Stock Market Update

[BRIEFING.COM] The Nasdaq Composite (-0.56%) is in last place on Friday afternoon, down about 105 points.

Gold futures settled $70.80 higher (+2.1%) at $3,365.80/oz, ultimately up +5.6% on the week; investor anxiety over U.S. fiscal health escalated following the passage of a substantial tax-and-spending bill in the House, which is projected to significantly increase the national debt. This development, coupled with this week's Moody's downgrade of the U.S. credit rating and a weak Treasury bond auction, led to a decline in the U.S. dollar, enhancing gold's appeal to non-dollar investors. Additionally, President Trump's threats to impose a 50% tariff on the European Union and potential levies on overseas-manufactured iPhones escalated trade tensions, prompting investors to seek safe-haven assets like gold.

Meanwhile, the U.S. Dollar Index is down -0.8% today to $99.14.