European equity markets moved lower on Tuesday as higher oil prices and rising government bond yields increased investor attention on inflation and the outlook for interest rates.

Sovereign borrowing costs rose across Europe as a global bond sell-off continued. Germany’s 30-year government bond yield reached a fresh 15-year high, while the equivalent French yield climbed to its highest level since 2008.

Investors were assessing developments in the Middle East while awaiting U.S. labour market data later this week for further indications on the Federal Reserve’s monetary policy outlook.

Higher energy prices have also increased expectations for tighter monetary policy in Europe. Markets are assessing the possibility of a 25-basis-point interest-rate increase from the European Central Bank at its September 9-10 meeting, although the ECB has not yet made its decision.

DAX leads declines across European markets

Germany’s DAX fell 1%, while the UK’s FTSE 100 declined 0.6% and France’s CAC 40 was down 0.2%.

In London, Ashtead Technology Holdings (LSE:AT.) shares fell after the subsea equipment rental specialist reported a 7% decline in first-half EBITA.

Frasers (LSE:FRAS) also traded lower after the retailer announced that it was reviewing its support for Hugo Boss supervisory board Chair Stephan Sturm.

AstraZeneca (LSE:AZN) declined despite reporting positive high-level results from the SANOVO Phase III trial in China.

Advertising group WPP (LSE:WPP) also moved lower following an announcement that it plans to eliminate up to 1,000 additional positions by the end of 2026.

Elsewhere, Partners Group Holding (TG:P2H) shares fell after the Swiss private equity firm replaced chief executive David Layton following disruption affecting its funds.

Energy shares rise as Brent approaches $92

Energy companies were among the areas of the market moving higher as Brent crude approached $92 a barrel.

TotalEnergies (EU:TTE), BP Plc (LSE:BP.) and Shell (LSE:SHEL) gained as investors continued to assess the potential for prolonged disruption to energy flows through the Strait of Hormuz.

Higher crude prices can support revenue expectations for oil producers, although individual share-price movements can reflect multiple company-specific and market factors.

German fragrance, flavour and beauty ingredients company Symrise (TG:SY1) also advanced after agreeing to sell AmeriTerpenes LLC, its terpene ingredients business, to private equity investor Mutares SE & Co. KGaA.

European markets remained focused on movements in government bond yields, energy prices and developments in the Middle East, alongside upcoming U.S. labour market data and expectations for monetary policy on both sides of the Atlantic.

U.S. equity futures traded close to unchanged levels early Tuesday as markets monitored the outlook for interest rates, higher crude prices and renewed military activity involving the United States and Iran.

Investors were also assessing a rise in Japanese government bond yields ahead of several U.S. economic releases, including labour market and manufacturing data.

Wall Street futures flat ahead of economic releases

At 03:40 ET, futures linked to the S&P 500, Nasdaq 100 and Dow were broadly unchanged.

The moves followed declines on Wall Street in the previous session, when higher U.S. Treasury yields and rising oil prices formed part of the market backdrop.

Attention is turning towards Friday’s nonfarm payrolls report, which will provide another measure of U.S. labour market conditions ahead of the Federal Reserve’s September policy decision.

Tuesday’s calendar includes the July Job Openings and Labor Turnover Survey and the ISM manufacturing index.

Japanese 10-year yield moves above 3%

Japan’s benchmark 10-year government bond yield climbed above 3% on Tuesday, reaching that level for the first time since September 1996.

The yield has more than tripled since 2024 as the Bank of Japan has shifted away from its previous ultra-loose monetary policy.

Investors are also monitoring the effect of higher energy costs on Japanese inflation and the potential implications for future Bank of Japan interest rate decisions.

Higher yields on Japanese government debt could affect the relative attractiveness of overseas assets for domestic investors, although the extent of any resulting changes to investment allocations remains uncertain.

Brent trades above $91 as markets monitor Strait of Hormuz

Crude prices extended their gains on Tuesday amid continued military exchanges involving the United States and Iran.

At 01:02 ET, Brent crude futures were 1.1% higher at $91.51 per barrel, while WTI futures rose 1.4% to $86.99. Both benchmarks had advanced nearly 3% in the previous session.

The latest developments followed U.S. strikes against Iranian military targets on Larak Island and subsequent Iranian missile attacks on U.S. military facilities in Jordan.

President Donald Trump has also raised the possibility of further military action against Iran.

