U.S. Indexes closed mixed on Tuesday, with the NASDAQ 100 leading gains while the S&P 500 and Russell also advanced, although the Dow Jones lagged and the equal-weighted S&P 500 declined. The Nasdaq was supported by a revival in tech stocks following recent pressure amid ongoing AI funding concerns and a slew of weak tech earnings, despite another disappointing update from Apple (AAPL) overnight. Apple shares closed lower after its margin guidance missed expectations, while on the call, the company also increased its manufacturing purchase obligations by USD 33 billion to USD 90 billion to help combat the memory crunch and secure supplies over the longer term. AI-related names firmed, with gains seen in the NCLD, DRAM and SOXX ETFs. Crude prices were choppy but ultimately settled lower, with losses driven by reports that the US had agreed to accept the MoU that Qatar presented to Iran on Monday, with both sides reportedly making concessions regarding the nuclear programme and frozen funds. The reports sent crude prices tumbling to fresh session lows, but a lack of confirmation, followed by pushback from Iranian officials, saw a large portion of the move reverse, although crude still settled in the red. T-Notes largely traded in response to swings in crude prices, but the yield curve ultimately bear-steepened. Yields hit lows following the aforementioned reports regarding a potential US/Iran agreement but pared the move as oil rebounded from its lows, with yields subsequently hitting highs following the stronger-than-expected US JOLTS report. Rate-lock selling likely also contributed, with Meta (META) hitting the market with a USD 15 billion five-part issuance amid a busy week for corporate supply. In FX, the Dollar was little changed as attention turned to the Midterm elections, with results due to be counted from this evening. A Democratic sweep is favoured by betting markets, and if realised, Trump himself has said he would become “Mr Veto” in blocking Democratic legislation. The Australian Dollar sold off after the RBA provided little forward guidance following its decision to hike rates by 25 basis points in a 6-3 vote split. Meanwhile, the Japanese Yen was pressured by the rise in US Treasury yields. Gold prices were bid during the US morning before fully reversing their gains to head into overnight trade in the red, alongside Silver, although the latter underperformed. Attention turns to the US Midterm elections overnight. The September JOLTS report was strong, with job openings rising to 7.523 million from an upwardly revised 7.19 million, above the 7.10 million forecast and reaching their highest level since May. The quits rate rose to 2.1% from 1.9%, suggesting workers are becoming more confident about finding alternative employment. Meanwhile, the vacancy rate rose to 4.5% from 4.3%, pointing to stronger demand for labour in September compared with August. The report adds to signs of the continued resilience of the US labour market, with the ISM Manufacturing Employment PMI remaining in expansionary territory, while Jobless Claims remain below 200k. Attention now turns to Friday’s US NFP report for another assessment of labour market conditions, particularly following the soft September report and sizeable downward revisions. The three-month average of NFP now stands at 51k, while analysts currently expect a 65k print. The JOLTS report weighed on T-Notes as it supports the Fed in maintaining its focus on the inflation side of its mandate. Ultimately, however, it does little to alter the broader policy narrative beyond somewhat reinforcing expectations for a December hike, with plenty of data still due between now and then. Elsewhere, both Oil and Gold closed lower by 0.4% and 0.6% respectively.
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For anyone following my Platinum Service it made 200 points yesterday and is now ahead by 794 points for November, after closing October with a gain of 3975 points after ending September with a nice gain of 7767 points, after ending the month of August with a gain of 2645 points after closing July with a gain of 8031 points, after ending June with a new record of 10527 points 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 previous 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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