Wall Street rebounded at the start of the new month after Friday’s broad sell-off, but pressure on precious metals intensified as investors reassessed the Fed outlook.

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By midday trading in New York, the Russell 2000 outperformed large-cap peers, rising 1.4% after losing 1.6% Friday. The Nasdaq 100 jumped 1.1%, while the S&P 500 rose 0.7%.

Markets digested the fallout from President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair, a move seen as signaling a more hawkish stance on the central bank’s balance sheet.

Gold extended Friday’s rout, sliding more than 4% from Friday’s close…

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