Stock Market Update

[BRIEFING.COM] With about two hours to go on Tuesday the tech-heavy Nasdaq Composite (+1.69%) holds a firm lead among the major averages.

Gold futures settled $116 lower (-3.5%) at $3,228/oz, aided in part by bargain-buying following a recent dip in prices. The dip was attributed to a temporary U.S.-China tariff truce that had previously bolstered risk appetite and diminished gold's appeal as a safe-haven asset. The truce involved significant tariff reductions: U.S. tariffs on Chinese imports were cut from 145% to 30%, and Chinese tariffs on U.S. goods were reduced from 125% to 10%, improving global market sentiment. Additionally, softer-than-expected U.S. inflation data bolstered expectations of potential Fed rate cuts, further supporting gold prices.

Meanwhile, the U.S. Dollar Index is now down -0.7% to $101.07.