U.S. Indexes closed higher on Monday, with the NASDAQ outperforming and gaining more than 2% as Semiconductor stocks led the advance. The SOXX ETF posted strong gains after South Korea unveiled a USD 880 billion investment plan for its semiconductor and AI industries. Memory stocks initially weighed on sentiment, although the DRAM ETF recovered most of its early losses to finish only modestly lower. Sector performance was mixed but tilted firmly towards growth. Technology, Consumer Discretionary and Communication Services led the gains, with the latter also supported by a sharp rally in Comcast (CMCSA) after the company announced plans to split into two publicly traded businesses by spinning off its media assets, including NBCUniversal and Sky. In FX, price action was largely driven by the improved risk backdrop. The Dollar weakened against most G10 peers, while the Japanese Yen underperformed as haven demand faded. Sterling outperformed after Burnham’s speech on the economy contained few major policy changes, helping reduce some of the uncertainty surrounding the UK political outlook. Energy prices rose on renewed geopolitical tensions after the US and Iran exchanged strikes over the weekend targeting assets in the Gulf. Markets also digested conflicting reports surrounding diplomacy, with US officials maintaining that talks are scheduled to take place this week, while Iran denied that formal negotiations are planned. Some reports suggested discussions could instead continue through intermediaries. Treasuries were little changed overall, although the curve exhibited a modest flattening bias. Market attention now turns to Chair Warsh’s appearance at the ECB’s Sintra Forum and Thursday’s US Nonfarm Payrolls report, which has been brought forward ahead of the Independence Day holiday on Friday. Elsewhere, Oil closed higher by 2.3% while Gold reversed some of Friday’s gains closing lower by 1.6%.
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For anyone following my Platinum Service it made 130 points yesterday and is now ahead by 10572 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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