U.S. Indices were rangebound to start the week, while the Russell 2000 (+0.4%) outperformed in thin newsflow and typical summer trading conditions as focus resided around US/Ukraine/Russia updates. On Friday, after the close, Trump and Putin held a summit, whereby Trump hailed great progress and called it a “10” but no ceasefire was achieved. Trump, Zelensky and European leaders are meeting at the time of writing, and prior to it both Trump and Zelensky touted a possible trilateral meeting with Russia. Sectors were mixed with Industrials and Consumer Discretionary sitting atop of the pile, with Real Estate and Energy the laggards. The stock specific highlight was reports that the Trump admin is looking at taking a 10% stake in Intel (INTC). The Dollar is firmer with JPY, GBP, and EUR the G10 laggards and weakening off of the aforementioned Buck strength, as opposed to anything currency specific. The crude complex saw gains, and firmed through the US afternoon with upside coinciding with a WSJ piece that the US could leverage intelligence sharing to press for a Ukraine deal. Treasuries saw marginal gains across the curve, and precious metals were more-or-less flat. There was no Tier 1 US data or Fed speak, for the record, as attention turns to Jackson Hole later this week whereby Fed Chair Powell is scheduled to speak on Friday at 10:00EDT. NAHB housing market index for July surprisingly fell to 32.0 from 33.0, against expectations for a rise to 34.0. Current single-family home sales slightly dropped to 35.0 from 36.0, home sales over the next six months remained at 43.0 (prev. 43.0), while prospective buyers rose to 22.0 from 20.0. Homebuilder sentiment slipped as uncertainty about the economic outlook and affordability challenges keep prospective homebuyers on the sidelines, and as such, Oxford Economics expects gloomy homebuilder sentiment will weigh on single-family housing starts over the balance of this year. In addition, OxEco notes builders continue to offer incentives, including price cuts in their effort to move inventory; completed homes for sale are now at a 16-year high. The consultancy thinks incentives are more likely to keep a floor under new home sales than boost sales. Elsewhere, Oil closed 1% higher while Gold was flat.
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For anyone following my Platinum Service it made 53 points yesterday and is now ahead by 2332 points for August 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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