Markets are monitoring the developments for their potential effect on energy supplies and shipping through the Strait of Hormuz.

Tanker incident adds to shipping concerns

The Strait of Hormuz remains a focus because of the volume of crude oil and petroleum products transported through the waterway.

According to the United Kingdom Maritime Trade Operations agency, a tanker was struck by three unidentified projectiles while leaving the strait on Monday.

The duration and scale of any disruption to commercial shipping remain uncertain. Any sustained reduction in energy shipments through the waterway could affect global oil supplies and prices.

Higher energy prices could also contribute to inflation through transportation, production and consumer energy costs.

U.S. labour and manufacturing data in focus

Investors will receive the July JOLTS job openings report and ISM manufacturing index later Tuesday.

Federal Reserve Governor Michael Barr is also scheduled to speak.

Markets are assessing the possibility of another interest rate increase after Federal Reserve Chair Kevin Warsh recently adopted a more hawkish tone.

Tuesday’s releases and Friday’s nonfarm payrolls report will provide additional economic information ahead of the Federal Reserve’s September interest rate decision.

European equities were broadly unchanged on Tuesday as investors assessed higher global bond yields, developments in the Middle East and economic data scheduled for release later in the day.

The pan-European STOXX 600 traded flat, while Germany’s DAX declined 0.6% and France’s CAC 40 gained 0.1%. London’s FTSE 100 fell 0.4%.

Energy producers benefited from higher commodity prices, while other sectors traded lower amid rising sovereign borrowing costs and concerns about the potential inflationary effects of higher energy prices.

Japanese government bond yields reach generational high

Fixed-income markets remained a focus after the yield on Japan’s benchmark 10-year government bond rose to its highest level in a generation.

U.S. Treasury and European sovereign bond yields also increased as investors adjusted interest-rate expectations amid inflation concerns and government debt issuance.

Higher yields affected rate-sensitive sectors including technology, real estate and high-dividend utilities, as investors assessed the impact of higher discount rates on equity valuations.

Markets assess further U.S.-Iran military exchanges

Geopolitical developments also remained in focus following further military exchanges involving the United States and Iran.

Iran launched overnight missile strikes targeting two U.S. military bases in Jordan following U.S. strikes against Iranian targets earlier in the week.

U.S. President Donald Trump subsequently raised the possibility of additional military action against Iranian infrastructure.

Energy commodity prices increased as markets assessed the potential impact of continued military activity on supplies and commercial shipping through the Strait of Hormuz.

Eurozone inflation and U.S. JOLTS data awaited

Investors were also awaiting August eurozone Consumer Price Index data, with the figures expected to provide further information on underlying inflation ahead of the European Central Bank’s policy meeting next week.

Market participants were assessing the possibility of another 25-basis-point interest rate increase from the ECB, although the decision remains subject to incoming economic data and the central bank’s assessment.

In the United States, the July Job Openings and Labor Turnover Survey is also due, providing additional information on labour market conditions ahead of Friday’s nonfarm payrolls report and the Federal Reserve’s September policy decision.

Across regional markets, industrial, automobile and consumer stocks were among the areas facing pressure. The FTSE 100 recorded a smaller decline than Germany’s DAX, with energy and mining companies accounting for a substantial proportion of the UK benchmark.

FTSE opens flat as bond and Middle East risks weigh, while Alien Metals secures exploration funding and Brent crude moves higher.

Market Overview

The FTSE 100 opened broadly unchanged at 10,824.60, as London markets returned from the bank holiday amid pressure from a global bond sell-off and renewed Middle East tensions. The Euronext 100 gained 0.06 per cent to 1,916.51, while Germany’s DAX fell 0.29 per cent to 26,181.16. In the US, the Nasdaq closed lower at 26,370.89 and the S&P 500 declined to 7,686.14. Higher borrowing costs and renewed geopolitical concerns weighed on broader risk appetite.

Commodity markets reflected renewed concerns over Middle East supply disruption, with Brent crude moving higher alongside copper, gold and natural gas. Bitcoin was unchanged against sterling. The US dollar, Swiss franc, euro and Japanese yen weakened marginally versus the pound, while the Australian dollar strengthened slightly. Oil markets remained focused on renewed US-Iran fighting and risks to shipping through the Strait of Hormuz.

