* A lower than expected PCE number helped US market but not in the way you'd imagine https://x.com/unusual_whales/status/1829610528475660760
Despite a sea of green, half of the gains came in the final half to one hour prior to closing with large volume. It felt like the market was being pushed higher. Perhaps the algos went into full swing in late afternoon.
* That said, the material /resource sectors including energy were rather mixed in performance and AUD which is your typical risk indicator was down rather than up, suggesting Risk Off despite a better show.
* The disinflation trend is still causing lingering concerns over prospects of recession ahead. And this breaking news below only serve to reinforce those concerns. Even Shane Oliver posted that the word redundancy has shot higher in Australia in Google search. Anecdotal evidence even from friends and people we know suggests that companies have begun laying off staff and finding work has become a lot more harder.
BREAKING: Goldman Sachs, $GS, to lay off over 1,300, up to 4% of workforce, per WSJ.
Column 1
Column 2
Column 3
0
STOCK INDICES [US 30 Aug 24]
Overnight %
1
DOW
0.55%
41,563
2
S&P500
1.01%
5,648
3
NASDAQ
1.13%
17,713
4
DXY
0.38%
101.73
5
US 2 YR
-0.21%
3.919
6
US 10 YR
-0.05%
3.909
7
AUD
-0.50%
0.6764
8
GOLD
-0.70%
$ 2,503
9
SILVER
-1.91%
$ 28.86
10
BTC
-0.02%
$ 59,208
11
12
13
GOLD
Overnight %
14
GDX
-0.67%
15
GDXJ
-0.93%
16
NEWMONT GOLDCORP(NEM)
0.39%
17
BARRICK GOLD (GOLD)
-0.15%
18
AGNICO EAGLE MINES (AEM)
-0.27%
19
SILVER
20
SIL
-0.52%
21
SILJ
-0.50%
22
PAN AMERICAN SILVER(PAAS)
-1.27%
23
LITHIUM
24
SPROTT LITHIUM MINERS (LITP)
-0.14%
25
GLOBAL X LITHIUM (LIT)
1.36%
26
ALBEMARLE (ALB)
-1.53%
27
SOQUIMICH (SQM)
0.03%
28
LITHIUM AMERICAS (LAC)
-5.41%
29
PIEDMONT LITHIUM (PLL)
-1.08%
30
ARCADIUM LITHIUM
1.50%
31
PATRIOT BATTERY METALS
0.00%
32
COPPER
33
GLOBAL X COPPER MINERS(COPX)
1.33%
34
BHP
0.00%
35
RIO
-0.08%
36
SOUTHERN COPPER (SCCO)
0.29%
37
FREEPORT MCMORAN (FCX)
1.03%
38
FIRST QUANTUM MINERALS (FQVLF)
2.52%
39
TECK RESOURCES (TECK)
1.12%
40
OIL
41
XLE
0.37%
42
EXXON (XOM)
-0.16%
43
CHEVRON )CVX)
0.36%
44
OCCIDENTAL (OXY)
-0.40%
45
CONOCOPHILLIPS (COP)
-0.51%
46
MARATHON OIL (MRO)
-0.69%
47
HALLIBURTON (HAL)
-0.92%
48
COAL
49
RANGE GLOBAL COAL (COAL)
0.36%
50
PEABODY ENERGY (BTU)
0.00%
51
ALPHA METALLURGICAL (AMR)
-0.15%
52
ARCH RESOURCES (ARCH)
1.08%
53
WARRIOR MET COAL (HCC)
-0.28%
54
URANIUM
55
GLOBAL X URANIUM (URA)
1.01%
56
NICKEL
57
SPROTT NICKEL MINERS (NIKL)
-0.08%
58
RARE EARTHS
59
OPTICA RARE EARTHS (CRIT)
-0.41%
Stocks End August Flat After Early Collapse; Bonds & Gold Soar On Rate-Cut Hopes
by Zero Hedge
Saturday, Aug 31, 2024 - 06:00 AM
The S&P 500 traded in a 500+ point band in August (about 10%) as investors first became very concerned that an imminent recession was being ignored by the Fed, before becoming more convinced that a recession may not be that imminent and the Fed is poised to cut rates at its September meeting.
Along the way, the Nikkei dropped 12% in one day (only to reclaim almost all the lost ground by today, Sep-30) and the VIX spiked above 60 before receding back to 15 as uncertainty receded... Source: Bloomberg
August was a replay of July in terms of macro surprise data (early ugly, late recover)... Source: Bloomberg ...but August really spooked the markets (after payrolls - recession concerns), sparking a bloodbath in stocks to start the month, stocks (broadly speaking) rallied back to unchanged-ish on the month (flat-ish on the week and the day) with the S&P 500 leading the month while Small Caps lagged... Source: Bloomberg
Rate-cut expectations rose on the month - mostly driven by the early month panic... Source: Bloomberg
Treasuries were aggressively bid on the month led by the short-end (2Y -33bps)... Source: Bloomberg
...which steepened the curve significantly (disinverting 2s30s)... Source: Bloomberg
Bonds and stocks disagreed notably on the month and the recession odds... Source: Bloomberg
Gold rallied to new record highs on the month after the early tumble... Source: Bloomberg
Oil oscillated in a broad range but ended lower on the month... Source: Bloomberg
The dollar was down hard on the month but staged a decent comeback this week after testing near YTD lows... Source: Bloomberg
Bitcoin ended the month lower after recovering the early month losses and fading back... Source: Bloomberg
Finally, it was a big week for the world's most important stock... Source: Bloomberg
Can NVDA keep the recession risks away single-handedly?
