Wall Street had a rough Tuesday, extending losses into midday trading as the Middle East flared up again and investors tried to make sense of what's been a wild week for markets. But the real story was gold—which staged an absolutely ferocious comeback after getting hammered for two straight days.
SPDR Gold Shares (GLD) surged more than 6%, blasting past $4,950 per ounce and putting the precious metal on track for its best day since November 2008. Yes, that November 2008—right in the thick of the financial crisis. This is the kind of move that makes people sit up and pay attention.
The rebound comes after a brutal selloff sparked by concerns that Kevin Warsh's appointment as the next Federal Reserve chair could bring a more restrictive monetary policy regime. That pressure had crushed precious metals in recent sessions, but Tuesday's bounce-back was equally dramatic.
Silver joined the party too, snapping back nearly 9% to $86 after plunging more than 30% over the previous two trading sessions. When metals move like this, you know something interesting is happening.
Meanwhile, energy markets perked up on renewed geopolitical stress. Crude oil climbed 1.8% to $63 a barrel after U.S. officials told Reuters that American forces shot down an Iranian drone that had approached a U.S. Navy aircraft carrier in the Arabian Sea. Nothing focuses the energy market's attention quite like Middle East military incidents.
The broader stock market wasn't having as much fun. After briefly flirting with the 7,000 level intraday, the S&P 500 slipped 0.5% to 6,920. The Nasdaq 100 had a rougher go of it, falling nearly 1.5% to 25,350. The Russell 2000 slid 0.7%, while the Dow Jones Industrial Average eased 0.5%.
Technology weakness remained concentrated in software names, where the pain continued. The iShares Expanded Tech-Software Sector ETF (IGV) dropped 4.8%, heading for a fifth consecutive daily decline. Software stocks have been in the penalty box for a while now, and Tuesday didn't offer much relief.
There were bright spots, though. Palantir Technologies Inc. (PLTR) jumped nearly 8% after reporting earnings that topped expectations and issuing upbeat guidance. When you can beat expectations and raise guidance in this environment, investors will reward you.
Energy stocks dominated sector performance, with the energy sector up 2.62%. Exxon Mobil Corp (XOM) rallied 4.2%, while ConocoPhillips (COP) and SLB Ltd (SLB) gained 2.8% and 2.2%, respectively.
Chevron Corp. (CVX) rose over 2% to $177 per share, hitting a two-year high. The energy rally got some additional fuel from news that the U.S. government is preparing to issue a general license that would allow companies to pump oil in Venezuela, according to people familiar with the matter.
The move—expected as soon as this week—would mark a further easing of sanctions as part of the Trump administration's effort to revive Venezuela's struggling energy industry. More supply potential typically wouldn't boost oil prices, but the market seemed to view it as positive for energy companies' operational flexibility.
In digital assets, Bitcoin (BTC) resumed its decline, sliding more than 3% to around $75,000. Crypto continues to struggle as the traditional safe havens like gold regain their appeal.












