U.S. Indexes closed higher on Friday, with only healthcare trading in the red. Breadth was strong, led in Materials, Staples, and Communications. A rally in Meta supported the Comms sector despite a slight downside in Alphabet following Zuckerberg saying the new model outperforms Gemini 3.1 Pro. Separately, US Global Jets (ETF) traded 1% lower after a Delta Air Lines earnings and guidance beat failed to impress investors. US data and trade updates were light, meaning geopolitical events became the main focus to end the week. New developments included US President Trump being more assertive that the US-Iran ceasefire is over, “in no uncertain terms, that the ceasefire is over (prev. said “I think”) and reiterated that talks are to continue. Overall, crude prices were modestly lower, perhaps as strikes in the region lessened, although traffic has slowed in the Strait of Hormuz in the last couple of days. Despite the move lower in energy prices, US yields were higher across the curve, particularly on the short-end. This likely put a floor under the Dollar, which has struggled this week despite the renewed geopolitical risk. Elsewhere, the Japanese Yen outperformed following comments from the Japanese Finance Minister Katayama, “they are to pursue steps to promote investment in Japanese assets by GPIF and others”. Meanwhile, the Canadian Dollar saw a limited reaction towards a better-than-expected June jobs report. Ahead of Fed Chair Warsh’s testimony to the House and Senate this week, the Fed’s semi-annual Monetary Policy Report reiterated that inflation remains elevated, citing tariffs alongside developments in the Middle East and AI as contributing factors; a limited reaction was seen. Elsewhere, trading conditions were relatively quiet with no major US economic data released. Attention now turns to this week’s CPI and PPI reports, where headline CPI is expected to ease on the month as it reflects the unwind in energy prices following the US-Iran memorandum of understanding signed in June, although the subsequent breakdown in the ceasefire leaves upside risks to the inflation outlook. Reports had suggested that US-Iran talks would continue next week, but the Iranian press denied the report. Elsewhere, Oil closed lower by 0.8% while Gold ended Friday’s session with a 0.5% loss.
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For anyone following my Platinum Service it made 1120 points on Friday and is now ahead by 3574 points for July 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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