Market Update & Important Indicators:
US stocks tumbled for a second day, as major averages notching wild swings in heavy volume. Treasuries surged, the USD fell with oil, and gold posted its biggest gain in more than two years; The gold miners made a comeback overnight with spot prices rising as much as 2.2%, VanEck Gold Miners ETF up the most in eight months to 5.2% and mining companies continued a monthlong rally from February 2016 lows; Copper erased losses and nickel settled little changed as a decline in the USD took some of the markets focus off of a stock market rout and renewed fears for global economic growth; Copper got a boost after the news that the worlds largest copper producer Codelco, is facing an extended stoppage at one of its smelters as the company struggles to complete an overhaul in time for the start of stricter emissions standards in Chile; President Trump’s 24-hour bashing of the Federal Reserve is unlikely, for now, to shake the central bank’s standing among its two key constituencies that matter more: financial markets and congress “If anything, the Fed has been gradual and their actions have been well received thus far” – a former fed official Vincent Reinhart.
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