The Dow (DIA), S&P 500 (SPY), and Nasdaq (QQQ) all nabbed solid gains and snapped three-day losing streaks today, thanks to some much-needed Treasury relief. Following heavy yield pressure around the globe, the U.S. Treasury Department announced intentions to double long-term debt repurchases. The 10- and 30-year Treasury yield both cooled off in response.
Investors are also unpacking the Federal Reserve's July meeting minutes, which indicated support for interest rate hikes is growing if inflation remains elevated. Wall Street also enjoyed a record-breaking day from Moderna (MRNA), following upbeat melanoma vaccine trial data.
Gold (GLD), Crude Prices Log Notable Gains
Crude prices remained elevated as traders watched increased tensions develop in the Middle East. September-dated West Texas Intermediate (WTI) oil added 1% to settle at $85.83 per barrel.
Gold futures enjoyed a surge this afternoon, earlier tapping more than two-month highs as bond yields cooled off. The most-active December-dated gold futures added 2.8% to settle at $4,545.30 for the day.
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