SMCI US Stock Futures Gain as Tariff Turmoil Hits Gold: BLOOMBERG
US futures edged higher at the end of a week in which markets were buffeted by tariffs, geopolitical developments and corporate earnings.
Contracts on the S&P 500 rose about 0.2%, with the underlying gauge on track for its biggest weekly gain in five. Gold futures in New York jumped after the US put tariffs on bullion bars, threatening to upend trade flows from Switzerland and other key refining hubs. The most-active contract climbed to an all-time intraday high above $3,534 an ounce, widening its premium over the spot price in London.
The S&P 500 is near a record high following a 30% surge from its April lows, supported by robust corporate earnings and hopes the Federal Reserve will cut interest rates to support the economy as the labor market shows signs of weakening. Still, some firms have warned clients to prepare for a near-term pullback amid sky-high valuations and continued tariff uncertainty.
Investors are pulling money from US equities and flocking into cash funds, Bank of America Corp.’s Michael Hartnett said, amid renewed concerns that sweeping tariffs are crimping economic growth. Nearly $28 billion was redeemed from US stocks in the week through Aug. 6, while money market funds attracted about $107 billion, the biggest inflows since January, according to a note from the bank citing EPFR Global data.
“Second-quarter earnings confirm corporate resilience continues. Overall, margins have been steady while firms’ commentary indicates that corporates have been largely adept at managing the impact from tariffs so far,” said Barclays Plc strategists led by Emmanuel Cau. “That doesn’t mean tariff uncertainty has gone away completely given Trump policy making remains erratic.”
