French President Emmanuel Macron is making a last-ditch effort to shore up his government amid deepening political turmoil in Paris. The uncertainty in Europe contrasts sharply with Wall Street’s continued rally, where enthusiasm around artificial intelligence shows no sign of slowing.
The S&P 500 gained 0.36%, marking its 32nd record high this year, as a multibillion-dollar partnership between OpenAI and Advanced Micro Devices Inc. to build AI data centers reignited momentum across the tech sector.
Precious metals extended their record-breaking run as investors piled into hard assets. Gold briefly traded above $4,000 an ounce before closing 1.9% higher at $3,958, while silver climbed 1.2% to $48.50. The so-called “debasement trade” continues to gain traction amid mounting concerns over sovereign debt and the long-term stability of fiat currencies.
In Europe, economic data painted a more fragile picture: German factory orders unexpectedly fell 0.8%, marking a fourth straight monthly decline and underscoring persistent weakness in the region’s industrial base.
Despite the contrasting narratives, European stocks and U.S. futures were little changed in early trading, with investors largely focused on just two dominant themes — AI optimism and currency debasement fears.