The Nasdaq, Dow Jones Industrial Average and S&P 500 opened higher, attempting to claw back losses from a rocky week sparked by bond-market drama.
Here is what is driving the markets today:
Treasury yields near highs: Long-term Treasury yields stabilized today, hovering near decade-highs. Yields on 30-year bonds are around 5.27%, with 10-year yields around 4.73%.
Gold, silver, crypto and USD: Precious metals jumped early today, continuing a steady rise kicked off by Treasury Secretary Scott Bessent's bond market intervention earlier this week. Meanwhile, bitcoin is nearing $80,000 after climbing 23% this week - setting up BTC to have its best week in a while. Shares of crypto-adjacent companies are also up. The dollar, however, is continuing to stumble. It hit its lowest level since May.
Looking ahead to next week: Traders are looking ahead to a lot of news next week, including:
-- The latest GDP and PCE numbers (Wed. Aug. 26)
-- Nvidia's fiscal second-quarter earnings after the bell (Wed. Aug. 26)
-- Kevin Warsh's first Jackson Hole Economic Policy Symposium as Fed Chairman (Thu. Aug. 27 - Sat. Aug. 29)
-- The U.S. Bureau of Labor Statistics' revisions to payroll employment data