Hello traders, and welcome to Wednesday. Today’s economic calendar brings us the ADP Non-Farm Employment Change, a key precursor to Friday's official non-farm payrolls report. Additionally, we have the ISM Services PMI from the U.S., expected to come in at 54.2. These releases could shape sentiment across U.S. markets today.
On the earnings front, yesterday's results from Google were mixed. While EPS beat expectations, revenue fell short, and pre-market trading indicates that Google is likely to open with a 6-7% decline. Looking ahead, we are expecting earnings from Walt Disney and Qualcomm later today. This morning, Novo Nordisk released better-than-expected earnings, providing a positive start for European markets.
Starting with indices, most are in negative territory, though the declines remain modest. The NASDAQ is under the most pressure, reflecting weakness in the tech sector following Google's earnings report.
In the currency market, the American dollar is showing visible weakness, while the Japanese yen leads as the strongest major currency. Additionally, both the New Zealand dollar and Australian dollar are performing well today.
On the commodities front, energy markets are under pressure, with oil and natural gas struggling. Meanwhile, metals continue to shine, with gold and other precious metals posting impressive gains. Year-to-date, gold is up nearly 10%, platinum over 11%, copper almost 9%, and silver leading the way with a 13% gain. So far, metals have been the standout winners of 2025 after the first full month of trading.
Finally, there is calm on the trade wars and tariff front, which has reduced volatility and momentum in the markets. The dust appears to be settling, giving traders a chance to refocus on upcoming data and earnings reports.