Gold notches new high as it crosses $3,800, plus Fed chair says 'no risk free path'

Market Overview - Major stock indices are experiencing losses after reaching record highs earlier in the week, with the NASDAQ leading the decline, down approximately 244 points or 1% [3][4] - The bond market shows a slight decrease in yields, with the 10-year yield at 4.12% and the 30-year yield at 4.73%, both down three basis points [5][6] - Gold futures have reached a record high of 3,800, marking a year-to-date gain of 42.77%, while Bitcoin is down 0.67% year-to-date [6][9] Federal Reserve Insights - Fed Chair Jay Powell warns of "no risk-free path" regarding monetary policy, indicating that inflation risks are tilted upwards while employment risks are tilted downwards [9][10] - Powell notes a significant softening in the labor market over the past few months, which complicates the Fed's decision-making process [11][12] - The current policy rate is viewed as only modestly restrictive, suggesting potential for future rate cuts as the Fed assesses economic conditions [22][24] Company-Specific Developments - Apple shares have rebounded following the release of the iPhone 17 lineup, but analysts express concerns over pricing pressure and lack of innovation in the product [40][41] - Disney is advised to shut down its ABC network rather than sell it, as this could enhance its revenue growth rate and overall shareholder value by approximately 10% [50][52] - CoreWeave has received upgrades from Wells Fargo and Melius Research, with analysts highlighting strong demand for cloud services [60][61] Gold Market Dynamics - Gold prices are driven by central bank purchases and a declining US dollar, with UBS projecting gold to reach 3,900 by mid-2026 if current trends continue [92][93] - China's potential role as a custodian for foreign gold reserves is seen as a bullish factor for gold prices [92] Banking Sector Outlook - The banking sector faces challenges with low loan demand, despite growing deposits, leading to increased share repurchases [95][96] - Non-bank financial companies are experiencing double-digit growth, contrasting with traditional banks [100][101] - The potential for bank mergers and acquisitions is increasing as the market stabilizes, although overpaying for targets remains a concern [101][102]