Tariff Uncertainty Sparks Volatility in Gold Market
6 minutes ago
The gold market was whiplashed by on-and-possibly-off again tariffs imposed on Swiss bullion.
The Financial Times first reported on Thursday that the U.S. had placed levies on gold bars. On Friday morning, the U.S. Customs and Border Protection service’s website showed a letter ruling from the service dated July 31, saying cast gold 1-kilogram bullion and 100-troy-ounce bullion bars from Switzerland should be placed under customs classifications that are subject to tariffs that were effective as of April 5.
Gold futures prices in New York rose to record levels, briefly hitting a high above $3,500 per troy ounce on Friday, and were trading at a premium over benchmark spot prices in London. That futures prices spiked over spot would make sense—they typically trade at a premium, because there is no carry cost embedded in spot. Buyers of gold futures, however, are locking in a price for delivery at a future date, which, for gold bars, would include relevant expenses like the cost of storage.
Gold futures pared gains to around $3,450 per troy ounce, pushing its premium to spot down to normalized levels, following a Bloomberg report that the Trump administration would in the “near-future” issue an executive order clarifying that there would be no duties imposed on gold bars from Switzerland.
Gold mining stocks, including Freeport-McMoRan (FCX), Royal Gold (RGLD), and U.S. Gold Corp. (USAU), closed higher on Friday, outperforming the broad market.
Trump announced levies of 31% for Switzerland in April, but raised the rate to 39% last week. Swiss President Karin Keller-Sutter reportedly left Washington, D.C., without a deal in hand earlier this week, according to Reuters.
One-kilo bars are the most commonly traded size of gold bars on the world’s largest gold futures market, COMEX.
If tariffs on gold are imposed, Switzerland would be in a tight spot. According to statistics for 2024 compiled by Trading Economics based on the United Nations international trade database, pearls, precious stones, metals, and coins are the country’s second-highest imports to the U.S. by value, behind only pharmaceuticals.
Under Armour Stock Sinks as Tariffs Weigh on Outlook
1 hr 22 min ago
Under Armour (UAA) shares tumbled Friday after the retailer said it would be half as profitable this fiscal year as it was last year.
The stock was down 18% in recent trading. It’s lost nearly a third of its value since the year began.
Under Armour on Friday reported a $2.6 million loss for the fiscal first quarter, rather than the $600,000 profit analysts called for. Its earnings lagged expectations even after they were adjusted for restructuring costs and legal activity.
The athletic apparel company cautioned that its finances will likely get worse before they get better—profits for the full year could be half of what they were a year ago, CFO David Bergman said.
“With the tariff environment and how that’s impacting demand in the overall market, it’s going to be tougher to make more progress this year,” Bergman said, according to a transcript made available by AlphaSense. “But I think we do have increased discipline.”
The Baltimore-based company previously projected a “modest” revenue dip in fiscal 2026 as it sought to finesse its product line and reduce promotions, Bergman said. However, the turnaround will likely take longer due to sluggish demand for athletic apparel, particularly shoes, and tariffs, he said.
The company is exploring alternative suppliers and may raise prices, but such moves wouldn’t show up in its finances until next fiscal year, Bergman said.
Under Armour reported $8.6 million in adjusted income on $1.1 billion in revenue for the quarter ended June 30. Analysts were looking for $10.8 million in adjusted earnings and a similar amount in revenue, according to consensus estimates compiled by Visible Alpha.
Firefly Stock Falters After First-Day Pop
2 hr 51 min ago
Firefly Aerospace’s (FLY) stock is sputtering, just one day after its trading debut, when enthusiasm for the new listing sent shares soaring.
The space company’s stock was down 18% to about $50 Friday afternoon, wiping out more than half its gains in its first day of trading yesterday.
Failure to launch was not a problem for the Cedar Park-Texas based firm, which raised nearly $870 million in an upsized initial public offering and notched big first-day returns following a series of difficult years, including a bankruptcy and rocket-development setbacks. Firefly, which counts the U.S. government’s Space Force among its major clients, claims to be the first private company to successfully achieve a soft-landing on the moon. Its shares closed 34% above its IPO price of $45 on Thursday.
Firefly CEO Jason Kim (center, clenched fist) during the company’s IPO on Thursday.
Michael Nagle / Bloomberg / Getty Images
Firefly is part of the 2025 cohort of $100 million-plus IPOs that popped on their first day of trading, showing renewed investor appetites for new stocks like stablecoin issuer Circle (CRCL) and design tool maker Figma (FIG). So far this year, that group had a median first-day pop of over 18%, outperforming new listings going back to 2021, according to pre-IPO research provider Renaissance Capital. The Renaissance IPO ETF (IPO), which tracks the firm’s index, closed 12% higher on Thursday year-to-date, outpacing the S&P 500’s 8% gain.
Gold Levels to Watch as Precious Metal Back at Record Levels
4 hr 13 min ago
Gold (XAUUSD) prices have rallied over the past week and are near record-high levels after a wave of profit-taking in late July.
Investors have bid up the precious metal amid uncertainty over the outlook for the U.S. economy and expectations that the Federal Reserve will cut interest rates in September, following July’s weaker-than-expected employment report released last Friday. Gold tends to benefit from its reputation as a safe-haven asset during times of economic uncertainty, while lower rates also support the non-yielding asset. Reports that the U.S. will impose tariffs on imports of gold bars have also underpinned gains this week.
The commodity has soared about 30% this year, boosted by concerns over the Trump administration’s unpredictable trade policies—amid uncertainty about how tariffs will affect the economy—and ongoing tensions in the Middle East. Spot gold was trading at just under $3,400 per troy ounce recently.
