U.S. Indices closed mixed again on Friday in what was ultimately quiet trade with tech gains buoying the NASDAQ 100. The majority of sectors closed red, led by Materials and Health Care but Utilities and Technology outperformed. T-Notes were sold across the curve in likely profit taking after the recent rally with all eyes on the FOMC this week. The Dollar was flat, as was most of G10 FX albeit the Japanese Yen and New Zealand Dollar lagged peers ahead of the key risk week this week (US Retail Sales, Fed, BoE, BoJ, BoC). The crude complex ended the day, and week, with gains as Russia tensions continue to mount. Gold prices added to recent gains despite the move higher in yields as geopolitical risk premium kept the yellow metal bid. Preliminary University of Michigan for September saw sentiment fall to 55.4 from 58.2, way beneath the expected 58.0. Current conditions dipped to 61.2 from 61.7, again shy of the projected 61.3, and the forward-looking expectations tumbled to 51.8 (exp. 54.9, prev. 55.9), beneath the bottom end of the forecast range. 1 Year inflation expectations were left unchanged at 4.8%, but longer-term 5-10 year moved higher to 3.9% from 3.5%. Surveys of Consumers Director Joanne Hsu said, “buying conditions for durables improved, while all other index components fell. Consumers continue to note multiple vulnerabilities in the economy, with rising risks to business conditions, labour markets, and inflation.” On trade, Hsu added “Trade policy remains highly salient to consumers, with about 60% of consumers providing unprompted comments about tariffs, little changed M/M. Still, sentiment remains above April and May 2025 readings, immediately after the initial announcement of reciprocal tariffs.” Elsewhere, Oil closed higher by 0.51% while Gold was flat.
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For anyone following my Platinum Service it made 140 points on Friday and is now ahead by 1047 points for September after 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 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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