Wall Street Closes Higher in Volatile Session Ahead of U.S. Presidential Debate
Treasury yields dipped to new lows, Brent crude oil dropped below $70 per barrel, and gold appreciated to over $2,500 per ounce.
It was a whirlwind of emotions. Wall Street climbed in a volatile Tuesday session where conservative estimates from a top banking executive caught investors off guard.
JPMorgan Warned about Deteriorating Outlook for U.S. Banking as Interest Rates Decline and Interest Income Falls. Inestors are awaiting the first presidential debate between Kamala Harris and Donald Trump, but the tech sector provided a cushion that helped deliver a positive final balance.
Shaking off afternoon losses, the Nasdaq rose by 0.84% and the S&P 500 gained 0.45%, while the Dow Jones moderated its losses to a 0.23% decline by the close of trading. Oracle’s strong quarterly results (up 11.44%) supported the influential tech sector, as it was the best-performing stock among the S&P 500 and reached a new all-time high.
Wall Street’s banking index fell by 1.84%, briefly dragging the entire market down. JPMorgan President Daniel Pinto, speaking at a conference, said he expects to see lower net interest income in 2025, compared to analyst estimates, which he described as “not very reasonable.”
Treasury yields dipped to new lows, Brent crude oil dropped below $70 per barrel, and gold appreciated to over $2,500 per ounce amid renewed concerns about the state of the global economy.
Also factored into the day’s movements were a solid three-year Treasury auction and a new OPEC+ report. For commodities overall, weak Chinese import growth reported on Tuesday had already caused some unease.
All of this is happening against the backdrop of election season, as tonight’s debate between Harris and Trump could shed light on what has so far been a tight presidential race.
Finally, on Wednesday, the U.S. will release the August Consumer Price Index (CPI), the last key macroeconomic data point before the highly anticipated Federal Reserve meeting next week, where the start of a monetary easing cycle is expected.
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