Market Close — Stocks Slip as Oil Climbs, Gold Falls

U.S. stocks eased Wednesday as traders balanced rising oil prices, softer gold and a growing drumbeat of Washington risk. The Dow Jones Industrial Average fell 171.50 points, or 0.37%, to 46,121.30. The S&P 500 slipped 18.94, or 0.28%, to 6,637.98, while the Nasdaq Composite declined 75.62, or 0.33%, to 22,497.90

Commodities sent mixed signals. U.S. crude futures for November delivery rose 2.24% to $64.83, while December gold fell 1.72% to $3,750.20. Rising oil can bolster revenue expectations for energy producers even as it rekindles debate over input costs, while weaker bullion often reflects ebbing demand for havens.

Investors also weighed fiscal brinkmanship. Investors are watching Washington D.C. and the threat of a government shutdown next week. "The markets have a pretty healthy cynicism about how Washington does business," FBB Capital Partners Sr. Portfolio Manager Mel Casey tells AInvest . He says that markets typically key off rates and earnings rather than the theatrics themselves, with the market response hinging primarily on how long a shutdown lasts. Historically, brief interruptions have had negligible effects on broad indexes. "I would argue that a long shutdown is probably unlikely. But if we do go into a shutdown, it could be hours or a couple of days," Casey said. He points out that, "The Federal Reserve is in the driver's seat when it comes to the market rather than the White House and the Senate Democrats."

On the consumer front, new analysis from the Bank of America Institute shows national spending momentum improving in recent months, but the South remains the laggard. The Institute cites slower after-tax wage growth in the region—about 2% year over year in August 2025—and a softer summer tourism season, noting that international arrivals were down roughly 3% YoY in August. Such pockets of regional softness complicate the growth picture even as overall spending stabilizes.

Policy remains another swing factor for materials shares. New reports indicate that Washington is considering taking an equity stake in Lithium Americas as it renegotiates a DOE loan tied to the Thacker Pass project—an interventionist step aimed at securing domestic critical-minerals supply. The headline lifted lithium names on the day, underscoring how industrial policy can quickly ripple across subsectors.

WATCH: Capitalism Under Attack — Why Socialism Fails Every Time