Russell 2000 Rallies, Gold And Silver Extend Losses: What’s Moving Markets Monday?
Wall Street rebounded at the start of the new month after Friday’s broad sell-off, but pressure on precious metals intensified as investors reassessed the Fed outlook.
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By midday trading in New York, the Russell 2000 outperformed large-cap peers, rising 1.4% after losing 1.6% Friday. The Nasdaq 100 jumped 1.1%, while the S&P 500 rose 0.7%.
Markets digested the fallout from President Donald Trump‘s nomination of Kevin Warsh as the next Federal Reserve chair, a move seen as signaling a more hawkish stance on the central bank’s balance sheet.
Gold extended Friday’s rout, sliding more than 4% from Friday’s close to $4,670 per ounce. Silver plunged 8% to $77.88. On Friday, gold had dropped 9%, while silver collapsed 26%.
Economic data added to the upbeat tone on the stock market. The ISM Manufacturing PMI unexpectedly surged to three-year highs, signaling renewed momentum in factory activity.
Meanwhile, the Bureau of Labor Statistics said …
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