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Wall Street saw a sharp dip at the open on Tuesday as stocks shed gains amid fresh tariff jitters, while Treasury yields rose and gold reached a new all-time high.<\/p>\n
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The Dow Jones Industrial Average shed more than 500 points, or 1.1%, and the S&P 500 slipped 1.2%, as Wall Street\u2019s holiday-shortened trading week began on a negative note. The Nasdaq Composite led the major gauges lower, sliding about 1.4% at the open and continuing the downbeat move noted at last week\u2019s close.<\/p>\n
Cryptocurrencies have also mirrored stocks, with Bitcoin (BTC) struggling below $110k and Ethereum (ETH) pared gains despite increased corporate treasury moves.<\/p>\n
While U.S. stocks dipped, Treasury yields rose and gold marched to a new all-time high. The 30-year U.S. Treasury yield jumped to 4.98%, while the benchmark 10-year yield climbed to near 4.3%. <\/p>\n
Elsewhere, gold prices surged to a new all-time high of $3,508 an ounce, with the uptick sending the precious metal past its previous peak hit in April.<\/p>\n
Gold\u2019s rally comes amid market anticipation around interest rates. Investors have increased the odds of a Federal Reserve interest-rate cut in September following Fed Chair Jerome Powell\u2019s hint at the move in his speech at the Jackson Hole event in August.<\/p>\n
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The week ahead will provide key insights into the stock market sentiment after last week\u2019s dip on hot inflation data. For the short trading week, the main focus will be the August jobs report set for release on Friday. Ahead of this, investors will have more to digest with U.S. manufacturing, job openings, and private payrolls data.<\/p>\n
Investor focus is also on the tariffs front, with President Donald Trump\u2019s trade policy receiving a legal blow after a federal appeals court ruled<\/a> that most of Trump\u2019s reciprocal tariffs are unconstitutional. The matter is likely headed to the Supreme Court, and markets will be keen on this development.<\/p>\n