The Dow erased its triple-digit midday lead to snap a four-day win streak on Tuesday, while the S&P 500 managed to secure a narrow seventh-straight gain after both indexes nabbed record highs earlier. The Nasdaq also gave back most of its gains but settled higher after better-than-expected retail sales data for August. Traders are eyeing the conclusion of the Federal Reserve’s meeting tomorrow, with the majority now expecting a 50-basis point interest rate cut, per CME Group’s FedWatch tool.
Oil Edges Higher as Gold Takes Breather
Oil prices rose on Tuesday amid escalating tensions in the Middle East that may disrupt crude production. Specifically, several pagers that exploded in Lebanon were reportedly carried by Hezbollah operatives. October-dated West Texas Intermediate (WTI) crude added $1.10, or 1.6%, to close at $71.19 a barrel. Gold prices cooled off after their recent streak of record highs, as the U.S. dollar and Treasury yields stabilized before the Fed’s rate decision. Gold for December delivery was last seen 0.6% lower at $2,592.40.More By This Author:Dow, SPX Score Record Highs Ahead Of Rate Cut Decision
Dow, SPX Log 4th-Straight Monthly Win
Dow, S&P 500 On Track For 4th-Straight Monthly Wins
