The stock market opened on a positive note on Tuesday, with U.S. stocks starting the trading session in the green. The Dow Jones Industrial Average saw an increase of 92 points, or 0.2%, while the S&P 500 and Nasdaq Composite also rose by 0.3% and 0.5%, respectively.
Meanwhile, gold prices hit a record high for the eighth consecutive trading session, reaching a new record at 2,384.5. This surge in gold prices comes amidst ongoing market volatility and economic uncertainties.
In other news, the New York Stock Exchange experienced its slowest trading day of the year on Monday, with volume sinking to just 7.99 billion shares. This decline in trading activity has been attributed to the solar eclipse and marks a significant drop from previous trading volumes.
Additionally, UBS remains bullish on AI-related stocks despite recent pullbacks in the tech sector. The firm sees opportunities in the semiconductor and software industries, citing new AI application launches and increasing adoption of AI across businesses.
Barclays warns of upside risks from volatile oil prices, noting that geopolitical tensions and rising global demand could reignite inflation concerns and impact the equity rally.
In international news, Hong Kong’s monetary authority is considering deepening investment connection schemes with mainland China, while South Korean automakers Hyundai and Kia have signed a memorandum of understanding with Indian battery company Exide Energy for strategic cooperation in India’s EV market.
Lastly, the U.S. government plans to offer up to $6.6 billion in subsidies to Samsung Electronics for expanding its chip output in Texas, while the real estate sector outperformed on an otherwise tepid day in the market.
Overall, the market continues to show resilience and adaptability in the face of ongoing challenges and uncertainties.
