FED Funds Futures

Gold and silver advanced as softer U.S. inflation data reduced expectations for an October Federal Reserve rate increase. Traders are now watching the U.S. Nonfarm Payrolls report for the next major policy signal, while key technical levels continue to frame the metals outlook.

The Nasdaq Composite moved lower Thursday as Oracle’s drop put renewed scrutiny on the data-center spending narrative. Treasury yields, stronger activity data, higher oil prices and rate-hike expectations kept pressure on technology shares.

Nasdaq futures came under heavy premarket pressure as concerns over the pace of artificial intelligence development weighed on Nvidia, memory stocks, chip equipment makers and hyperscalers. Crude oil above $100 added a separate layer of inflation and rate concern ahead of the Fed meeting, but the selling pressure remained centered on the AI trade.

Spot silver fell sharply after Fed Chair Kevin Warsh signaled that policymakers may not be finished tightening, pushing yields and the dollar higher. The decline outpaced gold, underscoring silver’s added vulnerability to industrial-demand concerns.

The Nasdaq advanced as July CPI data kept the September Fed-hold trade alive and AI infrastructure earnings gave technology buyers fresh support. CoreWeave and Super Micro pointed to strong demand across cloud capacity and AI-ready data-center servers.

The Nasdaq advanced as July CPI data kept the September Fed-hold trade in play and AI infrastructure earnings strengthened risk appetite. CoreWeave and Super Micro led the move after updates that pointed to firm demand across cloud computing and AI-ready data-center hardware.

WTI crude surged after U.S. Central Command said Iranian Revolutionary Guard missiles targeting U.S. forces were intercepted, reviving inflation concerns for equity traders. The S&P 500, Nasdaq and Dow now face a difficult mix of energy pressure, semiconductor selling, major earnings and a closely watched Warsh press conference.

Bitcoin enters the July 29, 2026 Federal Reserve decision facing an unusually unsettled macro backdrop. Traders are watching whether policymakers deliver a surprise rate increase, lean hawkish, or downplay inflation risks despite rising oil prices and firming bond yields.

Silver has staged a notable weekly rebound after heavy selling earlier in the month, but the macro backdrop remains difficult. A firmer dollar, tighter policy pricing and inflation sensitive oil conditions leave XAGUSD exposed to a pivotal sequence of Fed, PCE and wage catalysts.

Silver stabilized after a volatile stretch in bonds and crude, with buyers stepping in as Treasury yields and oil prices pulled back. The rebound remains fragile as FOMC risk, elevated energy costs and Middle East tensions continue to shape inflation expectations.

Nasdaq 100 futures came under pressure as Brent crude moved above $94 and briefly topped $95, forcing traders to reassess the path for interest rates. Super Micro Computer offered support to the AI trade with a $60 billion order book, but Tesla, Alphabet and IBM earnings now face a tougher macro backdrop.

Large bitcoin options traders have built a $2.5 billion notional call spread position on Deribit targeting a move toward $72,000 by July 31. The positioning lands just as markets prepare for the Federal Reserve’s July 29 interest rate decision, where futures currently favor no change in rates.