U.S. Indexes closed lower again on Tuesday, with the NASDAQ 100 and Russell underperforming, while the equal-weight S&P fell 0.4%. Calls for a slowdown in AI development remained an overhang for sentiment, although the SOXX and DRAM ETFs were marginally firmer following their sharp declines on Monday. Sectors were predominantly lower, with weakness led by Consumer Discretionary, Communication Services and Utilities. Energy was the only sector to close higher as crude prices rallied. The upside in crude was driven by fresh supply concerns after Libya’s NOC said operations had been suspended at three oil fields, while Saudi Arabia reportedly informed some European refiners that their September crude cargo loadings had been cancelled. Oil loadings were also reportedly suspended at the key Saudi Red Sea port of Yanbu following the recent attack on the East-West pipeline. The Treasury yield curve steepened marginally, with front-end yields edging lower and long-end yields slightly higher, despite the rally in crude prices. The New York Fed Manufacturing survey had little impact, with participants largely awaiting Wednesday’s FOMC rate decision, updated SEPs and Chair Warsh’s press conference. Meanwhile, the 20-year Treasury auction saw a very weak reception, tailing the WI by 2 basis points alongside a sharp decline in indirect demand. In FX, the Dollar outperformed amid the broader risk-off backdrop and firmer crude prices, while the Yen and Kiwi lagged. Gold was little changed, while silver saw gains. Bitcoin was sold after the Senate failed to advance the CLARITY Act. The Empire State Manufacturing Index fell to 7.6 in September (exp. 14.75, prev. 20.6), below expectations but still signalling a modest expansion in New York manufacturing activity following August’s strong growth. Under the hood, New Orders slowed sharply to 2.0 (prev. 17.3), while Shipments fell into contraction at -3.2 (prev. 11.7) and Unfilled Orders eased to 5.9 (prev. 15.5). Supply-chain pressures remained elevated, with Delivery Times at 18.8 (prev. 20.6) signalling significantly longer lead times, while Supply Availability remained negative at -11.9 (prev. -13.4). Labour indicators were notably stronger, with Employment rising to 10.6 (prev. 9.3) and the Average Workweek jumping to 17.0 (prev. 6.9), its highest in nearly five years. Meanwhile, inflation pressures intensified, with Prices Paid rising to 63.1 (prev. 58.6), edging above its recent four-year high reached in May, while Prices Received increased to 28.1 (prev. 22.7). Looking ahead, firms remained optimistic, although expectations moderated somewhat, with Future Business Conditions at 29.0 (prev. 32.1), Future New Orders at 25.3 (prev. 37.1), and Future Employment at 20.0 (prev. 28.2). Expected Prices Paid jumped to 67.3 (prev. 57.7), suggesting firms anticipate input-cost pressures remaining elevated, while capital spending plans remained modest. Overall, the report points to slower but still-positive manufacturing growth, alongside solid labour demand and intensifying price pressures, with supply constraints continuing to weigh on the sector. Elsewhere, Oil closed higher by 4.5% while Gold ended the day flat.
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For anyone following my Platinum Service it made 565 points yesterday and is now ahead by 4185 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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