Markets:<\/p>\n
Gold and silver hit fresh recordsWTI crude oil down $1.15 to $60.06US 10-year yields down 2.7 bps to 4.14%Bitcoin up 3.8%S&P 500 down 0.7%JPY leads, USD lags<\/p>\n
Eyes were on the Supreme Court today but we didn’t get a tariff decision. There was some trepidation in markets ahead of time with stocks sliding but when no ruling was issued, there was a sizeable pop in stocks. Unfortunately, it slowly faded over the day and the S&P 500 was down more than 1% at the lows, with megacap tech names and financials dragging.<\/p>\n
Gold and silver were in the spotlight once again with Iran and potential US attacks as a possible catalyst. Beyond that, gold did a nice turnabout to highs after some selling midway through yesterday’s US session. That was halted in Asia and there was a steady march higher today and a 7% further pop in silver to $93 for the first time ever.<\/p>\n
The FX market was less action-packed as the US dollar mostly slid. The headline on the retail sales report was a touch better but revisions were lower and the core components a drag. Auto sales flattered the headline while better measures of consumer comfort were less-enthusiastic. <\/p>\n
Comments from financials on the US consumer and lending outlook were positive but that didn’t stop a round of profit taking, including a 4% fall in Bank of America shares. The earnings continue on Thursday.<\/p>\n
Oil was hit with a huge build in US gasoline inventories for the second week but with turmoil potentially coming in Iran, the crowded short in crude were getting out of the way in a squeeze as high as $62.36. However later in the day, Trump said that executions had stopped and there was a report that a high-profile one had been postponed. That was seen as de-escalatio and oil quickly fell more than $2\/barrel. That’s the spot to watch in the day ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"Markets: Gold and silver hit fresh recordsWTI crude oil down $1.15 to $60.06US 10-year yields down 2.7 bps…\n","protected":false},"author":2,"featured_media":410107,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":{"0":"post-410106","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/410106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=410106"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/410106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/410107"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=410106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=410106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=410106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}