Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.

Gold futures start the short week with sharp losses, returning all gains made in Friday's rally, although the metal remains up more than 25% YTD. Gold surged Friday after President Trump said he was hitting the European Union with a fresh 50% tariff,

The European Union plans to accelerate trade talks with the US, focusing its new strategy on critical sectors as well as tariff and non-tariff barriers, just six weeks before President Donald Trump's threatened 50% tariffs come into effect.