Gold Breaks Record at $3,500 whilst S&P 500 Futures Bounce – Europe Market Wrap

US equities are set to rebound back from Monday’s losses as investors carefully evaluated up progress on trade talks with India and Tesla’s forthcoming earnings. Gold rose above $3,500 for the first time.

While S&P 500 contracts rose 0.9%, Wall Street remained focused on the implications of any White House effort to replace Fed’s Powell. The Dollar and Treasuries remained stable. The Yen rose above 140 per Dollar for the first time since September. In Europe, the Stoxx 600 index fell as traders returned from their Easter break.

Concerns that Trump may be prepared to remove Powell have contributed to the uneasiness among traders already dealing with the chaos caused by the president’s tariff barrage. Trump’s statements and criticisms of the Fed have prompted a rethinking of the currency and Treasuries as safe havens in times of stress.

In currencies, the Yen outperformed, with the BoJ reported to be on course to maintain hiking rates.