Financial Markets
For
the week,
the main stock market
indices were up, with the S&P500 gaining 1.1% and
the NASDAQ
100 up by 1.2%. The small cap index (Russel 2000) rose 0.9% but seems to be on a downward trend.
Gold is unchanged and seems to be consolidating around the 2600$/oz level.
Silver fell 2.1% and will likely continue in the 30-32$ range in the near future.
The barrel of
WTI gained 1.4% and hit the 75$ level, which could be resistance – this would send oil lower over the next weeks.
Bitcoin was unchanged this week and is close to the middle of the 53-66k$ range it has been trading in for the past months.
The
relative
strength of the US dollar (DXY) was up slightly but still holds the 102 level. The
EUR/USD is around 1.09$, while the USD/JPY is at 149 JPY.
US M2 money supply metrics have not been updated since the 26th of August.
The
national financial
conditions index (NFCI) for the week of 30th September 2024 loosened
by 2.1% and doesn’t translate signs of financial stress in
the markets (this data is delayed).
US
bond yields rose in the long end, and now sit at 3.96% for the
2-year
and 4.104% for the 10-year.
The
VIX rised slightly and now is around 20.5, showing that the perception of risk is rising
progressively, as investors and speculators seek put options expiring
in the next 30 days.
Comment Section
week, the month-over-month US inflation rate metrics came 0.1% above expectation. In the meanwhile, the
US job market might me weakening – the jobless claims number surprised
the markets in a negative way (258k vs 227k forecasts). After all, the FED started cutting rates because they see more risk related to recession than to inflation.
Take care, and good luck.
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