Wall Street posted a losing session, and all three indexes logged steep declines for February, pulling back from a strong start to the year. The 10-year Treasury yield surged to its highest level since November today, as investors continue to weigh the impact of a higher-for-longer interest rate policy. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), meanwhile, logged a healthy monthly win.
GOLD, AND OIL POST DAILY GAINS, LOSE FOR MONTH
Oil futures rallied today, but logged a 2.3% dip in February to lock in its fourth-straight monthly loss. Black gold was pressured down by a warm weather in the U.S. and Europe, as well as mixed inflation data and hawkish Fed commentary. Still, for the session, April-dated crude futures tacked on $1.37, or 1.8%, to close at $77.05 per barrel.
Gold prices rose Tuesday, but still posted a 5.6% monthly loss -- its largest such decline since June 2021 -- as inflation and a higher-for-longer interest rate hike outlook weighed on the precious metal. On Tuesday, April-dated gold futures added $11.80, or roughly 0.7%, to settle at $1,836.70.
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