Stock Market Update

[BRIEFING.COM] With about two hours to go on Thursday the tech-heavy Nasdaq Composite (-0.34%) is down about 77 points, good enough for the "best" showing with more aggressive losses being had elsewhere; we're also cognizant of reports that the Treasury plans to release the Monthly Budget Statement at the top of the hour, eight days late owing to the federal government shutdown.

Gold futures settled $103.00 higher (+2.4%) at $4,304.60/oz, amid a convergence of safe-haven demand, rate-cut expectations, and geopolitical jitters. Markets are pricing in more aggressive easing from the U.S. Federal Reserve, which lowers the opportunity cost of holding non-yielding gold. At the same time, renewed U.S./China trade tensions, Chinese rare-earth export controls, and an ongoing U.S. federal government shutdown have amplified stress in risk markets, pushing investors toward gold. Meanwhile, central banks and institutional buyers continue to accumulate bullion, and the weakening U.S. dollar is further boosting gold's appeal.

Meanwhile, the U.S. Dollar Index is down about -0.4% to $98.32.