---

Market Numbers

FTSE 100: Up (0.001%), 10,824.60
Euronext 100: Up (0.06%), 1,916.51
DAX: Down (-0.29%), 26,181.16
NASDAQ: Down, 26,370.89
S&P 500: Down, 7,686.14

---

In the Headlines

Exploration funding – Alien Metals (LSE:UFO)
Alien Metals’ joint venture partner West Coast Silver has secured commitments to raise A$6 million for further exploration at the Elizabeth Hill Silver Project. The funding supports additional drilling and technical work while Alien retains its 30% free-carried project interest and equity exposure to West Coast Silver.

New U.S. partner – Futura Medical (LSE:FUM)
Futura Medical reported first-half revenue of £1.62 million and appointed Market Performance Group as its new U.S. commercial partner for Eroxon. The consumer healthcare company is reshaping its U.S. commercial strategy while seeking further funding and partnerships to support its operations and product pipeline.

---

Currencies (vs GBP)

USD: Down (-0.01%), $1.3549
CHF: Down (0.00%), Fr.1.0952
EUR: Down (0.00%), €1.1662
JPY: Down (0.00%), ¥216.443
AUD: Up (0.00%), $1.8894
Bitcoin (BTC/GBP): Unchanged, £58,067.58

---

Commodities

Copper: Up
Gold: Up
Brent Crude: Up
Natural Gas: Up

UK equities traded lower on Tuesday as London markets reopened following the bank holiday weekend, with investors assessing higher global bond yields, developments in the Middle East and domestic shop price inflation data.

The FTSE 100 fell 0.3% to around 10,798 points, following declines across European equity markets during Monday’s session, when UK markets were closed.

Higher oil prices provided some support for energy companies including Shell and BP, while housebuilders, consumer stocks and mining companies traded lower.

Global bond yields move higher

Moves in fixed-income markets formed part of the backdrop for Tuesday’s equity trading, with the benchmark 10-year Japanese government bond yield reaching a generational high.

U.S. Treasury and European borrowing costs also increased following comments from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium on Friday.

Higher bond yields can affect the relative valuation of equities by increasing the returns available on fixed-income assets and raising borrowing costs.

Brent crude approaches $91 amid Middle East developments

Investors were also monitoring developments involving the U.S. and Iran following military exchanges over the extended weekend.

U.S. forces carried out strikes against Iranian rocket launchers on Larak Island in the Strait of Hormuz, followed by Iranian missile strikes against U.S. military bases in Jordan.

Brent crude moved towards $91 per barrel as markets assessed the potential impact of the conflict on shipping through the Strait of Hormuz.

The increase in oil prices supported shares of some energy companies while adding to market attention on the potential effect of higher energy costs on inflation.

Bunzl gains following half-year results

Among individual London-listed companies, Bunzl (LSE:BNZL) rose 1.8% after the distribution and services group reported its half-year financial results.

The company was among the gainers in a session in which the FTSE 100 traded moderately lower.

UK markets open little changed as Watkin Jones holds FY26 guidance and Goodwin’s profit surges 118 per cent, while Brent crude extends its pullback.

Market Overview

UK shares opened little changed on Friday, with the FTSE 100 essentially flat at 10,792.46 as investors stayed cautious ahead of Federal Reserve Chair Kevin Warsh’s Jackson Hole address. The Euronext 100 opened firmer at 1,914.88, up 0.10 per cent, while Frankfurt’s DAX advanced to 26,494.61, a rise of 0.48 per cent, as European sentiment steadied after a volatile week marked by elevated euro-zone bond yields. Wall Street had closed higher on Thursday, with the Nasdaq Composite up 411.15 points, or 1.57 per cent, to 26,541.35, and the S&P 500 gaining 55.29 points, or 0.72 per cent, to 7,730.99, setting a firmer tone into the European session.

In commodities, copper and gold edged higher while Brent crude slipped further, extending a recent pullback as expanding oil flow through the Strait of Hormuz eased supply concerns despite lingering Iran-related tensions. Natural gas was little changed. Bitcoin softened slightly against sterling, while the pound was broadly steady across major pairs, nudging higher against the dollar, euro and Swiss franc but little changed against the yen and Australian dollar. Attention remained fixed on Warsh’s keynote, with European equities on course for a third successive weekly decline.

