U.S. Equity Markets ended Wednesday mixed, enduring a choppy day, although futures attempted a rebound from overnight trade following the House passing a budget blueprint endorsing US President Trump’s USD 4.5 trillion tax cuts. However, stocks sold off through US trade, before rallying ahead of the closing bell, with attention turning to NVDA earnings after hours (NVDA were firmer at the open but closed lower). NVIDIA earnings came in higher than expected with revenue at $39.33 billion versus $37.61 billion expected. Futures Markets are higher as I go to post. Meanwhile, President Trump was speaking on Tariffs at the Cabinet Meeting, where he noted they will be announcing tariffs on the EU very soon, and that he is not stopping the tariffs, adding they will go on, not all, but a lot of them. There was also some confusion about his response to Canada/Mexico tariffs, Trump said they are going into effect from April 2nd, but Lutnick clarified global tariffs go into effect on April 2nd, while Trump can pause Canada/Mexico tariffs related to fentanyl/border if he is satisfied with their efforts by the March 4th deadline. T-Notes reversed higher despite selling off overnight on the budget blueprint passage, with underlying factors supporting the bid in Treasuries (DOGE, Bessent’s preference for low yields, terming out duration a “long way off”, and upcoming potential Fed Balance sheet wind down pause, slowing consumer trends) – T-Notes settled at highs. Data saw soft US New Home Sales, while Fed speak from Barkin and Bostic stuck to the script. Oil prices settled lower with more reports of an agreement between Iraq government and Kurdistan about the resumption of Kurdistan oil exports weighing, but crude was off lows after Trump reversed concessions Biden gave to Venezuela’s Maduro on an oil deal. Gold prices were flat while copper rallied on US copper tariff threats and also due to Chile power outages affecting its copper mines, which are slowly coming back online. U.S. New Home Sales of single-family houses in January fell 10.5% to 657k, beneath the 680k analyst consensus. The supply of new homes rose to 9.0 months’ worth from 8.0months worth in December. The median sale price rose 3.7% to 446.3k from 430.4k. The breakdown saw Northeast sales -20%, Midwest -16.7%, South -14.8% while the West rose 7.7%. Regarding the downside, analysts at Pantheon Macroeconomics write “Some of the plunge in new home sales likely reflects unseasonably cold weather, deterring many prospective homebuyers from viewing properties.” The desk adds that the underlying trend in sales has been flat for nearly two years as mortgage demand stayed weak, but new home sales have been supported by a lack of existing homes on the market. Looking ahead, Pantheon writes “The current sales index of the NAHB homebuilders’ confidence survey points to new home sales remaining roughly around this level, or dipping slightly, over the rest of Q1.” Elsewhere, Oil closed 0.5% lower while Gold was flat.
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For anyone following my Platinum Service it made 495 points yesterday and is now ahead by 3560 points for February. 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 1900 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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