. eliminated duty exemptions for low-value parcels. DHL noted that, except for private gifts valued under $100, all shipments will incur additional customs and tariff fees.