The three major U.S. stock index futures fell together, Intel rose over 5% pre-market, European stocks declined, and gold, silver, and copper all climbed.

The three major U.S. stock index futures fell together, Intel rose over 5% pre-market, European stocks declined, and gold, silver, and copper all climbed.

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After the rally driven by the Federal Reserve’s rate cut hopes started to lose steam, U.S. stocks fell for two consecutive days, and the market entered a brief period of stabilization. Investors are now turning their attention to tonight’s 20:30 release of the final Q2 GDP, the PCE price index, and this week’s initial jobless claims, hoping to find direction for the next move in equities.

On Thursday, after two days of pullback, U.S. equity futures were little changed. Intel rose over 5% in U.S. pre-market trading following reports that it is seeking investment from Apple. Most Chinese ADRs rose, with XPeng up 3.5%. European stocks opened lower. Japanese shares closed higher.

The dollar exchange rate remained stable, while oil prices retreated after their biggest single-day gain since July. Gold prices held close to record highs. Spot silver’s gains widened to 2%; London copper rose nearly 1%, hitting a new high since May 2024.

In U.S. pre-market trading, most Chinese ADRs rose: XPeng up 3.5%, Bilibili up 2.5%, NIO up about 1%, JD.com up about 2%. Intel rose over 5% pre-market, reportedly seeking Apple’s investment.European stocks opened lower: the Stoxx 600 down 0.5%, Germany’s DAX and the UK’s FTSE 100 both down 0.4%. Health care and industrial sectors were the main drags.Nikkei 225 closed up 0.3% at 45,754.93 points. TOPIX closed up 0.5% at 3,185.35 points. South Korea’s KOSPI finished nearly unchanged at 3,471.11 points.The US Dollar Spot Index changed little; the euro was almost unchanged at $1.1742.The U.S. 10-year Treasury yield was little changed at 4.14%.Spot silver extended gains to 2%, at $44.82.London copper rose nearly 1%, hitting $10,457.00/ton, a new high since May 2024.Spot gold rose 0.5% to $3,755.94/ounce.Ethereum at one point dropped 4.7% Thursday to $3,969, and Bitcoin, the market leader, fell 1.7%.

US Stocks Stabilize After Consecutive Declines, Market Awaits Inflation Data Guidance

In U.S. pre-market trading, most Chinese ADRs rose: XPeng up 3.5%, Bilibili up 2.5%, NIO up about 1%, JD.com up about 2%. Intel rose over 5% pre-market, reportedly seeking Apple’s investment.

Although the S&P 500 managed to break the “curse” of September, which is typically the worst month for stocks, the index failed to gain upward momentum this Wednesday, sparking concerns that the current rally may be running into resistance. The AI theme, which has driven U.S. stocks higher this year, appears to be losing momentum.

Craig Johnson from Piper Sandler said:

“The strong upward trend is not over yet. However, as share prices continue to rise while underlying momentum weakens, the short-term risk-reward profile is becoming more stretched.”

This week, investors’ main focus will be Friday’s PCE data. Market forecasts show the core PCE price index, which excludes food and energy, may rise 0.2% month-on-month in August, lower than July’s 0.3%. However, the year-on-year increase is likely to remain at a relatively high 2.9%. This data will provide the Fed with room to evaluate inflation pressures while responding to a weakening labor market.

European Stocks Under Pressure, Regional Performance Diverges

On Thursday, European stocks opened lower: the Stoxx 600 fell 0.5%, Germany’s DAX and the UK FTSE 100 both down 0.4%. Health care and industrials were the main drags.

The decline was especially pronounced in health care stocks. German medical tech company Siemens Healthineers dropped 6% after the U.S. Department of Commerce initiated a new national security probe into imports of personal protective equipment, medical supplies, robots, and industrial machinery. UK-based Smith+Nephew also fell by 1.1%.

In contrast to the weakness in Europe and the U.S., certain Asian markets, especially China’s tech sector, showed strong resilience.

Bloomberg Intelligence analyst Marvin Chen said:

“Tech and AI themes continue to drive the region’s markets, with Chinese tech giants again in the lead. Companies like Alibaba are accelerating investment plans, indicating that compared with the US, China’s AI development is still in a relatively early phase, potentially offering investors greater growth prospects.”

Safe-Haven Sentiment and Rate Cut Expectations Boost Gold

With global stock markets entering a wait-and-see period, demand for gold as a traditional safe-haven asset remains strong. Geopolitical tensions, as well as the risk of a possible U.S. government shutdown next week, are providing continued support for gold.

Rate cut expectations are another key factor supporting gold prices. In a research report, Weiheng Chen of JP Morgan predicted that as the Fed sends more dovish signals, gold could reach $4,050–4,150 per ounce by mid-2026. A lower interest rate environment reduces the opportunity cost of holding non-yielding assets like gold.

In addition, robust central bank demand and record inflows into gold ETFs also provide a solid foundation for gold prices. Technical charts show Comex gold futures consolidating below the $3,800 per ounce resistance, but the prevailing bullish technical pattern remains intact. Spot gold rose 0.5% to $3,755.94 per ounce.

London copper rose nearly 1%, reaching $10,457.00/ton, a new high since May 2024.

Spot silver’s gains widened to 2%, at $44.82.

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