U.S. Indexes started the week predominantly lower as resumed US-Iran strikes over the weekend increased geopolitical and growth risk for the market. The NASDAQ 100, rallied into the close to settle with marginal gains. Higher oil prices accompanied the move, which added further upward pressure to the belly and long-end yields, with the 10 Year yield at its highest since January 2025. Sectors were mostly in the red, except Energy, which benefited from higher oil prices, and Tech, which eked out marginal strength, with Nvidia holding onto post-earnings gains from last week. Utilities underperformed after bearish sentiment built from Friday’s news that California lawmakers blocked proposed wildfire liability reforms; PG&E (PCG -20%) received multiple downgrades. Monday’s tape was filled with geopolitical developments following the preemptive US strike on Iranian missile launches over concerns of the placement of sea mines in the Strait of Hormuz. Iran responded via attacks on US bases in the region, to which Trump said the US will respond. Meanwhile, Treasury Secretary Bessent and Fed Chair Warsh spoke at the G20 finance meeting, yet little new was offered. Despite the move higher in oil and long-end yields, US 2 year and US 3 year yields settled slightly lower as markets still fall short of confidently forecasting a September rate hike. In FX, the Dollar seemingly tracked the move lower in short-end yields, with Barclays month rebalancing model indicating a moderate Dollar selling signal against all majors. This week, we may gain more insight on the policy path, with Fed’s Barr and Waller set to speak. Additionally, US data will be in focus: ISM PMIs, NFP, JOLTS, and ADP are all due. Spot Gold and Silver were little changed on the day. Geopolitical newsflow dominated the tape on Monday, with US-Iran relations continuing to deteriorate with no end in sight. Inflationary concerns will once again increase as US-Iran strikes resumed over the weekend due to a preemptive US strike on Iranian missile launchers over concerns of the placement of sea mines in the Strait of Hormuz. Tensions in the short term are likely to continue, as suggested by Trump saying the US will respond to the Iranian attacks on US bases in the region. Elsewhere, Oil closed higher by 3% while Gold ended Monday’s session with a loss of 0.5%.
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For anyone following my Platinum Service it was flat yesterday, 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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