US Morning News Call | Gold May Surpass U.S. Treasury Bonds as Largest Reserve Asset
Key Takeaways:
• Gold May Surpass U.S. Treasury Bonds as Largest Reserve Asset
• Supreme Court Schedules Friday Opinion Day for Potential Trump Tariff Case Ruling
• Trump Announces Venezuela Oil Deal for 30-50 Million Barrels Under US Control
• White House Declares Greenland Acquisition National Security Priority, Military Option Considered
• Key Earnings: APLD, STZ, etc.
🔔Before the Bell
Stock futures were mostly unchanged on Wednesday after the S&P 500 and the Dow Jones Industrial Average hit new record highs.
$E-mini NASDAQ 100 Futures (MAR6) (NQmain.US)$ went down by 0.19%;
$E-mini S&P 500 Futures (MAR6) (ESmain.US)$ went down by 0.07%;
$E-mini Dow Futures (MAR6) (YMmain.US)$ went up by 0.05%.
Gold May Surpass U.S. Treasury Bonds as Largest Reserve Asset
According to reports, combined with rising gold prices and continued central bank buying, the value of official $XAU/USD (XAUUSD.CFD)$ reserves may have been pushed to about $3.93 trillion, exceeding foreign governments’ U.S. Treasury holdings of roughly $3.88 trillion.
Supreme Court Schedules Friday Opinion Day for Potential Trump Tariff Case Ruling
The Supreme Court set Friday as an opinion day, potentially ruling on Trump's global tariffs imposed using the International Emergency Economic Powers Act. The court doesn't signal which decision or decisions it will render on a particular date. Rulings are issued at 10 a.m. Eastern time on decision days.
Trump Announces Venezuela Oil Deal for 30-50 Million Barrels Under US Control
President Trump announced Venezuela's interim authorities will provide the US with 30-50 million barrels of sanctioned oil. Trump stated the oil will be sold at market price with proceeds controlled by him to benefit both countries.
White House Declares Greenland Acquisition National Security Priority, Military Option Considered
White House press secretary Karoline Leavitt declared acquiring Greenland a national security priority to deter adversaries. She stated utilizing US military is an option available to the Commander in Chief. Danish Prime Minister Mette Frederiksen rejected American threats, stating the US has no legal basis to annex Denmark's territory.
Storage Stocks Rally 14-27% Following NVIDIA CEO Comments on AI Memory Demand
Storage stocks surged on January 6, 2025, with $SanDisk (SNDK.US)$ up 27%, $Western Digital (WDC.US)$ up 17%, and $Seagate Technology (STX.US)$ up 14%. The rally followed NVIDIA CEO's CES presentation highlighting AI's growing memory storage demands and calling the memory storage chip market 'untapped'.
Samsung Warns of Memory Chip Price Increases Due to Rising Production Costs
Samsung announced it expects memory chip prices to increase due to rising production costs. The warning comes as the semiconductor industry faces ongoing cost pressures affecting memory manufacturing.
🪙Crypto News
JPMorgan Files Application for Ethereum Spot ETF with US Regulators
JPMorgan has filed an application for an Ethereum spot ETF with US regulators. The filing follows the bank's recent submissions for Bitcoin and Solana spot ETF applications.
📆Market Events
Key Economic Events
08:15 US ADP Nonfarm Employment Change
10:00 US ISM Non-Manufacturing PMI
10:00 US JOLTS Job Openings
Key Results
🔔After Market
The market anticipates $Constellation Brands (STZ.US)$ revenue of $2.16 billion, down 12.49% YOY, with EPS at $2.64, a 22.24% YOY decrease.
The market anticipates $Applied Digital (APLD.US)$ revenue of $0.81 billion, up 27.15% YOY, with EPS at -$0.12, an 81.33% YOY increase.
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