Gold, Oil, and Natural Gas Extend Recent Gains; Stocks Face Headwinds

Barry Adams
17 Jun, 2025
New York City

Stocks struggled to advance on Wall Street on Tuesday amid growing geopolitical anxieties and lingering uncertainty about the U.S. trade policy. 

The S&P 500 index declined 0.4%, and the tech-heavy Nasdaq Composite decreased 0.5%, as investors worried that the recent jump in crude oil prices was likely to stoke inflationary forces. 

Crude oil prices jumped 2% to above $73 a barrel, and natural gas prices advanced about 2% and approached $3.85 per MMBTU as shipping companies reoriented away from the Strait of Hormuz. 

On Monday, the S&P 500 index advanced 0.9%, and the Nasdaq Composite gained 1.5% as investors overlooked escalating tensions in the Middle East. 

Investors are reassessing the future trajectory of benchmark indexes amid a lack of progress on trade negotiations with key trading partners, a higher-for-longer interest rate narrative, and record-high valuations. 

In addition, the passage of the mega-tax bill is less certain amid growing resistance in the U.S. Senate, as the finance committee resists large tax cuts for the wealthy and supports larger cuts for Medicaid. 

 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.3% to 6,012.31, the Nasdaq Composite edged down 0.5% to 19,606.48, and the Russell 2000 index declined 0.6% to 2,111.07.

The yield on 2-year Treasury notes edged lower to 3.96%, 10-year Treasury notes decreased to 4.42%, and 30-year Treasury bonds declined to 4.92%.

WTI crude oil increased $1.30 to $73.07 a barrel, and natural gas prices edged higher by $0.05 to $3.80 a thermal unit.

Gold increased by $10.45 to 3,394.54 an ounce, and silver edged up by $0.66 to $36.98.

The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.18 to 98.18 and traded at the lowest level since April 2022.

 

U.S. Stock Movers 

Defense stocks extended recent gains amid heightened tensions in the Middle East. 

Lockheed Martin jumped 0.7% to $470.40, Northrop Grumman added 0.7% to $501.01, and L3Harris Technologies Inc. inched up 0.6% to $249.25. 

Companies in the oil complex traded higher after crude oil prices rose as the Iran-Israel war extended to its fifth consecutive day.

Exxon Mobil Corp. added 0.8% to $113.40, Chevron Corp. increased 0.9% to $147.30, and Conoco Phillips advanced 1.1% to $95.99.