Darden Restaurants Expected to Have Stronger 4Q as Consumers, Economy Remain Stable — Earnings Preview

Silver prices pulled back below $37 per ounce on Wednesday, retreating from their highest level since 2012 hit in the prior session, as investors digested the Federal Reserve’s decision to keep interest rates unchanged amid heightened tensions in the Middle East. Despite the modest pullback, silver remains elevated, buoyed by strong industrial demand, persistent supply deficits, and safe-haven buying driven by geopolitical uncertainty.

The metal’s expanding role in solar energy, electronics, and electrification now accounts for over half of global demand, highlighting its growing structural importance.

On the supply side, the silver market faces its fifth consecutive annual deficit.

Geopolitical risks further boosted silver’s appeal, as Iran’s Supreme Leader rejected President Trump’s call for unconditional surrender, triggering mass evacuations from Tehran amid intensified Israeli airstrikes.

Steelmakers Nucor and Steel Dynamics appear to have sharply different takes on the economy. Nucor is forecasting 2Q EPS above Wall Street estimates, powered by better results across all its operating segments, but Steel Dynamics sees 2Q EPS well short of analyst estimates. KeyBanc Capital Markets' Philip Gibbs notes that Nucor's 1Q was unduly weak while Steel Dynamics was a bit more resilient. But both saw an uplift thanks to tariffs on steel and associated pricing benefits that Gibbs says started to show in 2Q. "I think Nucor probably leveraged the cost side, better operating levels quarter on quarter," says Gibbs. "It doesn't sound like Steel Dynamics had better operating levels." (denny.jacob@wsj.com; @pennedbyden)

Gold edged higher to above $3,390 per ounce on Wednesday, as investors weighed the Federal Reserve’s latest policy decision and rising geopolitical tensions in the Middle East. The Fed held its benchmark rate steady at 4.25%-4.5% and signaled two possible cuts later in 2025, despite persistent inflation and slowing economic growth.

The move came amid President Trump's continued criticism of Fed Chair Powell, as he called for more aggressive rate reductions.

Gold maintained its safe-haven appeal as Iran’s Supreme Leader rejected Trump’s call for unconditional surrender, prompting mass evacuations from Tehran amid intensifying Israeli airstrikes.

The escalating conflict added to global market unease.

Although the metal briefly neared a record high earlier in the week, it has since pulled back slightly.

Meanwhile, a World Gold Council survey revealed that 95% of central banks expect global gold reserves to rise over the next year, with a record 43% planning to boost their own holdings.

Gold prices got little kick from the Federal Reserve's decision of no changes to the interest rate. The announcement allowed gold to stay essentially flat as investors digest the report and await Fed Chair Jerome Powell's comments. The report kept the assumption of two rate cuts this year. Decisions of the Fed have come under consistent fire from President Trump, who again called on Powell to cut rates in comments made to the press Wednesday. Front-month gold futures gained 0.1% to $3,389.80 a troy ounce in today's session. (kirk.maltais@wsj.com)

Low export sales of U.S. soybeans are expected on Friday from the USDA's weekly export sales report. If they're as low as some analysts surveyed by The Wall Street Journal project-- as little as 50,000 metric tons — then it would be only a fraction of the nearly 500,000 tons sold for the same week last year. Brazilian soybean exports are typically the first choice for buyers at this time of year, as they wrap up their harvesting while U.S. farmers plant. "Export demand remains less for U.S. soybeans as China has been taking almost all of their exports from South America," says Jack Scoville of Price Futures Group in a note. CBOT soybeans inch up 0.1%, corn rises 0.2% and wheat climbs 4.4%. (kirk.maltais@wsj.com)