U.S. Equity Markets closed mixed following a volatile trading session in which the S&P had a 130 Handle range. Although the Small Cap Russell 2000 closed 1.60% lower the NASDAQ 100 rebounded ending yesterday’s session with a small 0.79% gain. Investors poured into the safety of gold and government bonds following the SVB collapse, sending yields plummeting. Additionally, market expectations for the Federal Reserve’s interest-rate path dramatically dipped, with investors now seeing a terminal rate below 4.75%. This is almost a full 100 basis points lower than the rate expectation that followed Jerome Powell’s speech last week. A joint statement by the Fed, the Federal Deposit Insurance Corporation, and the U.S. Department of the Treasury noted all SVB depositors will have full access to their funds. The U.S. Bureau of Labour Statistics is scheduled to release February’s Consumer Price Index (“CPI”) figures this week, providing a key update on the state of inflation. Within the S&P 500 Index, four of the 11 sectors finished lower. European Markets got slammed. The European Central Bank (“ECB”) is expected to raise interest rates during its March policy meeting on Thursday, as it attempts to battle a fragile economic landscape and persistently high inflation. Euro-Zone bond markets rallied as yields dropped due to a massive adjustment in the rate outlook following the SVB collapse. HSBC announced that it will buy the U.K. arm of SVB as it attempts to boost confidence in the financial system that was plagued with volatility over the weekend. U.K. Business Confidence reached its highest level since Russia’s invasion of Ukraine, according to a survey by Accenture and S&P Global. In Asia, Chinese President Xi Jinping was elected to an unprecedented third term, cementing his control over the world’s second-largest economy. Japan’s Fourth Quarter Business Sentiment Index declined for the first time in a year as manufacturers were hit by higher materials and energy costs. China’s February Credit grew faster than expected as the Money Supply expanded at the quickest pace in nearly seven years, supporting the nation’s economic recovery. China unexpectedly broke from tradition as President Jinping retained both Yi Gang, as governor of the People’s Bank of China, and Lie Kun, as Finance Minister, despite both reaching official retirement age. Elsewhere, Oil fell 2.92% while Gold surged 2.70%.
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For anyone following my Platinum Service it made 1105 points yesterday and is now ahead by 2444 points for March after finishing February with a gain of 3164 points, after closing January with a gain of 4687 points, while finishing December with a gain of 2054 points. November ended with a gain of 4789 points, while finishing October with a record gain of 9619 points, making 6660 points in September, after closing August with a gain of 2228 points, having made 2660 points in July, following a gain of 3371 points in June. The Service made 3651 points in May, after making 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 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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