U.S. Indexes closed lower on Tuesday, with the Dow Jones lagging while the equal-weight S&P fell by around 1%, with the majority of sectors also in the red. Energy, Utilities and Real Estate closed higher, while Health Care, Financials and Materials lagged. Crude prices chopped throughout the session but ultimately settled in the green. Oil was initially supported by comments from the Saudi Energy Minister that a number of energy facilities and utilities had been hit, temporarily halting some operations. However, crude later moved off its highs after the Qatari Foreign Ministry said it is working with regional partners and China to resume talks between the US and Iran. Post-settlement, Oil moved higher again on reports of explosions at Kharg Island, followed by reports that the US had attacked a “small” Iranian oil tanker. Further choppy trade followed after the Wall Street Journal reported that Iran had launched an undisclosed second wave of attacks on US Navy ships, although none were struck. In FX, the Yen continued to outperform while the NZD lagged. The Canadian Dollar found some support from firmer oil prices, although ongoing trade tensions with the US limited gains. The Dollar was little changed. Treasuries largely tracked moves in oil prices, with yields ultimately settling higher across the curve. The 3-year auction was solid, although not particularly strong despite the higher outright yield on offer versus August. Attention remains firmly on this week’s US inflation data, with PPI due Thursday and CPI on Friday. The data highlight on Tuesday was the New York Fed SCE report, which saw inflation expectations little changed, while perceptions of the labour market deteriorated, albeit consumers saw a lower risk of losing their own jobs. Gold prices were hit amid the higher-yield environment, with attention turning to Friday’s US CPI report for further direction on September Fed expectations, with money markets currently assigning around a 60% probability of a 25 basis point hike. Elsewhere, Oil closed higher by 2% while Gold ended Tuesday’s session with a loss of 0.5%.
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For anyone following my Platinum Service it was flat yesterday and is still ahead by 810 points for September after ending the month of August with a gain of 2645 points after closing July with a gain of 8031 points, after ending June with a new record of 10527 points after ending May with a loss of 1104 points, having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a previous record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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