Treasury yields continued their retreat while the chip sector surged, easing pressure on Wall Street. All three major indexes finished higher this afternoon, with the Dow notching its third consecutive triple-digit gain while the Nasdaq locked in a triple-digit win as well. The S&P 500 posted a more modest advance as investors looked ahead to Nvidia's (NVDA) highly anticipated quarterly report, due out after the close tomorrow.
Gains were kept in check by a lackluster consumer confidence reading, which fell to 89.4 from 90.2 in August -- its lowest level since January. Meanwhile, Canada retaliated against the Trump administration's 50% auto tariffs, announcing levies on roughly $20 billion worth of U.S. goods. Investors also continued to monitor developments between Iran and Oman.
Gold Cools From Multi-Month Highs
Fears surrounding renewed tension between the U.S. and Iran eased, though both regions were not out of the woods. In response, September-dated West Texas Intermediate (WTI) oil slid 3.1% to settle at $82.36 per barrel.
Gold futures cooled off from recent highs, but remained mostly flat for the session as the U.S. dollar remained weak. December-dated gold was trading near breakeven at $4,694.50 at last glance.
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