US stocks gained on Tuesday as investors brushed aside worries about new trade measures against Canada and Iran, looming Nvidia earnings, and predictions for Kevin Warsh’s first Jackson Hole speech as Fed chair.
The Dow Jones Industrial Average and the S&P 500 rose by about 0.4%. The tech-heavy Nasdaq Composite advanced by 0.7%, recovering from Monday’s tech declines.The price of bitcoin, meanwhile, briefly surged above $80,000 for the first time in three months after the Treasury’s intervention in the bond market revived concerns about dollar debasement, sending investors to alternative assets. Gold, too, has rallied in recent days but took a breather on Tuesday.
The latest economic data on new home sales, ADP’s weekly employment change, and manufacturing activity is scheduled to be released on Tuesday in the lead-up to a PCE inflation reading on Wednesday. The data, painting a picture of current economic conditions, sets the stage for the Federal Reserve’s Jackson Hole Symposium later this week, where Fed Chairman Warsh will deliver a speech.
Yahoo Finance
