Pre-Market Stock Futures:
Futures are trading mixed after a strong bounce-back day for all the major indices, except the Nasdaq. Powerful earnings releases for the second quarter, tumbling oil prices, and most across Wall Street agree that the Federal Reserve Chariman Kevin Warsh will keep interest rates where they are now. The Dow Jones Industrial traded over 500 points higher to close up 1.03% at $52,747, while the S&P 500 had a more muted day, gaining 0.21% to 7,428. The small-cap Russell 2000, which is still leading all of the major indices this year, closed at 2,954, up 0.25%. The Nasdaq, which closed well off the lows of the day, was under pressure again as semiconductor stocks continued to be sold amid a big rotation. When the final bell rang, the Nasdaq stood at 28,876, down 0.22%. With more big earnings on the way this week, we could see more of the same.
Treasury Bonds:
Just like Monday, yields were lower across the entire yield curve for the same reason: investors grabbed some of the highest Treasury yields since 2025. Falling oil prices and concerns over inflation were a solid tailwind for the Treasury complex and could continue this week if rates do indeed stay where they are. The 30-year long bond closed Tuesday’s session at 5.09%, while the 10-year note was last seen at 4.60%.
Oil and Gas:
Oil prices plunged again on Tuesday to a 2-week low as hopes for a settlement of the Iran conflict remained an ongoing triggering flash point for every move higher or lower. When the final bell rang, Brent Crude closed at $83.92, down 5.02%, while West Texas Intermediate closed at $79.18, down 4.15%. Natural gas closed the day at $2.64, down 4.55%.
Gold:
Things didn’t go quite as well for the precious metals on Tuesday. A stronger dollar and some caution ahead of the Federal Reserve meeting, where the higher-for-longer mantra is becoming more entrenched, weighed on prices. The closing price for Gold was $4,029, down 1.14%, while Silver closed at $57.01, down 2.21%.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Caterpillar didn’t make the cut. Grab the names FREE today.
Crypto:
Cryptocurrency markets traded lower on Tuesday, pushed down by falling Bitcoin prices, fading hopes for the CLARITY Act, and caution ahead of the Federal Reserve meeting. Bitcoin dropped approximately 3% to $63,000, touching a 10-day low and briefly dipping to $62,684 before recovering later in the afternoon. At 8 AM EDT, Bitcoin traded at $64,405, while Ethereum traded at $1,912.
