Morningtraders. Thanks loungers, especially @Ravgnome and @Patterns.
Thank you forall the kind comments with yesterday’s first opening post.
A reminder, forThursday I will be travelling and out of action 5am to about 10am, so anyopening post will be ahead of US markets closing. It would be best if someonecould step up with a bare bone open around 7.30am … any takers? I should begood for the rest of the time @highlandlad is awayA 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: Generally positive after a surprise US Empire StateManufacturing Survey rise synced with generally good economic reporting lastweek that sealed a US interest rate cut on Wed this week. The DOW closed at anATH, with continued Tech weakness, limiting S&P gains and holding back theNas
ASX futures: ran out of time to find it (apols) – have time tosort this todayUS futures: DOW (+0.50), S&P (+0.07), NAS (-0.59)as at 7.35am 17/9
Overnight themes:
- US indexes had a mixed session around the uncertainty of rate cut expectations to be announced Wed this week, now leaning 65% to a jumbo 0.5% cut rather than 0.25%. The announced rate cut will likely cause markets tension (volatility). Messaging is possibly more important that the actual cut, with markets likely to react negatively if the bigger cut is perceived as an emergency, panicked measure
- The S&P 500 sealed a 6th straight gain with a rise of 0.13%. The broadest of the major benchmarks closed about 0.65 % below its previous record.
- The Nasdaq broke a 5 day rise to fall 0.52% in a mixed session with big tech diverging: Nvidia, Apple, Meta and TSLA underperforming and Google, Microsoft and Meta overperforming
- The Dow firmed +0.55% with a 4th straight rise and a (broad) advance/decline ratio of 0.83, including solid rises from Caterpillar, Goldman Sachs, JP Morgan, Proctor & Gamble and Travellers (an insurance major) and falls from Apple, Boeing (again) and United Health
- Monday’s Empire State Manufacturing Survey showed a surprise jump in manufacturing in the New York region, with sentiment of 11 compared to consensus expectation of -5, a positive for the mainstream economy
- Still no source to break up movements within market sectors. Will keep looking.
- Iron ore for Tue 17/9 climbed up 1.16% (SGX 62% Fe Fines) to $US92.30 (barchart.com) after a fall of about 2% on Friday after rising last week from an intraday low under $US90 last Monday. Will keep looking for a Dalian price.
- Big gains in crude overnight and a choppy week ahead predicted in crude markets due to continued geopolitical risk, a second assassination attempt on Trump, and the looming mid-week US Fed rates decision as well as rates moves this week by central banks in Brazil, UK and Japan (source marketwatch.com)
Key events today:
- US: retail sales, industrial production, capacity utilization, business inventories, home builder confidence index (marketwatch.com)
- Australia: None (tradingeconomics.com)
- China: None (tradingeconomics.com)
S&P 500: up 7 points or +0.13%
Dow: up 228 points or +0.55%
Nasdaq: down 92 points or -0.52%
CBOEVolatility Index (VIX):up 0.60 (+3.62%) to 17.16, still in relatively benign territory
Dollar: up 0.74%% to 67.531 US cents (6.45am Tue 17/9)
Iron ore (Dalian): cannot find a site/price I am confident is Dalian(still working on this)
Iron Ore (SGX62% Fe Fines): up 1.16%to $US92.30 (barchart.com)
Brent crude: up US$1.26 or 1.79% to US$72.31
WTI crude: up US$1.83 or 2.67% to US$70.48
Gold (futures): down US$1.20 or 0.05% to US$2,609.4 (marketwatch.com)
Gold (spot): up US$3.80 or 0.15% to US$2,582.97 (silverprice.org)
Silver (spot): down US$0.13 or 0.4% to US$30.74 (silverprice.org)
NYSE Arca Gold Bugs: HUI Gold Index: down 2.18 or 0.66% to 326.48 (asite recommended yesterday) by a Day Trader – have time today to look intothis
Bitcoin: down 3.62% to US$57,752 (trades 24/7, price 6.55am Tue 17/9 cf Mon close)
Copper (LME): up 0.69% to US$9,372.5 (17/9 lme.com)
Nickel (LME): up 2.54% to US$16,325.0 (17/9 lme.com
Lithium carbonate (China): up 0.68% to 74,300 yuan (unchanged highlandlad recommended site)
Global X Lithium & Battery Tech ETF:
Uranium (spot): down 0.57% at US$79.55 (doesn’t seem to have updated from yesterday)
BHP: up 1.23% (US); up 0.30% (UK)
Rio Tinto: up 1.02% (US); up 0.39% (UK)FMG: down 1.15% (US … FSUGY ADR)
