U.S. Indexes ended the first session of the week in the red as US-Iran newsflow dominated the tape, in otherwise a light session of headlines in typical summer trading conditions. Recapping, sources said the 60-day period between Iran and the US has been extended, while a Senior Iranian official said Iran has decided to shift its policy from defensive to a ‘fully offensive’ one, while President Trump stated there are ongoing back channels with the IRGC, which the IRGC denied. As such, slight risk-off price action was seen, as Treasuries weakened and oil gained, settling at highs. Given this, sectors were exclusively in the red, aside from Energy, with Communication Services and Consumer Staples the laggards; there was no tier One US data or Fed speak, as earnings season begins to wind down. Despite saying that, it is the retailers this week, with Home Depot (HD) the highlight this afternnoon. On the stock specific front, there was little new, but the memory ETF DRAM and memory names rallied once again, helped by US Commerce Secretary Lutnick noting the Trump administration opposes Apple (AAPL) using Chinese memory chips. Once again, the calendar for scheduled risk events this week is light, with FOMC Minutes on Wednesday the highlight. The Empire State Manufacturing Index rose to 20.6 in August (exp. 11.0, prev. 15.6), its highest level in more than four years and signalling a further strengthening in New York manufacturing activity. Under the hood, New Orders remained solid at 17.3 (prev. 22.2) and Shipments at 11.7 (prev. 24.4), despite both easing from July, while Unfilled Orders jumped to 15.5 (prev. 5.0). Supply-chain pressures remained notable, with Delivery Times rising to 20.6 (prev. 13.0), Supply Availability deteriorating to -13.4 (prev. -10.0), and Inventories falling to -5.2 (prev. 4.0). On inflation, Prices Paid increased to 58.6 (prev. 52.3), pointing to firmer input-cost pressures, although Prices Received eased for a second consecutive month to 22.7 (prev. 27.6). Labour indicators remained positive, with Employment at 9.3 (prev. 11.4) and the Average Workweek rising to 6.9 (prev. 2.8). Looking ahead, firms remained optimistic, with Future Business Conditions rising to 32.1 (prev. 27.9), alongside stronger expectations for new orders, shipments and notably employment. However, firms expect supply availability to deteriorate further and price pressures to remain elevated. Pantheon Macroeconomics described the manufacturing upturn as still intact but noted that supply-chain pressures remain intense. Elsewhere, both Oil and Gold closed higher by 2.55% and 1.20% respectively.
To mark my 3425th issue of TraderNoble Daily Commentary I am offering a special 2-Year Rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day to demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on bryan@tradernoble.com for details
For anyone following my Platinum Service it was flat yesterday and is still ahead by 1710 points for August 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
Recent Comments