Trump’s Tariffs and Fed Nominee Shake Markets as Commodities React

Wall Street opened cautiously higher as traders digested President Trump's surprise nomination of Stephen Miran to the Federal Reserve Board. The MOVE signals potential accelerated rate cuts—a policy shift long advocated by Trump. This development coincided with the implementation of sweeping new tariffs, disrupting global trade flows and injecting volatility into commodity markets.

Gold futures surged to record highs above $3,500 an ounce after U.S. tariffs targeted 1-kilogram Gold bars, creating an unusual price divergence from London's spot market. Meanwhile, oil extended its losing streak to seven sessions—the worst since 2021—as supply concerns mounted following U.S. sanctions on Indian purchases of Russian crude.

The dual forces of monetary policy uncertainty and trade disruptions are forcing investors to recalibrate risk exposure. Energy and mining stocks remain particularly sensitive to these commodity swings, while broader indices tread carefully ahead of anticipated Fed action.