Source: TradingView.com.
Since a shooting star pattern marked gold’s high in late April, the commodity has consolidated in an ascending triangle, a bullish chart formation that signals a potential continuation of the longer-term uptrend.
More recently, the price has rallied from the triangle’s lower trendline and reclaimed the respected 50-day moving average (MA), a move that has coincided with the relative strength index crossing back into bullish territory.
Investors should watch key overhead areas on spot gold’s chart around $3,435 and $3,735, while also monitoring major support levels near $3,245 and $3,150.
Read the full technical analysis piece here.
The Trade Desk Shares Nosedive After Weak Results
4 hr 34 min ago
The Trade Desk (TTD) shares plunged Friday after the provider of software to help businesses run ad campaigns warned that new U.S. tariffs are putting a crimp on advertising spending. The company also announced a CFO change.
The stock was down nearly 40% around $54 per share in recent trading, erasing all of its recent gains on its addition to the S&P 500 last month. It’s lost more than half its value since the year started.
As of midday Friday, The Trade Desk stock was the third biggest decliner in the S&P 500 so far in 2025.
TradingView
CEO Jeff Green said in a call with analysts that some of the large companies that use its services are facing pressure from tariffs. “The impact of tariffs and related policies on these businesses are very real,” he said, according to a transcript provided by AlphaSense, adding “we see the effects that are directly impacting them.”
The company reported mixed second-quarter results. Revenue rose 18.7% year-over-year to $694 million, above the average estimate of analysts surveyed by Visible Alpha. However, adjusted earnings per share of $0.41 came in just short of forecasts.
The Trade Desk also announced that current board member Alex Kayyal would become the new CFO, replacing Laura Schenkein, who will remain with the firm through the end of the year to help with the transition. She held the position for two years.
Expedia Shares Jump on Strong Earnings, Boosted Outlook
6 hr 33 min ago
Expedia Group (EXPE) shares rose Friday after the online travel site reported better-than-anticipated results and lifted its guidance on rising international demand for its services.
The company posted second-quarter adjusted earnings per share of $4.24, $0.29 above the average estimate of analysts surveyed by Visible Alpha. Revenue rose 6% to $3.79 billion, and gross bookings were up 5% to $30.41 billion. Both also beat forecasts.
Revenue from points of sale outside the U.S. rose 13% to $1.48 billion. U.S. points of sale revenue added 3% to $2.03 billion. Booked room nights grew 7% to 105.5 million.
CEO Ariane Gorin said Expedia exceeded its own expectations “while navigating a dynamic environment.” She noted the quarterly performance “was driven by continued strength across B2B and Advertising and further progress on our key priorities.”
The company now sees full-year revenue and gross bookings 3% to 5% higher, compared to its earlier outlook of an increase of 2% to 4% for each. It predicts EBITDA margin expansion of 100 basis points (bps), versus the prior 75 to 100 bps guidance.
Expedia shares were up about 5% in recent trading, after jumping 14% at the open. The stock entered the day roughly flat so far in 2025.
Intel CEO Says He Has Board Support
7 hr 4 min ago
Intel (INTC) CEO Lip-Bu Tan said he has the full support of the company’s board, after President Donald Trump called for him to step down.
In a letter to employees, Tan said “there has been a lot of misinformation circulating,” and that he is engaging with the Trump administration to address concerns raised.
Yesterday, Trump posted on his Truth Social network, “The CEO of INTEL is highly CONFLICTED and must resign, immediately.”
The comments came after Sen. Tom Cotton (R-Ark.) wrote a letter to Intel’s board chair earlier this week, asking about Tan’s ties to Chinese firms, and stakes in companies with reported connections to the country’s military. Tan, who took the helm of Intel in March, was previously CEO of Cadence Design Systems (CDNS), which said it recently settled legal proceedings related to “operations and business dealings in China.”
CEO Lip-Bu Tan speaking at an event in April, shortly after he took the helm at Intel.
Andrej Sokolow / Picture Alliance / Getty Images
Tan said in his letter, “I want to be absolutely clear: Over 40+ years in the industry, I’ve built relationships around the world and across our diverse ecosystem—and I have always operated within the highest legal and ethical standards. My reputation has been built on trust—on doing what I say I’ll do, and doing it the right way. This is the same way I am leading Intel.”
“I fully share the President’s commitment to advancing U.S. national and economic security, I appreciate his leadership to advance these priorities, and I’m proud to lead a company that is so central to these goals,” the CEO said.
Intel shares were up about 1% in early trading Friday, after sliding 3% yesterday, leaving them slightly negative for the year.
Nasdaq Pacing for Best Week Since June
7 hr 40 min ago
Each of the major U.S. indexes is on track to post weekly gains, as stocks rebound from a sluggish performance last week.
Coming into Friday’s session, the Nasdaq Composite has risen 2.9%, which would be its biggest weekly gain since the week of June 23, when the tech-heavy index increased 4.2%.
The S&P 500 and the Dow Jones Industrial Average have gained 1.6% and 1.1%, respectively, so far this week.
TradingView
So far in 2025, the Nasdaq is up 10%, while the S&P 500 and Dow have tacked on 7.8% and 3.4%, respectively.
Futures Point to Higher Open for Major Indexes
8 hr 31 min ago
Futures tied to the Dow Jones Industrial Average were up 0.1%.
TradingView
S&P 500 futures added 0.2%.
TradingView
Nasdaq 100 futures also tacked on 0.2%.
TradingView