U.S. stocks rebounded on Monday after a turbulent overnight session that saw Asian stocks tumble. Gold and silver prices continued to drop after recent erratic movements.

The S&P 500 ended a three-day losing streak, rising 0.5%, with the Dow Jones Industrial Average climbing 1.1% and the Nasdaq composite gaining 0.6%.

Companies in computer storage and transportation sectors saw gains, benefiting from recent strong profit reports. Airlines and cruise-ship operators also benefited from lower oil prices.

Gold prices briefly dropped below $4,500 per ounce before rebounding to $4,652.60, down 1.9% from Friday. Silver prices swung wildly from a 9% loss to a 1.9% loss.

Gold and silver prices surged as investors sought safe havens amid various concerns. Recent price drops were attributed to President Trump’s nomination of Kevin Warsh as the next chair of the Federal Reserve.

The Fed’s chair plays a significant role in influencing the economy and global markets by determining interest rates. Recent drops in gold and silver prices may indicate a correction after rapid price increases.

Sandisk led the S&P 500 with a 15.4% increase, while Nvidia fell 2.9% due to losses in the AI technology sector. Disney reported stronger profits but warned of challenges impacting its theme parks.

Oil prices fell over 4% after positive signals of improved relations between the U.S. and Iran, potentially easing global oil supply concerns. This drop could benefit airlines and cruise ships.

The S&P 500 closed just shy of its record, rising 37.41 points, with the Dow Jones adding 515.19 points. Treasury yields rose slightly after positive U.S. manufacturing data.

European markets rose about 1% following Asian losses, with Japan’s Nikkei 225 falling 1.3%. The U.S. government’s unemployment rate report was postponed due to the federal government shutdown.

Read more at Yahoo Finance: US stocks climb as gold and silver prices keep falling