Dow Adds Triple Digits; Nasdaq Slides on Trade Turmoil

A strong start to earnings season helped offset some tech sector pressure, with several bank stocks enjoying gains. U.S.-China trade tensions contributed to volatility, though the Dow reversed earlier losses to log a triple-digit pop. The S&P 500 settled modestly lower, while the tech-heavy Nasdaq shed 172 points.

A major contributor to today's stress were the sanctions China placed on five of Hanwha Ocean's subsidiaries in the U.S. Plus, President Donald Trump threatened to introduce a cooking oil embargo on China, after it refused to buy U.S. soybeans. Amid today's mixed sentiment, the VIX logged its best day since April 4.

Continue reading for more on today's market, including: 

Gold Extends Record Run Higher

Oil futures moved lower after the International Energy Agency (IEA) flagged potential crude oversupply for 2026. Continued trade tensions between China and the U.S. also weighed. December-dated West Texas Intermediate (WTI) crude fell 1.3%, or 79 cents, to settle at $58.70 per barrel. 

It was another record-breaking session for gold, with the metal seeing $4,179.48 at its session peak. Trade tensions and rate cut hopes sent December-dated gold futures up 0.2% to settle at $4,142.60 per ounce.