Market Recap: What Drove Stocks, Bonds, and Commodities on August

After a strong end to the previous week, U.S. markets took a breather on Monday, August 25, 2025, as investors turned cautious ahead of a key tech earnings report. The day saw a broad decline across major indices, a rise in bond yields, and mixed action in the commodity and forex markets.

The three major U.S. stock indices ended the day in the red, giving back some of the gains from Friday’s rally.

• S&P 500 declined by 0.4%.
• Dow Jones Industrial Average fell 0.8%, retracting from its recent record high.
• Nasdaq Composite was down 0.2%, showing relative resilience compared to the broader market, thanks to a few tech leaders.

Notable stock movers included a sharp drop in Keurig Dr Pepper following a business restructuring announcement and a significant fall in Moderna on news related to vaccine policy speculation.

The bond market saw yields rise, which is the inverse of bond prices falling. This move came as the market digested recent dovish comments from the Federal Reserve but also prepared for potential new data.

• The 10-year U.S. Treasury yield climbed to 4.28%.
• The TLT (iShares 20+ Year Treasury Bond ETF), a fund that tracks long-term government bonds, would have seen its price decline as the underlying bond yields moved higher.

The commodity space was a mixed bag:

• Crude Oil extended its recent rally, with WTI futures gaining 1.7% to settle at $64.75 per barrel amid supply concerns.
• Gold futures slipped 0.2%.
• U.S. Natural Gas continued to face pressure, with prices falling 0.07% to $2.6960 per million British thermal units due to ample supply and moderate weather.

The U.S. Dollar Index (DXY) rebounded by 0.7%, stabilizing after its tumble on Friday. This move influenced other currencies:

• The euro saw a minor gain against the dollar.
• The dollar weakened slightly against the Japanese yen.