---

Market Numbers

FTSE 100: Down (-0.00%), 10,792.46
Euronext 100: Up (+0.10%), 1,914.88
DAX: Up (+0.48%), 26,494.61
NASDAQ: Up, 26,541.35
S&P 500: Up, 7,730.99

---

In the Headlines

FY26 Guidance Held – Watkin Jones (LSE:WJG)
Build-to-rent developer Watkin Jones said full-year adjusted operating profit is expected to be broadly in line with the first half, after completing two major schemes in Belfast and Cardiff delivering 1,345 rental units. Several anticipated transactions have slipped beyond the year-end due to geopolitical uncertainty and weaker transactional liquidity, though the group expects year-end net cash to exceed £61 million, underscoring balance-sheet resilience despite the deal delays.

Trading Profit Jumps – Goodwin (LSE:GDWN)
Engineering group Goodwin reported trading profit of £77.5 million for the year to April 2026, up 118 per cent, on revenue up 27 per cent to £280 million, and lifted its dividend by 18 per cent. The board has appointed Rothschild & Co to run a sale process for parts of its Mechanical Engineering division — including Steel Castings, International, Noreva, Easat Group and Pumps — with proceeds expected to be substantially returned to shareholders.

---

Currencies (vs GBP)

USD: Up (+0.00%), $1.3597
CHF: Up (+0.01%), Fr.1.0929
EUR: Up (+0.01%), €1.1667
JPY: Flat (+0.00%), ¥216.6055
AUD: Flat (+0.00%), $1.8897
Bitcoin (BTC/GBP): Down (-0.13%), £58,986.86

Commodities

Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Flat

U.S. equity futures showed limited movement on Friday as markets awaited Federal Reserve Chair Kevin Warsh’s Jackson Hole address following a technology-led advance in the previous session.

S&P 500 futures were unchanged, while Nasdaq 100 futures fell 0.3% and Dow futures gained 0.2%.

Nvidia (NASDAQ:NVDA) remained in focus after its shares advanced following the company’s latest results. PayPal (NASDAQ:PYPL), meanwhile, dropped in after-hours trading after a reported takeover approach ended, while renewed uncertainty over U.S.-Iran relations contributed to higher oil prices.

Nvidia shares gain 8.7% following outlook

Nvidia climbed 8.7% on Thursday after the semiconductor company issued a stronger-than-expected revenue outlook.

The S&P 500 subsequently closed 0.7% higher, while the Nasdaq Composite gained 1.6% and the Dow advanced 0.2%.

Nvidia’s position as a supplier of chips used in artificial intelligence infrastructure means its financial performance is also closely followed by investors assessing spending across the broader AI data centre market.

Warsh speech puts monetary policy back in focus

Investors are awaiting Warsh’s keynote speech at the Federal Reserve’s annual Jackson Hole symposium in Wyoming later on Friday.

Markets will be looking for indications of how the central bank is assessing inflation and the future direction of interest rates.

Price pressures have remained elevated in recent economic data, while Treasury yields continue to reflect concerns surrounding inflation, government borrowing and monetary policy.

Warsh’s comments could alter market expectations for interest rates, although any resulting movement in equities or bonds will depend on the substance of his remarks.

Nvidia financing programme reportedly put on hold

Nvidia is also facing attention over a financing initiative involving AI cloud companies.

The Wall Street Journal reported that the chipmaker has paused some transactions under a programme providing credit support to AI cloud businesses purchasing Nvidia chips.

Under the initiative, participating companies received financing support in exchange for a portion of their revenue.

The report said some Nvidia employees had raised concerns about potential antitrust scrutiny. The precise reason for pausing the transactions remains unclear from the source material, and the programme could still be modified.

Chief Executive Jensen Huang has previously defended Nvidia’s investments in AI start-ups, arguing that businesses in the sector require unusually large amounts of capital.

PayPal drops 12.2% after reported bid is withdrawn

PayPal shares fell 12.2% in after-hours trading after a consortium led by Advent International and Stripe ended its pursuit of the payments company, Bloomberg reported.

The prospective buyers had reportedly proposed paying $60.50 per share, implying a valuation of more than $53 billion.

According to the report, PayPal’s board viewed the price as insufficient and also raised concerns regarding regulatory and financing considerations.

Reports of potential takeover interest had previously contributed to PayPal’s recovery from a 52-week low of $38.46 after discussions emerged in July.

Brent moves above $88 as U.S.-Iran uncertainty increases

Oil prices moved higher after reports of a change in the U.S. administration’s position towards an earlier agreement with Iran.

The Trump administration has told mediators that it is no longer interested in returning to a memorandum of understanding agreed in June, according to The Wall Street Journal.

