- US October consumer confidence 94.6 vs 93.2 expected
- August US Case-Shiller house price index 1.6% y/y vs 1.3% expected
- ADP to deliver weekly updates on employment
- WSJ: Trump looking to lower tariffs on Fentanyl
- US October Richmond Fed composite index -4 versus -17 last month
- US 7-year Treasury auction 3.790% vs 3.782% WI
- Israel PM Netanyahu has authorized military to immediately carryout attacks on Gaza
- US forms $80 billion partnership to build 10 large nuclear reactors
- The China 5-year plan: More of the same, not letting go of manufacturing
- Preview: Bank of Canada to cut rates Wednesday, then what?
Markets:
- Gold down $20 to $3960
- US 10-year yields down 1.7 bps to 3.98%
- WTI crude oil down $1.41 to $59.90
- JPY leads, GBP lags
- S&P 500 up 0.2%, Nasdaq up 0.8%
It was another lively day in markets and notably — October 28 — is historically the strongest day of the year for US stocks. That pattern delivered again, thought here was some late-day profit taking, likely on Fed angst ahead of tomorrow’s FOMC decision.
Nvidia was the big driver of gains as Jensen Huang hosted a event to highlight partnerships and plans. It was impressive stuff and NVDA shares rose 5% to a record and a first close above $200. The company nearly crossed $5 trillion in market cap and Apple crossed $4 trillion for the first time.
The breadth of the gains was narrow though in something of a sign of caution.
In FX, the euro went for a ride down to 1.1626 from 1.1660 and then all the way back. it wasn’t really clear what sparked the move but the US dollar sold off later in the day, in part due to the fentanyl report. The prospects for lower China tariffs has the market feeling upbeat about global growth and that particularly helped the commodity currencies.
The pound was soft on the day as the market shows some fiscal worries and puts pressure on Rachel Reeves’ budget.
This article was written by Adam Button at investinglive.com.