At-a-Glance
Today’s Top Highlights
Today was an interesting day looking at a lot of different asset classes across the board today. There was little economic data released to sway markets one way or the other, but we saw the S&P, Nasdaq, and Silver hit a new all time high price today but finished the session lower after hitting the high price. Although this may seem unusual, this price action has happened for the S&P and Nasdaq 3 separate times so far in October where an all time high was reached and resulted in a down day.
Gold and Silver have been on remarkable runs to the upside as we have seen over the last 2 years, and today Silver was able to carve out a new all time high price, breaking above the 2011 all time high reaching a high today of $49.965/oz. From there, the market traded down near 2.7% on the day and Gold was down about 2% on the day as well right near its all time high price. There is a lot of uncertainty this week with the government shutdown still in place with no end in sight, and many key economic reports may again be delayed due to the shutdown that can add volatility to these markets as we approach the next Fed meeting at the end of the month where a 25-basis point cut is expected.
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