At-a-Glance
Today’s Top Highlights
Markets today have been dominated by selling pressure between the equity indices and precious metals with the precious metals leading the charge lower. The precious metals have seen strong price momentum over the last few weeks, and over the last week, Gold, Silver and Platinum have been trading in a sideways pattern. These markets are still trading inside that sideways pattern, and it is not uncommon to see markets trade sideways after a strong move either higher or lower as traders digest the move. Silver led the selling today trading lower by over 4% while Gold futures traded down about 1.8%.
Outside of the metals, the equities broadly fell today with the Nasdaq leading the way lower, trading down about 1.75% on the day. The S&P and Nasdaq are trading in a similar fashion to the metals as there has been a sideways pattern for the last few days while traders digest the record high prices. There is not a heavy slate of earnings of economic data this week, but we will see the FOMC minutes tomorrow and then Initial Jobless Claims on Thursday that could have a strong affect on these markets after this selling pressure seen this week.
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