Oil prices dropped from multi-month highs on Thursday, while gold retreated from record levels after U.S. President Donald Trump signaled a step back from potential military action against Iran, easing demand for safe-haven assets.
Brent crude futures fell 3.3% to $64.32 a barrel, down from $66.82 a day earlier, as Trump said killings in Iran’s crackdown on nationwide protests were reportedly subsiding and no large-scale executions were planned. Gold similarly eased from a record $4,642.72 an ounce to $4,610, down 0.2% on the day.
The easing of geopolitical risks coincided with a surge in tech stocks, led by Taiwan Semiconductor Manufacturing Company (TSMC), which reported a 35% jump in fourth-quarter profit, beating forecasts. Shares of Dutch chip equipment maker ASML hit a record high, helping Europe’s STOXX 600 index rise 0.4% toward record levels.
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In the United States, Wall Street saw rotation between sectors. S&P 500 E-mini futures rose 0.3% after the benchmark index fell 0.5% overnight, while the tech-heavy Nasdaq Composite dropped 1%. Analysts noted that broader market internals remained solid, with the equal-weighted S&P 500 up 3.6% in January and the Russell 2000 small-cap index surging nearly 7% this month.
Meanwhile, major banks such as Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan reported stronger profits, reflecting healthy customer demand and a resilient economy.
On the currency front, the U.S. dollar steadied at 158.35 against the yen after briefly dipping, following verbal warnings from Japanese authorities about potential market intervention.
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- Venezuela to Export Up to $2 Billion in Oil to U.S. in Landmark Deal
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The euro edged lower to $1.1638, while the pound held steady at $1.3443 despite stronger-than-expected British economic growth.
Investors remain watchful as geopolitical developments and central bank policies continue to shape market trends worldwide.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