The agreement signed by President Donald Trump at the Palace of Versailles had provided a framework for reopening the Strait of Hormuz and beginning negotiations over Iran’s nuclear programme in return for sanctions relief and access to frozen Iranian assets.

The Wall Street Journal reported that Washington has since moved towards a maximum economic pressure policy and is not seeking to restore the agreement.

Brent crude subsequently traded above $88 per barrel.

The Strait of Hormuz is relevant to international energy markets because of its role in global oil shipments. A sustained change in crude prices could also influence inflation expectations and market assumptions regarding the future direction of monetary policy.

European equities moved higher on Friday, with the pan-European STOXX 600 gaining 0.6% as investors awaited Federal Reserve Chair Kevin Warsh’s address at the Jackson Hole Economic Policy Symposium.

Despite Friday’s advance, the index remained on course for a weekly decline of approximately 0.4%, which would mark its third consecutive weekly loss and its longest losing run since April 2025.

European markets faced a combination of higher sovereign bond yields, volatile energy prices and mixed regional economic data during the week.

Higher bond yields weigh on European markets

Global sovereign bond yields rose earlier in the week, pushing borrowing costs across both core and peripheral eurozone markets towards multi-month highs.

Yields subsequently eased following announcements concerning U.S. government debt buybacks and a decline in energy prices.

Nevertheless, elevated borrowing costs remained a factor for European equity valuations during the week, particularly in interest-rate-sensitive areas such as real estate.

Energy markets were also volatile as geopolitical tensions surrounding the Strait of Hormuz affected crude oil and European wholesale gas prices. Prices subsequently eased as diplomatic developments reduced some immediate concerns towards the end of the week.

ECB comments remain in focus

European Central Bank policy expectations also contributed to the week’s market backdrop.

ECB Executive Board member Isabel Schnabel reiterated that interest rates would need to rise further to bring inflation under control, according to the source material.

The comments added to investor consideration of the outlook for European monetary policy alongside movements in sovereign bond yields and energy prices.

Investors await Warsh’s Jackson Hole address

Attention on Friday turned to Warsh’s first keynote address as Federal Reserve chair at the Jackson Hole symposium in Wyoming.

Investors are looking for indications of whether the Federal Reserve intends to maintain restrictive monetary policy into the autumn amid persistent headline inflation or whether softer labour-market conditions could allow policymakers to pause.

Movements in U.S. Treasury yields can influence European sovereign bond markets, making the Federal Reserve’s policy outlook relevant for financing conditions across Europe.

Investors are also watching for comments concerning the Federal Reserve’s balance-sheet strategy as governments continue to issue substantial amounts of debt.

DAX and CAC 40 join regional advance

Major European equity indices traded higher alongside the STOXX 600 on Friday.

Germany’s DAX rose 0.5%, while France’s CAC 40 gained 0.9% after declining sharply during the previous session. London’s FTSE 100 advanced 0.4%.

Technology-related shares also received support during the session following Nvidia’s earnings outlook earlier in the week.

Friday’s gains, however, were not sufficient at the time of the source material to reverse the STOXX 600’s decline for the week.

UK stocks moved higher on Friday, with the FTSE 100 gaining 0.4% as investors awaited a speech from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium later in the day.

Despite the advance, the benchmark was on course to finish a volatile week broadly unchanged. Friday’s move followed a 0.8% decline in the previous session.

Gains among industrial mining companies and domestically focused mid-cap stocks provided support, while energy majors Shell and BP remained relatively subdued.

Investors await Federal Reserve signals

Trading remained relatively restrained ahead of Warsh’s address, with investors looking for further indications on the outlook for U.S. monetary policy.

The upcoming speech limited significant positioning across sectors as markets awaited the Federal Reserve chair’s comments.

Meanwhile, UK economic data provided a more positive domestic signal. A Lloyds Bank survey released on Friday showed business confidence increased four percentage points in August to +53%, its highest level since March.

The reading was above the 12-month average of 47%, with the survey pointing to stronger consumer spending power, improved trading prospects and a more favourable assessment of the UK economic outlook.

Shell ends talks over German refinery stake

Shell PLC (LSE:SHEL) has ended negotiations to sell its 37.5% interest in Germany’s PCK Schwedt refinery to Polish energy company Unimot, according to Bloomberg News.

The refinery has links to Russia, and the source material does not provide further details on why the negotiations ended or Shell’s plans for the stake.

Shell shares were around 0.4% higher during Friday’s session.

