Oil Retreats on Increasing Supply
The price of Crude Oil is under pressure, falling 1.9% this morning. Over the weekend, exports from Iraq’s Kurdistan region resumed. In addition, traders have been speculating that OPEC+ may agree to an additional supply increase when it meets later this week. The new trading week is off to a positive start for stocks. US […]
Equities Pop on Inflation and Income Data
In the minutes following the release of new US economic data, equities have gone back into rally mode, shrugging off yesterday’s pullback. US personal income (0.4% vs Street 0.3%) and US personal spending (0.6% vs Street 0.5%) both beat Street expectations, indicating a robust economy. Meanwhile, core PCE inflation held steady at 2.9%, indicating inflation […]
Positive Economic Data Boosts the US Dollar
This morning, several key US economic indicators have come in significantly better than expected. The latest US Q2 GDP update (3.8% vs Street 3.3%), and durable goods orders (2.9% vs Street -0.5%) suggest a more robust economy than previously thought. Meanwhile, fewer than expected weekly initial jobless claims (218K vs previous 232K) suggest US labor […]
Stocks Rebound Following a Correction
Yesterday’s pullback in North American equities from recent all-time highs, which saw the NASDAQ lose 1.0% and the S&P slide 0.6%, appears to have been short lived. Better than expected earnings from chipmaker Micron Technology ($3.03 vs Street $2.86) appears to have shored up confidence. This morning finds US index futures trading flat to up […]
Precious Metals Keep on Climbing as PMI Numbers Disappoint
There appears to be a growing disconnect between what equity and non-equity asset classes are telling us about investor sentiment. On the one hand, equity indices in the US and elsewhere continuing to reach new all-time highs seems to suggest an increased level of confidence and optimism about the future. This morning, US index futures […]
Gold Reaches Another New High
Between central bank interest rate cuts potentially devaluing paper money over time, and anti-austerity protests in France over the weekend suggesting governments may struggle to get their fiscal houses in order, capital appears to be increasingly seeking out havens in hard assets, particularly precious metals. Gold is up 1.4% this morning trading at a record […]
Stocks Consolidate This Week’s Gains
Coming off two days of big developments, including the first US interest rate cut of 2025 and Nvidia’s investment in Intel, stocks have paused for investors to digest the news. US and Chinese leaders are meeting today to finalize their deal on TikTok. US index futures are trading flat to up 0.2% coming off gains […]
Semiconductor Stocks Soar on Intel Deal
Early this morning news came out that Nvidia is going to invest $5 billion into Intel, and that the two companies plan to develop semiconductors for PC and data center applications together. Coming on the heels of the US government recently taking a 10% stake, Intel shares are up 28.7% in premarket trading today, while […]
US Dollar Slides as Traders Await Tomorrow’s Interest Rate Decisions
The US Dollar continues to retreat this morning with the Fed expected to cut its Fed Funds interest rate when its meeting concludes tomorrow afternoon. The Euro, Yen, Pound, and Gold are all up 0.2% to 0.3%, with the yellow metal reaching another new all-time high. The US 10-year treasury note yield is steady just […]
Steady Markets Await This Week’s Central Bank Meetings
Equities, bonds and commodities are all relatively quiet to start the week. US index futures are up 0.1%-0.3%. In Europe, the FTSE is flat, and the DAX is up 0.5%. Crude Oil and Copper are both up 0.3%. Gold is down 0.2%. The Loonie is up 0.1%, the Euro is up 0.2%. Signs of slowing […]