U.S. Indices reversed initial losses seen in what was a day of two halves. At the cash open, and US equity futures prior to it, weakness was seen, which was led by CoreWeave cutting revenue guidance, and Softbank selling its whole stake in NVIDIA. While both those names still notched notable losses, with the former down in excess of 11%, and Technology the only sector in the red, broader indices pared losses. S&P 500 and Russell 2000 settled with gains, while Nasdaq 100 had marginal losses as risk sentiment turned around after European players left for the day, albeit on no specific newsflow. Prior to this, T-Notes saw gains, while the Dollar was sold after a dismal weekly ADP employment change metric – the four weeks, ending 25th October 2025, private employers shed an average of 11,250 jobs a week, suggesting that the labour market struggled to produce jobs consistently during the second half of the month. In FX, the Dollar was sold, while the Pound pared its initial weakness seen on a terrible UK labour figure, which showed employment surprisingly contracting in October and unemployment moving higher. The Swiss Franc was the clear outperformer and supported by positive US/Switzerland trade talks, as reports continue to suggest the US will lower the tariff rate to 15%. The crude complex was firmer and buoyed by the turnaround in risk sentiment alongside continued Russian refinery attacks. As mentioned above, T-Note futures were bid after soft preliminary weekly ADP figures but note cash bonds were closed due to Veterans Day. The preliminary weekly ADP report for the four weeks ending 25th October saw private employers cut an average of 11,250 jobs per week. This suggests the labour market struggled to produce jobs consistently during the second half of October. Amid the current lack of government data, the ADP reports are highly watched to gauge the health of the labour market. This report has bolstered labour market concerns and saw traders boost Fed rate cut bets, despite Fed Chair Powell’s pushback against a December cut being a foregone conclusion at the October FOMC meeting. Markets are currently pricing in 17bps of easing, implying a 68% probability of a 25bps rate cut. With prospects improving of the government reopening, we may be in a position where the September and October NFP reports, as well as the October inflation reports, will be seen before the Fed meeting on December 10th. Elsewhere, Oil closed higher by 1.35% and Gold by 0.27%.
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For anyone following my Platinum Service it made 80 points yesterday and is now ahead by 2767 points for November, 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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