US broader indices close lower on the day. Nasdaq 100 closes marginally higherTrump to announce new drug pricing agreement.Strategic Petroleum Reserves fell by 3.1M barrels to 286.6M barrels. Who is to blame?Buyers in crude oil had their shot to take price higher from a technical perspective and they missed.European shares close closely lower. UK's FTSE 100 and Italy's FTSE MIB close higherTreas Sec Bessent: Oil price are going to come down. US 10 year yield is where it was when Pres. Trump took office.Treas. Sec Bessent at the G20: Iran taking sanctions seriouslyTrump: Iran has no Navy and Air Force.The USD is lower vs major currencies. In the video, I ake a look at the EURUSD, USDJPY and GBPUSD to kickstart the weekinvestingLive European markets wrap: Oil holds higher, regional yields push upOne trading day after Fed Chair Kevin Warsh delivered a more hawkish message at Jackson Hole—sending Treasury yields and the US dollar higher while lifting the probability of a September rate hike back toward 65%—the greenback corrected lower against all the major currencies.The USD fell the most against the CAD (-0.31%) and EUR (-0.27%). The declines against the JPY (-0.19%) and CHF (-0.11%) were more modest, while the greenback was little changed against the GBP, AUD and NZD.Treasury Secretary Scott Bessent may have given dollar sellers an additional reason to push the greenback lower when he noted that the Federal Reserve traditionally does not raise rates in response to a supply shock. The market-implied probability of a September hike was little changed, but his comment could provide Chair Warsh with some justification to delay tightening. However, monetary policy is decided by the full FOMC, and several Fed officials continue to lean toward a rate increase.Bessent also played down concerns about rising Treasury yields, calling the US bond market the most resilient in the world. He noted that the 10-year yield is near where it was when President Trump took office. He added that if investors were genuinely concerned about US debt, they would be selling Treasuries and buying the bonds of other countries—and that is not what the market is showing.Despite those comments, US Treasury yields finished higher, led by the longer end of the curve:2-year yield: 4.3478%, down 0.2 basis points5-year yield: 4.5037%, up 2.2 basis points10-year yield: 4.756%, up 3.4 basis points30-year yield: 5.2486%, up 4.1 basis pointsIn the foreign exchange market:EURUSD rose 0.27% to 1.1615USDJPY fell 0.19% to 159.74GBPUSD rose 0.07% to 1.3544USDCHF fell 0.11% to 0.8083USDCAD fell 0.31% to 1.3858AUDUSD rose 0.07% to 0.7164NZDUSD rose 0.07% to 0.5914The broader US stock indices closed mostly lower, although the final declines could have been worse. The Dow was the weakest performer, led by declines in Amazon (-2.50%), Honeywell (-1.79%) and Sherwin-Williams (-1.73%). The Nasdaq 100 bucked the trend and eked out a small gain.Dow Industrial Average fell 374.02 points, or 0.70%, to 53,191.33S&P 500 fell 25.60 points, or 0.33%, to 7,686.15Nasdaq Composite fell 31.53 points, or 0.12%, to 26,370.89Russell 2000 fell 15.92 points, or 0.54%, to 2,956.45Nasdaq 100 rose 23.55 points, or 0.08%, to 29,456.97At the session lows, the Nasdaq Composite was down 152.60 points, while the S&P was lower by 46.69 points. The Nasdaq 100 was down 128.93 points before rebounding to close higher by 23.55 points.Some notable winners included:Roblox rose 7.16% to $41.29CrowdStrike rose 5.77% to $231.00Tesla rose 5.51% to $367.95SanDisk rose 5.50% to $1,566.70Strategy rose 4.42% to $132.94Some notable losers included:Celsius fell 4.64% to $31.45Lyft fell 4.52% to $16.90Wynn Resorts fell 4.18% to $91.28Alibaba fell 4.10% to $114.02Uber fell 4.02% to $75.65Shopify fell 3.62% to $147.37In other markets, crude oil was the standout as Middle East tensions pushed prices sharply higher. Bessent said oil prices will eventually come down and argued that Operation Outcast will pressure Iran into making a deal. Gold edged lower, while silver and Bitcoin moved higher.WTI crude oil rose $2.78, or 3.33%, to $86.18Gold fell $6.11, or 0.14%, to $4,447.57Silver rose $0.15, or 0.23%, to $66.49Bitcoin rose $1,201, or 1.55%, to $78,903Overall, it was a day marked by a weaker US dollar, higher long-term yields, sharply higher oil prices and modest pressure on US equities. However, the rebound from the stock market’s intraday lows took some of the sting out of the declines. This article was written by Greg Michalowski at investinglive.com.