U.S. Indices advanced on Tuesday with broad-based gains as all indices closed higher, with the Russell and Equal Weight S&P outperforming. Sectors were also predominantly firmer with Health Care, Materials and Industrials leading the gains, while Energy and Communication Services closed lower. NVIDIA (NVDA) closed in the red despite some optimistic commentary from the CEO and CFO, but with weakness still attributed to uncertainty around H200 China orders being approved. Energy stocks tracked crude prices lower, giving up some of Monday’s gains in what has been a volatile start to the year for crude. Downside today appeared to stem from optimism surrounding Russia/Ukraine peace following a positive meeting on security guarantees between US, EU and Ukraine, but we are still awaiting Russia’s response. T-Notes largely meandered but settled slightly lower ahead of key jobs data this week and potential opinions from the US Supreme Court on Tariffs, while a record-sized Fed Funds block trade (200k in Jan Fed Funds!) and ongoing chunky corporate issuance also weighed. In FX, the Australian Dollar outperformed on risk appetite and ahead of CPI, while Dollar also saw gains to the detriment of G10 peers. Meanwhile, the Swiss Franc lagged. Precious metals advanced further with gold trading either side of USD 4,500/oz, whilst silver rose above USD 82/oz at its peak. Fed Member Miran the uber-dove expects data to support more rate cuts and said the Fed should cut more than 100bps this year. Speaking on the inflation side of the mandate, it said it is over Fed’s target due to statistical quirks, and that underlying inflation is near the Fed’s target. Re Fed Chair, the Governor said he has not spoken to President Trump about being it, and all names on the short list are credible. Miran remarked that Fed policy is restrictive and holding the economy back, but noted fiscal policy will support growth this year, and he is optimistic about economic growth. Fed Member Barkin the 2027 voter said the current policy rate is within a range of neutral, and he expects tax changes, deregulation, and impact of rate cuts to add stimulus to the economy in 2026 with uncertainty also diminishing and building confidence among consumers and businesses. He said inflation has come down but remains above target. Unemployment remains low but does not want the labour market to deteriorate much further. He said upcoming rate decisions will be finely tuned given risks to both sides of the mandate. Elsewhere, Oil closed lower by 1.5% while ended Tuesday with a 0.6% gain.
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For anyone following my Platinum Service it lost 265 points yesterday and is now ahead by 465 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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