At-a-Glance
Today’s Top Highlights
This report was written before the close due to travel schedules
Markets are seeing mixed results today across the board and within asset classes. On the economic data front, Initial Jobless Claims came in lower than expected at 191k, and there was significant chop back and forth with the equity markets. The Russell was the standout today trading up near 1% while the S&P and Nasdaq were near unchanged and slightly lower. The precious metals also saw a mix today as Gold was trading near unchanged and Silver was seeing extended selling pressure trading down over 2% on the day after reaching a new all time high yesterday just shy of $60. Silver had seen a sharp move to the upside which brought the price into strongly overbought territory, so it could be simple profit taking and a healthy retracement relative to Gold and Copper.
The Crypto markets also saw big swings today as Bitcoin, Ether, SOL, and XRP all traded lower today led by XRP which traded down over 5%. Looking ahead to tomorrow, we will see Core PCE released in the morning, which is the Fed’s primary inflation indicator. Traders haven’t seen one of these reports in a few months due to the government shutdown and are expecting volatility to follow the reporting, either strong or weak. There has also been volatility with the FedWatch Tool regarding future rate cuts, and this print tomorrow could have a strong impact on the future probabilities.
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