US Indexes closed mixed on Monday, with the NASDAQ 100 and S&P 500 closing lower while the Russell 2000 rallied and the Dow finished with slight gains. Sector performance was similarly mixed, with Real Estate, Energy and Health Care outperforming, while Communication Services and Consumer Discretionary were the clear laggards. A key driver of the weakness in the Nasdaq and S&P 500 was pressure in Alphabet (GOOGL), after DeepMind Vice President John Jumper departed the company to join Anthropic. Energy prices ultimately settled lower after initially gapping higher at the reopen. Iran announced it had closed the Strait of Hormuz following alleged ceasefire violations, but the move quickly reversed as signs of progress in negotiations emerged. Iranian officials later said significant progress had been made in talks in Switzerland, while Qatar and Pakistan both praised the constructive atmosphere surrounding discussions between the US and Iran. Additional downside pressure came after US VP Vance stated that the Strait remained open and said Iran had agreed to allow IAEA inspectors back into the country, although Iranian media disputed those claims about the inspectors. Crude prices also came under pressure after the US suspended sanctions on Iranian energy production, delivery and sales for 60 days, helping benchmarks fall to session lows before some profit-taking emerged into the settlement. Treasuries weakened across the curve despite the decline in oil prices, with markets increasingly focused on the implications of last week’s hawkish FOMC decision and Chair Warsh’s emphasis on returning inflation to target. The move suggests bond investors are beginning to shift their focus from geopolitical developments and are instead adjusting to a more hawkish Federal Reserve, while the BofA MOVE index has now returned to pre-conflict levels. In FX, the Dollar strengthened against most G10 peers alongside higher Treasury yields. Sterling was the standout performer after UK’s Streeting backed Burnham to succeed Starmer following the PM’s resignation announcement, reducing the likelihood of a contested succession process. Elsewhere, USD/JPY reversed sharply lower after reaching 161.93, prompting renewed intervention speculation. Nikkei however attributed the moves to media reports that Finance Minister Katayama and US Treasury Secretary Bessent had discussed developments in the FX market. Into cash close, the moves once again pared. Precious metals were firmer, with both Gold and Silver rising despite the stronger Dollar and higher Treasury yields. Bitcoin also posted modest gains. Elsewhere, SpaceX (SPCX) gave back a significant portion of its recent rally, falling more than 15% on the session. Elsewhere, Oil closed lower by over 3% while Gold was firmer, ending Monday’s session with a 0.68% gain.
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For anyone following my Platinum Service it made 800 points yesterday and is now ahead by 8607 points for June 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 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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