Memory Stocks Slide as Trump Threatens 50% Tariffs on Canadian Autos, Steel in 2027: Stock Market Today
benzinga_article·- U.S. equities split on Monday as memory and optical-component stocks dragged the Nasdaq 100 down 1.0% and the S&P 500 slipped 0.1% to 7,664.26. - President Donald Trump threatened a 50% tariff on Canadian autos, trucks, and steel starting January 1, 2027, impacting related equities like Ford and Cleveland-Cliffs. - Meanwhile, gold rose 1.0% to $4,654.67 per ounce, and Bitcoin rallied past $79,000 amid upcoming inflation data and Federal Reserve speeches.Gold Price Forecast: Gold Returns to $4,600, Is the Bull Market Back?
TradingKey·- Gold prices rose above USD 4600 driven by persistent US dollar weakness and safe-haven demand stemming from US fiscal and debt concerns. - The upcoming July PCE data and Fed Chair Kevin Warsh's Jackson Hole speech will be critical catalysts influencing future interest rate expectations and gold's trajectory. - Technically, gold has broken above the 144-day moving average, with short-term resistance targeted near USD 4773.53 and USD 4800.