Spot gold rose 1% to $2 322.33 an ounce.
Stock futures pared losses and bond yields fell after the latest batch of economic data reinforced speculation the Federal Reserve will be able to cut rates this year.
In a month when Nvidia Corp briefly became the world’s largest company, hedge funds were “aggressively” selling tech stocks, according to analysis from Goldman Sachs Group. Investors got a taste of what a reckoning for Nvidia shares might look like when the chipmaker, seemingly out of the blue, plunged 13% over the span of just three days, erasing $430 billion in market value. The shares snapped back on Tuesday and after edging higher again on Wednesday, have recouped about half their losses from the selloff. Nvidia shares fell Thursday after results from fellow chipmaker Micron Technology Inc.
“More specifically, we expect these themes to continue to benefit from environment in which growth is slowing but the Fed is expected to kick off a deep cutting cycle,” he noted. “Further, our sense is that the biggest companies driving these trends will once again put up very solid results during the second-quarter earnings season.”
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