U.S. Equity Markets eventually closed higher following a volatile trading session. The Dallas Fed Manufacturing Survey for February showed that factory activity declined for the first time since May 2020. The production index recorded a modest contraction in output, falling from 0.2 in January to -2.8 this month. January’s Durable Goods’ Orders fell 4.5% month over month, largely reversing December gains and marking the biggest decline since April 2020. The Atlanta Fed’s GDPNOW Forecast for first-Quarter Gross Domestic Product (“GDP”) growth rose from 2.5% to 2.7% on upward revisions to private investment and personal consumption growth. This week holds the bulk of retail earnings with the likes of Costco Wholesale (COST), Target (TGT), Lowe’s (LOW), Best Buy (BBY), Dollar Tree (DLTR), Ross Stores (ROST), Macy’s (M), and more. Results should provide investors with an updated look at consumer spending power and how inflation affected the 2022 holiday spending season. Fed Governor Philip Jefferson defended the 2% inflation target and refuted any claims that the central bank was considering altering the long-accepted economic target. Within the S&P 500 Index, seven of the 11 sectors finished higher. European Markets closed higher. British Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen struck a deal today regarding new arrangements for Northern Ireland, a major boost for trade and continued relations. ECB President Christine Lagarde reiterated it’s very likely to move forward with a 50-basis-point rate hike in March to cool inflation growth, while Council member Ignazio Visco said it will raise interest rates as much as necessary to bring inflation back to its 2% target. Euro-Zone Consumer Confidence missed expectations for February, as consumers’ concerns over inflation and a recession are still persistent. In Asia, Japanese Prime Minister Fumio Kishida called on domestic companies to raise employees’ wages, potentially stoking inflation and boosting the need for future interest rate hikes. U.S. Secretary of State Antony Blinken said the administration has acquired information showing China is preparing to provide “lethal support” for Russia’s war in Ukraine. Bank of Korea Governor Rhee Chang-yong said the central bank stands ready to act if Federal Reserve rate hikes were to weigh on the Won’s value and boost inflation. Elsewhere, Oil fell 0.76% while Gold rose 0.39%.
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For anyone following my Platinum Service it made 330 points yesterday and is now ahead by 2904 points for February 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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