U.S. Indexes closed higher as breadth outside of AI-related names was strong, with Healthcare setting fresh Year-To-Date highs. Other gains were seen in Utilities, Financials and Consumer Discretionary. Meanwhile, Communications underperformed on Alphabet and Meta weakness, whilst Tech saw marginal losses. The lackluster performance in AI names amid the broad rally, likely explains the continued bid for US Treasuries, as concerns remain over AI-exposed debt. Short-end yields, however, were modestly firmer, leaving the curve flatter. Oil prices settled lower on reports that a Qatar-Pakistan proposal presented to Iranian officials today has US approval and had previously been accepted by Iran. The proposal includes a compromise from both sides on the nuclear issue and frozen Iranian funds. Crude prices fell sharply as the report got wider airing, before paring some of the losses on a counter-report citing a diplomat close to the talks, who said that Iran and US talks continue and that reports the deal is close are wrong. In FX, the Dollar was weighed on by downside in US yields, leaving major peers firmer. Sterling outperformed following an unexpected decline in the Unemployment rate. Precious metals were mixed: Gold saw losses despite the lower yield environment, while Silver gained. US data included a huge 7.3% decline in Pending Home Sales to the lowest level on record, as higher mortgage rates remain a barrier to a pickup in housing activity; Building Permits were little changed in September. Elsewhere, the Atlanta Fed revised its GDPNow Q3 real GDP growth estimate lower to 3.5% from 3.6%. Pending Home Sales tumbled 7.3% M/M in September (exp. -0.5%), with M/M sales declining in all four major US regions. Market conditions continued to weaken amid fast-rising mortgage rates, with housing affordability highly sensitive to mortgage rates. NAR Chief Economist Yun said, “Given that mortgage rates have already risen much more than the Federal Reserve’s short-term interest rate hikes, mortgage rates could be topping out”, although energy prices and the resulting inflationary reaction remain highly uncertain. Yun added, “Despite the difficulty of obtaining a mortgage, the limited number of distressed properties is ensuring steady home prices, buyers and sellers may simply be holding back until mortgage rates move favorably.” Elsewhere, both Oil and Gold lower by 0.60% and 0.40% respectively.
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For anyone following my Platinum Service it made 400 points yesterday and is now ahead by 3443 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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