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After a volatile day that earlier saw the Dow up triple digits, the blue-chip benchmark settled 255 points lower amid tariff fatigue, especially as Caterpillar (CAT) warned of a $1.5 billion profit hit due to tariffs. The S&P 500 settled just below fair value, while the Nasdaq marked a fresh record close on news that President Trump's 100% levies on imported chips will not apply to companies “building in the United States.” Plus, Trump revealed that Stephen Miran, chair of the Council of Economic Advisors, will replace Adriana Kugler on the Federal Reserve Board of Governors.
Continue reading for more on today's market, including:
Oil prices edged lower on Thursday, as investors debated whether an end to Russia's war with Ukraine could be imminent ahead of a meeting between President Trump and Russian President Vladimir Putin in the coming days. September-dated West Texas Intermediate (WTI) fell 46 cents, or 0.7%, to close at $66.43 per barrel.
Gold prices settled higher, and earlier surged to a two-week high as demand for the safe-haven commodity rose amid heightened trade tensions and the potential for interest rate cuts. August-dated gold futures rose 0.6% to settle at $3,452.60 per ounce.
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