Japan, U.S. Stay Aligned on Yen as Currency Surges 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Asian Stocks Mixed as Korean Chipmakers Rally 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
UK House Prices Fall for First Time Since 2023 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
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The S&P 500 closed lower Thursday as investor optimism over the Federal Reserve’s outlook for two rate cuts in 2025 faded. The Dow Jones Industrial Average dipped 11 points (0.03%), while the S&P 500 and NASDAQ Composite each fell 0.3%. Despite a strong rally Wednesday, uncertainty over Trump’s tariffs and economic slowdown fears kept all three indexes near six-month lows.
Labor market data showed resilience as initial jobless claims inched up to 223,000 from a revised 221,000, slightly below economists' forecast of 224,000. The Fed held interest rates steady at 4.25%-4.5% for a second straight meeting, reaffirming its plan for two cuts by year-end. However, it raised its 2025 inflation forecast to 2.8%, exceeding the 2% target, while trimming its GDP outlook. Fed Chair Jerome Powell cautioned that Trump’s trade policies could impact inflation and growth.
Apple (NASDAQ:AAPL) saw a 0.5% decline amid reports that CEO Tim Cook is revamping its AI strategy, tapping Vision Pro creator Mike Rockwell to lead Siri improvements. Tesla (NASDAQ:TSLA) ended flat after recalling nearly all Cybertrucks in the U.S. due to a defect that could cause exterior panels to detach. Microchip Technology (NASDAQ:MCHP) dropped 6.5% following plans to sell $1.35 billion in convertible stock to reduce debt.
Earnings reports are in focus, with FedEx (NYSE:FDX), Micron Technology (NASDAQ:MU), and Nike (NYSE:NKE) set to release results. Five Below (NASDAQ:FIVE) rose 0.6% on strong Q4 earnings, while Darden Restaurants (NYSE:DRI) surged over 5% after posting better-than-expected fiscal Q3 results.
