Dow, Nasdaq Gap Lower Despite U.S.-China Trade Deal

Despite spending much of the day in the black, the Dow joined the S&P 500 and Nasdaq deep in the red amid the Big Tech post-earnings breakdown. Yesterday's warning from Fed Chair Jerome Powell that there may not be more rate cuts in 2025 echoed as well. Wall Street also eyed President Donald Trump's meeting with Chinese President Xi Jingping, where the pair agreed to a one-year truce on rare earths supplies and a reduction on some Chinese tariffs.

Gold Futures Climb on Residual Fed Buzz

Crude futures are pulling back slightly as U.S.-China trade tensions fizzle out, following the respective countries' meeting that resulted in a truce. December-dated West Texas Intermediate (WTI) crude fell 35 cents, or 0.6%, to settle at $60.13 per barrel. 

Residual interest rate cut buzz pushed gold futures higher for the session. December-dated gold futures added 0.3% to trade at $4,011.80 per ounce.