New High for Gold, Oil Drops Back

Alphabet is up 5.8% premarket after learning that in an antitrust case, it will not be forced to divest either its Android operating system or its Google Chrome browser. Meanwhile, retailer Macy’s is up 12.4% premarket after crushing Street estimates on EPS ($0.41 vs Street $0.19). 

This news has helped NASDAQ futures to climb 0.7%, clawing back most of yesterday’s 0.8% NASDAQ loss. Dow futures are flat coming off a 0.6% loss yesterday. European markets are on the rebound with the DAX up 0.7% and the FTSE up 0.6%.

Gold continues to climb to new all-time highs gaining 0.6% to trade above $3,600/oz on anticipation of additional interest rate cuts from central banks this fall. Crude Oil, on the other hand, is down 2.1% on speculation that OPEC+ may be preparing to increase production again at its upcoming meeting. Copper is down 0.4%. The USD is giving back some of yesterday’s rally, enabling majors including the Euro and Loonie to bounce 0.1%-0.2%.

Today’s overseas Service PMI reports are a mixed bag with the UK and Australia beating expectations but continental Europe generally disappointing. Both of yesterday’s North American Manufacturing PMI reports came in below 50 in contraction territory. Today, US factory orders (Street -1.4%) are due at 10:00 am EDT, followed by US ADP payrolls (Street 68K) tomorrow morning.

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