US Indices closed higher on Monday as sentiment remains bullish ahead of a busy and important week of earnings (MSFT, META, TSLA, AAPL, ASML). Futures dipped on Sunday before erasing losses throughout APAC and EU trade. Downside was sparked by President Trump’s threat of 100% tariffs on Canada over recent trade ties with China, as well as the potential for a partial government shutdown following disagreement over ICE funding after a Minneapolis shooting on the weekend. Sector performance was led by Communications and Tech, while Consumer Discretionary was the sole sector in the red. Microsoft announced the Maia 200 chip, in the latest challenge to NVIDIA, an update that contributed to modest losses in NVDA shares (-0.7%). In FX, participants continued to look for US Dollar alternatives amid trade uncertainty and geopolitical tensions, leaving Gold and Silver rallying once again. Gold briefly surpassed USD 5,100/oz while Silver climbed above $117/oz before paring to ~108. The Japanese Yen extended on Friday’s strong strength after more verbal intervention, as well as participants mulling a potential joint US-Japan intervention. For Treasuries, the long-end outperformed while the 2 Year’s relative underperformance was limited by a strong 2 Year Treasury Note Auction. Attention turns towards the Fed rate decision on Wednesday, a possible Fed Chair announcement, as well as the beginning of Mag 7 earnings. Lastly, oil prices were lower following the return of Kazakhstan’s oil production at its largest oil field, although outages have occurred in the US amid Storm Fern. Natgas prices saw a fifth day of consecutive gains. Overall, it was a solid 2yr auction. The high yield was 3.580%, and saw a stop-through of 1.4bps. vs. the prior auctions 0.2bps tail and the six-auction average of a 0.3bps stop-through. Bid-to-cover was strong at 2.75x, above both the prior of 2.54x and the average of 2.6x. Dealers took a small 7.3% of the auction (prev. 12.7%, avg. 11.2%), while Directs took 28.3%, compared to 34.1% last time out and the six-auction average of 33.0%. Indirects took a very chunky 64.4% (prev. 53.2%, avg. 55.9%), ahead of the 5 and 7yr auctions later in the week. Elsewhere, Oil closed higher by 1.127% following another volatile session while Oil ended Monday with a 0.6% loss.
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For anyone following my Platinum Service it lost 123 points yesterday and is now ahead by 4309 points for January 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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