Stocks and the dollar showed little movement while gold hit a new record amid expectations of a US interest rate cut and the possibility of another Donald Trump presidency.
Wall Street experienced another day of record highs due to bets on lower borrowing costs and a more market-friendly administration. Meanwhile, Asian traders proceeded more cautiously, closely monitoring a key economic meeting of China’s leaders in Beijing this week.
Equities fluctuated in Asian markets after the Dow posted a second consecutive record high, and the S&P 500 reached a new all-time high.
Markets in Tokyo, Hong Kong, Sydney, Singapore, Wellington, Manila, and Jakarta rose, whereas Shanghai, Seoul, and Taipei saw declines.
Gold reached a new record high of $2,482.42 an ounce, surpassing its previous record of $2,450.07 set in May, driven by expectations of a rate cut.
On Wall Street, the S&P 500 rose 0.6%, closing at 5,667.20, while the Nasdaq Composite increased by 0.2% to 18,509.34. The Dow Jones Industrial Average surged 1.8% to an all-time closing high of 40,954.48.
The yield on benchmark 10-year US Treasury bonds fell to a four-month low, dropping to 4.163% from 4.229% late on Monday, reflecting rate cut expectations.
