Stocks settled lower on Monday, as Wall Street reacted to a batch of mixed earnings reports and President Trump's 90-day extension on China's tariff truce. The Dow shed 200 points ahead of tomorrow's consumer price index (CPI) reading for July, which analysts expect to increase 0.2% month-over-month and 2.8% on an annual basis. The S&P 500 and Nasdaq also sank into the red, despite the latter earlier notching a record high. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), rose sharply after its worst week of the year, snapping a three-day losing streak.
GOLD PRICES PULL BACK FROM RECORD HIGHS
Oil prices settled higher on Monday, ahead of a Thursday meeting between Trump and Russian President Vladimir Putin in Alaska. The leaders will meet to negotiate an end to Russia's war with Ukraine. September-dated West Texas Intermediate (WTI) added 0.1% to close at $63.96 per barrel.
Meanwhile, gold prices fell from record highs after Trump said on Truth Social the yellow metal would not face tariffs. August-dated gold futures shed 2.5% to settle at $3,404.70 per ounce.
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