The S&P 500 and Nasdaq Composite closed at fresh records as Nvidia lifted tech stocks and investors looked ahead to the Federal Reserve’s interest rate decision.
The broader market index advanced by 0.26%, closing at 5,360.79, while the Nasdaq Composite gained 0.35% to end at 17,192.53. The Dow Jones Industrial Average added 69.05 points, or 0.18%, ending at 38,868.04.
SPI down 46 Friday 33 last night Commodities under serious pressure.
Overnight the Dow ended near best levels, up 69 points (+0.18%). Up 79 points at best. Down 134 points at worst. The S&P 500 and NASDAQ closed at record highs, advancing 0.26% and 0.35%. Treasury yields muted as a weak $58bn 3Y auction knocked sentiment ahead of tomorrow's $39bn 10Y sale. 10Y yield up 4.2bps, and…
SUMMARY Focussing on commodities today as that’s where the action is. Most saw sharp falls on Friday night followed by a bounce last night. Gold took a big hit after a huge rise in bond yields. WTI down 1.3% over the weekend, then roars back 4.3% overnight. Could be the catalyst we were looking for.…
Dull stuff here as the US hits record highs. Strategy Portfolio still loving the US rally. Big week for data – FOMC and US CPI. RBA next week. When will Big Tech top out? Thoughts on that. Education Corner – Sentiment versus value.
ASX 200 fell 105 points to 7753 (-1.3%) as banks pulled back from record highs and resources came under pressure on commodity price drops on US data. Iron slipping badly towards $100, BHP down 1.8%, RIO down 1.9%, and FMG off 3.2%. Base metal stocks were badly mauled, S32 off 5.2% and PLS falling 3.8%,…
You might be aware in the Crypto space that there is a high correlation between Bitcoin and the NASDAQ. The correlation is logical. Bitcoin has no fundamentals, it is priced on sentiment alone. It is, unlike almost any other price, based 100% on sentiment. And the NASDAQ index is the embodiment of the rolling US…
Today we talk about what might eventually top out Big Tech
SPI Futures down 46. A much higher jobs number than expected didn’t seem to disturb the US equity market last night (Big Tech immune?), but bond yields popped along with the US dollar (+0.81%), which killed commodity prices, metals, gold, and the resources sector. Our market is closed on Monday. Otherwise, it was a great week…
Wall Street finished in the red overnight in choppy trading, following stronger-than-expected jobs data that prompted concerns that the Fed would wait longer to cut rates. The Dow lost 87 points (-0.22%). Up 219 points at best. Down 134 points at worst. S&P 500 off 0.11%, and NASDAQ retreated 0.23% with all megacaps but Apple…