BP seeks mediation in Whiting refinery labour dispute

BP PLC (LSE:BP.) called on the leadership of United Steelworkers Local 7-1 to agree to federal mediation and resume formal contract negotiations concerning a months-long labour dispute at its Whiting refinery in Indiana.

The facility has a processing capacity of 440,000 barrels per day.

BP shares were also around 0.4% higher on Friday.

Brent crude heads for weekly decline

Global crude oil prices declined on Friday, leaving Brent crude on course to end a two-week run of weekly gains.

The decline followed a higher settlement on Thursday after reports that the U.S. administration remained unwilling to return to previous agreement terms with Iran.

Movements in oil prices continued to provide a backdrop for trading in the FTSE 100’s major energy companies.

U.S. equity futures moved higher on Thursday, putting Wall Street on course for a positive start as investors welcomed another strong set of results from Nvidia (NASDAQ:NVDA) and renewed their enthusiasm for artificial intelligence-related stocks.

Technology shares were positioned to lead the advance, with Nasdaq 100 futures gaining around 1%. Nvidia jumped 6.5% in pre-market trading after second-quarter results surpassed expectations and the company issued an upbeat revenue forecast for the current quarter.

The performance offered fresh evidence that spending on artificial intelligence infrastructure remains robust and helped lift sentiment across the wider technology sector.

“Nvidia once again delivered stronger-than-expected results, providing some reassurance that the AI investment cycle remains intact,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

Nvidia results put technology stocks back in focus

Nvidia’s latest numbers have taken on particular importance for the wider market because of the company’s position at the centre of the AI infrastructure boom. Strong demand for its technology is being closely watched as an indicator of whether heavy investment in artificial intelligence continues to translate into growth.

The earnings release also arrived after a subdued Wall Street session in which investors appeared reluctant to take significant positions before seeing Nvidia’s numbers.

“Assuming there is no major movement in either a positive or negative direction in geopolitical terms, tonight’s second quarter results from Nvidia are likely to set the tone for markets through the remainder of the week,” said AJ Bell investment director Russ Mould.

Federal Reserve outlook remains another key catalyst

Nvidia may dominate the immediate market narrative, but monetary policy remains firmly on investors’ radar ahead of Federal Reserve Chairman Kevin Warsh’s appearance at the Jackson Hole economic symposium on Friday.

Warsh has generally avoided offering extensive forward guidance, although markets will be looking for any indications about whether interest rates are likely to remain unchanged or move higher.

CME Group’s FedWatch Tool currently assigns a 66.1% probability to the Federal Reserve keeping rates unchanged next month, while the probability of a quarter-point increase stands at 33.9%.

PCE inflation remains sticky

The latest U.S. inflation figures reinforced the uncertainty surrounding the rate outlook. The headline personal consumption expenditures price index increased 0.2% in July after falling 0.1% in June. Economists had expected a smaller 0.1% increase.

Annual PCE inflation remained at 3.7%, rather than easing to the expected 3.6%.

Core PCE inflation, which excludes food and energy, increased 0.2% month over month, matching expectations. The annual core rate remained unchanged at 3.3%, also in line with forecasts.

The figures suggest inflationary pressures remain persistent, giving the Federal Reserve another reason to maintain a careful approach to future policy decisions.

Major indices look to recover from modest losses

Wall Street finished the previous session slightly lower following a day of narrow and indecisive trading. The Dow fell 113.52 points, or 0.2%, to 53,463.88, while the Nasdaq declined 21.10 points, or 0.1%, to 26,130.20. The S&P 500 slipped 1.58 points, or less than 0.1%, to 7,675.70.

There were nevertheless areas of strength beneath the surface. Computer hardware stocks advanced, pushing the NYSE Arca Computer Hardware Index up 1.9%, while the NYSE Arca Networking Index gained 1.6%. Natural gas shares also performed well, with the NYSE Arca Natural Gas Index rising 1.5%.

Gold stocks were among the weaker performers as precious metal prices declined, sending the NYSE Arca Gold Bugs Index down 2.9%. Pharmaceutical stocks also struggled, with the NYSE Arca Pharmaceutical Index falling 2%.

With Nvidia providing a fresh catalyst for AI and technology shares, U.S. markets appear positioned to regain momentum at the opening bell. Investors will now be watching whether the technology-led advance can broaden while awaiting Friday’s Jackson Hole speech for the next major signal on monetary policy.