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Global Markets Retreat: US Indices Fall from Records as Gold, Oil Drop on Geopolitical Easing
US stocks retreat from record highs; Gold and Crude Oil prices fall as Gaza ceasefire eases safe-haven demand.
US equity markets, specifically the S&P 500 and Nasdaq Composite, experienced a modest pullback from recent record highs on October 9th (US trading hours, overlapping 9 PM IST to 1 AM IST). The decline was driven by investor profit-taking and consolidation ahead of Q3 earnings, along with uncertainty over the ongoing US government shutdown. Concurrently, commodity prices fell sharply; Gold dropped below $4,000/oz and Crude Oil declined 1.6%, following a phase one ceasefire agreement between Israel and Hamas, which eased geopolitical tensions and reduced demand for safe-haven assets.