Morningtraders. Thanks loungers, especially @Ravgnome and @Patterns.
Much respectfor the way highlandlad (HL) puts this report together each day … HL gets 2weeks holiday for a year’s service, but I’ll need a year’s holiday after 2weeks lol. I have stuck to the current format, added a few commodities andindicators I use, and missed a few that HL normally includes as I haven’tsourced them yet, but will work on for tomorrow.
A request: Ifanyone thinks I have incorrectly quoted any commodity prices, please reply witha link to a site where I can find the correct end of day values (I struggledwith some of HL’s recommended sites).
Outlook for the day: Positive after Goldilocks US economic reportinglast week sealed a US interest rate cut on Wed this week. The DOW and S&Pclosed Friday within a whisker of ATHs and the Nas closed a bit further backdue to continued Tech weakness, but still in sight of the same.
ASX futures: up but ran out of time to find it (apols) will sort for tomorrow
US futures: DOW (-0.02%), S&P (-0.05%), NAS(-0.14%) as at 7.25am 16/9
Overnight themes:
- US stocks continued their upwards push as Import Price Index reporting indicated weakening prices, adding to the inflation waning theme of CPI/PPI reports earlier in the week. Rate cut expectation to be announced Wed this week in the US are balanced between 0.25% and 0.5%. The announced rate cut will likely cause markets tension (volatility)
- The S&P 500 sealed a fifth straight gain with a rise of 0.54%. The broadest of the major benchmarks closed roughly 0.75% below its previous record.
- The Nasdaq put on fifth straight rise of 0.65% in a mixed session with Nvidia, Apple, Meta and TSLA underperforming and Google, Microsoft and Netflix overperforming with gains of 0.85% to 1.79%
- The Dow firmed 0.72% with a third straight rise and a (broad) advance/decline ratio of 0.8, including solid rises from Caterpillar, Goldman Sachs, Home Depot, MacDonalds and Microsoft accounting for just over half of the DOW’s 297-point gain and Boeing being the laggard accounting for about -40 DOW points
- For the week the DOW, S&P and Nas put on gains of 2.6%, 4% and 6% respectively as continued solid economic data calmed market slowdown/recession fears
- Friday’s Import Price Index reports added to the week’s theme that inflation continues to be on the wane.
- Will try to pay attention to movement within market sectors in the coming days
- It’s no surprise that expectations of a US Fed rate cut are behind the current gold rally and is likely to do well if the Fed cuts gradually or more urgently going forward (source: marketwatch.com quoting Brian Lundin of Gold Newsletter)
- Iron ore for Mon 16/9 backed off a modest 0.22% (SGX 62% Fe Fines) to $US92.60 for after a fall of about 2% on Friday after rising during the week from an intraday low under $US90 last Monday.
- Oil backed off about 0.5%, possibly as US hurricane concerns subsided. Woohoo, have you seen the price at Aussie service stations lately? Low oil prices have a big impact on keeping the lid on inflation.
- China Economic reporting Sat 14/9 was somewhat dour: Year on year values, House Price Index -5.3% (prev -4.9%), Industrial Production 4.5% (prev 5.1%), Retail Sales 2.1% (prev 2.7%), Unemployment Rate 5.3% (prev 5.2%), Fixed Asset Investment 3.4% (prev 3.6%)
Key events today:
- US: Empire State Manufacturing Survey (Sept) Prev -4.7, Median Forecast -5.0
- Australia: None
S&P 500: up 30 points or 0.54%
Dow: up 297 points or 0.72%
Nasdaq: up 114 points or 0.65%
CBOEVolatility Index (VIX):down 0.51 (-2.99%) to 16.56
Dollar: up 0.15% to 67.13 US cents (6.55am Mon 16/9)
Iron ore (Dalian): cannot find a site/price I am confident is Dalian
Iron Ore (SGX62% Fe Fines): down0.22% to $US92.60 (barchart.com)
Brent crude: down US$0.38 or 0.53% to US$71.05
WTI crude: down US$0.32 or 0.46% to US$68.65
Gold (futures): down US$4.50 or 0.51% to US$2,606.20 (marketwatch.com)
Gold (spot): up US$20.02 or 0.78% to US$2,578.24 (silverprice.org)
Silver (spot): up US$0.83 or 2.8% to US$30.75 (silverprice.org)
NYSE Arca Gold Bugs:
Bitcoin: down 0.22% to US$59,792 (trades 24/7, price 6.30amMon 16/9 cf Fri close)
Copper (LME): down 0.55% to US$9,257 (15/9 lme.com)
Nickel (LME): unchanged 0.00% to US$15,920 (15/9 lme.com
Lithium carbonate (China): up 0.68% to 74,300 yuan
Global X Lithium & Battery Tech ETF:
Uranium (spot): down 0.57% at US$79.55
BHP: up 1.32% (US); up 1.87% (UK)
Rio Tinto: up 1.03% (US); up 1.74% (UK)
FMG: up 3.88% (US … FSUGY ADR)
