Finance

Wall Street found additional momentum as the benchmark 10-year Treasury yield pulled back slightly from near multi-decade highs to trade around 5.26%. Simultaneously, crude oil prices fell roughly 2% due to an increase in Gulf exports and European fuel releases, which helped alleviate near-term interest rate and geopolitical anxieties.

Despite the record-setting rally in major market-cap-weighted benchmarks, analysts are highlighting a significant lack of broader market participation. Reports indicate that only a small portion of S&P 500 companies are trading above their short-term moving averages, and the small-cap-heavy Russell 2000 index finished the session lower.

Economic data showed that the domestic trade gap widened unexpectedly in August to hit $105.6 billion, its highest mark since early 2025. The widening deficit outpaced economist predictions, driven by a surge in imports that hit record highs despite solid export performance from industrial goods.