Stock Market Update

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.21%) is the worst-performing major average to this point on Wednesday, albeit on gains of more than 44 points.

Gold futures settled $15.50 higher (+0.5%) at $3,433/oz; the rise comes amid a swirl of conflicting market forces: a firming U.S. dollar and rising Treasury yields exert modest pressure, but these were offset by heightened political risk and growing expectations of a dovish Federal Reserve. Investors are rattled by President Trump's threat to fire Fed Governor Lisa Cook, an action that could undermine central bank independence and spook markets, while markets are increasingly pricing in an 87% chance of a 25 basis-point rate cut at the Fed's September meeting. This cocktail of monetary policy uncertainty and geopolitical risk continues to buoy gold as a safe-haven asset.

Meanwhile, the U.S. Dollar Index is now down -0.1% to $98.19.