U.S. Indexes closed mixed, as the tech-heavy Nasdaq 100 lagged and was once again weighed on by losses in memory names, highlighted by the memory ETF DRAM closing with losses in excess of 3%. The move follows a sharp decline in the Kospi overnight, following Monday’s report that China’s CXMT unveiled key progress on chip structures. Overall, sectors were mixed as Health underperformed, and hit on poor JNJ results, while Energy sat atop of the pile. The crude complex was choppy, ahead of weekly private inventory figures after-hours, as Middle East headlines were plentiful and showed no signs of abating, as reports indicated that Saudi Aramco HQ was struck, albeit awaiting confirmation from the Saudi side. Away from geopolitics, US Q3 earnings season got underway and has been a mixed bag so far. JPM and GS WFC, JNJ, and C all saw losses (more details below), with highlights on Wednesday including ASML, BAC, and MS. The Dollar Index was lower amid easing yields, to the benefit of global G10 FX peers. For the Japanese Yen, source reports earlier said the Bank of Japan is reportedly leaning against back-to-back hikes in October but could hawkishly adjust inflation language. Precious metals were lower, with Spot Silver underperforming its counterpart. Moreover, a dovish reaction was seen across markets after New York Fed President Williams said he sees no need for a rate hike in 2027 at this time, but added he sees one more interest-rate hike appropriate this year. Note an immediate dovish reaction, which swiftly pared, and was likely seen on the fact that he sees no hikes in 2027, which was run first, as participants may have read it as Williams sees no more hikes, before later adding that he sees 1 hike this year, which is in fitting with his recent commentary. In terms of money market pricing, 81bps of hikes are currently seen by October 2027, so it still remains on the dovish side of Fed expectations. Elsewhere from the Fed, Waller said higher yields could do some of the Fed’s work on demand. Existing Home Sales rose 1.5% in September to 3.99 million from 3.93 million, above the expected 3.95 million. National median home price for existing homes rose 1.5% M/M to USD 417,500, and inventory of homes for sale was 1.6 million units, 4.8 months’ worth (prev. 4.9 months’ worth M/M). NAR Chief Economist Yun said, “Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” and “further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.” Elsewhere, Oil closed higher by 0.5% while Gold ended a quiet session with a loss of 0.19%.
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For anyone following my Platinum Service it was flat yesterday and is still ahead by 2223 points for October after ending September with a nice gain of 7767 points, 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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