Major European stock indices closed higher for the day. Nvidia earnings after the close.Crude oil settles at $64.15U.S. Treasury sells $70 billion of 5 year notes at a high yield of 3.724%Treasury Secretary Bessent: Will start interviewing Fed candidates after Labor DayThe European indices close mostly lowerWSJ: What if Trump Runs the Federal Reserve?NY Fed Pres. Williams: Fed's independence is important. Inflation/employment more balancedThe USD has moved higher and the greenback buyers are taking back control technicallyinvestingLive European markets wrap: Dollar continues to claw back Jackson Hole declineUS MBA mortgage applications w.e. 22 August -0.5% vs -1.4% priorIt was another choppy session in FX, with the dollar moving lower early before bouncing back into the close. The greenback is ending the day mixed and little changed overall: slightly higher vs the EUR (+0.09%) and flat vs the JPY, while modestly lower against the GBP (-0.12%), CHF (-0.10%), and NZD (-0.02%). The largest moves came against the commodity currencies, with the USD down 0.33% vs the CAD and 0.25% vs the AUD.Earlier in the U.S. session, the dollar was firmer across the board, but those gains faded as the day wore on, leaving the FX market locked in another up-and-down pattern.U.S. yields reversed lower after an early rise, but the yield curve continued to steepen, with the 2s–30s spread widening to its highest level since January 2022. The move reflects growing market concern over the Federal Reserve’s independence and the potential for greater political influence on monetary policy.The U.S. Treasury’s $70 billion 5-year note auction tailed by 0.7 bps, with a high yield of 3.724% versus a 3.717% WI. The bid-to-cover was 2.36x, right in line with the 6-month average of 2.37x. Domestic demand was notably strong, with direct bidders taking 30.7% (vs 19.4% average), while indirects were softer at 60.5% (vs 69.3%). Dealers were left with 8.8%, below their 11.2% average.Overall, the auction earns a B- grade: the tail was larger than ideal, but solid domestic demand offset weaker international interest, leaving dealers with lighter allocations.The weekly oil inventory data from the EIA showed a large expected drawdown for the 2nd consecutive week. Recall crude inventories fell by -6.014M last week . The declines give the buyers a reason to bounce after points earlier this week price back below the 200 and 100 hour moving averages. A Summary of the inventory data shows:Crude oil: -2.392M vs -1.863M expected (last week -6.014M)Gasoline: -1.236M vs -2.154M expectedDistillates: -1.786M vs +0.885M expected buildCushing: -0.838M vs +0.419M last weekWTI crude oil settled at $64.15, up $0.90 (+1.42%), near the highs of the day (high $64.23, low $62.95).Technical picture:Crude briefly broke below its 200-hour moving average for the first time since August 21, but buyers defended the level and momentum shifted back higher. The inventory drawdown helped fuel a rebound back above the 100-hour MA at $63.74, putting buyers in control in the short term.For now, the 100- and 200-hour moving averages frame the near-term battleground. A sustained move back below the 100-hour MA would neutralize the bias and put sellers back in play, while staying above keeps the upside momentum alive.In other commodity news, Gold is ending the day up $-2.92 or 0.08% at $3395.Silver is trading down $0.06 or -0.17% at $38.51.Bitcoin is trading up $215 at $112,001, holding well above Monday’s low of $108,717. Despite the rebound, the price remains capped below the falling 100-hour moving average at $112,261 and the 200-hour moving average at $113,161.From a technical perspective, a sustained break above both moving averages is needed to shift the bias more bullish and open the door for further upside momentum. Until then, the broader bias remains cautious beneath those resistance levels.US stocks moving higher with the S&P closing at a new record level.Dow industrial average up 146.98 points or 0.32% at 45565.05S&P index closed at a new record high for the 19th time this year. The index rose 15.46 points or 0.24% at 6481.40.NASDAQ index rose 45.87 points or 0.21% at 21590.14.Nvidia will announce earnings at 4:20 PM ET. Shares rose down $0.26 or -0.14% at $181.51. EPS is expected at $1 (versus $0.68 last year - up 47%) while revenues are expected at $46.05 billion (up from 30.04 billion last year – up 53%).UPDATE: EPS $1.08 REV $46.74B Expectations $54B Shares down -4.5% This article was written by Greg Michalowski at investinglive.com.