U.S. Indices closed positive on Monday with outperformance in the NASDAQ 100 thanks to notable gains in Alphabet (GOOGL) and Tesla (TSLA), with Google joining the USD 3 trillion market cap club while Tesla shares rallied on the Musk share purchases. Other mega-cap stocks performed well (AAPL, MSFT, AMZN), but Nvidia (NVDA) losses limited the gains due to China antitrust investigations, albeit NVDA closed off the earlier lows. Sectors were more mixed, however, with the heavy-cap sectors (communication, consumer discretionary and tech) outperforming, while consumer staples and health care lagged; breadth was negative at 200 gainers to 300 losers. Elsewhere, T-notes were bid as a downbeat New York Fed Manufacturing Survey added to economic concerns, while attention turns to US Retail Sales on Tuesday and the FOMC on Wednesday. In FX, the Dollar underperformed while the Canadian Dollar led gains. CNH saw strength after the US and China talks, which saw the two sides come to an agreement in principle on TikTok. Meanwhile, overnight, China’s Retail sales data disappointed, as did Industrial Output, which raised speculation of more Chinese stimulus. Gold prices continued to add to gains as economic concerns continue to keep Fed rate cut bets in play, while also spurring demand for havens. Oil prices settled green with fresh upside seen on more reports of a Ukrainian strike on Russian oil facilities. The NY Fed Manufacturing Survey disappointed in September. It fell to -8.7 from +11.9, well beneath the +5.0 forecast, and even falling beneath the most pessimistic forecast of -6.00. The downside was primarily led by tumbling New orders and shipments. The New Orders Index declined 35 points to -19.6, and the shipments index fell thirty points to -17.3, the lowest levels for both indexes since April 2024. Meanwhile, Prices Paid fell eight points to 46.1, a sign that input price increases slowed but remained steep, while prices received were little changed at 21.6, suggesting selling prices continued to rise at a moderate rate. The index for the number of employees came in at around zero, suggesting that employment was little changed after increasing for the prior three months, while the average workweek index declined to -5.1, pointing to a modest drop in hours worked. Looking ahead, the report noted that the index for future general business conditions came in at 14.8, suggesting that firms expect conditions to improve somewhat in the months ahead. Elsewhere, both Oil and Gold closed higher on Monday by 1% each.
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For anyone following my Platinum Service it lost 230 points yesterday and is now ahead by 817 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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