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Gold +2.4%, Silver +2%, S&P 500 futures -1.6% right on critical support 6780, bond yields opened lower but are back on Fridays close.
While Nvidia falls 5.5% on blowout earnings Jack Dorsey’s Block Inc jumped 22% on news they are cutting 4,000 employees (40% of headcount).
Nvidia revenue guide of 79%YoY growth (way ahead of consensus) shows the AI data centre buildout isn't losing momentum. (Chart 1, FT, LSEG)
US consumer confidence jumps to 91.2 from an upwardly revised 89 last month on more upbeat prospects for the economy, job market and incomes.
AI was meant to lift all boats. Instead, it’s triggering selling everywhere: software on disruption fears, Mag7 on capex fatigue, and semis on expectations of an AI spending slowdown driven by DeepSeek and China.
After the US Supreme court struck down President Trumps tariffs, Trump approved a new 15% ‘temporary’ tariff.
Yields continue to pare back rate cut expectations after Fed officials signalled renewed worries over inflation, with “several” policymakers suggesting the central bank may need to raise interest rates again.
A strong set of US data: December building permits were over 1.4 million, above expectations and rebounding 4.3% m/m from November’s weakness.
Potential support at 62.250c/gal (yellow line) in the M1 C3 LST contract (Mont Belvieu TET propane). If broken, watch for a downside breakout.
Exchange-traded open interest is 55% above 5-yr high, leaving longs exposed to bearish shock. Steady selling vs Onyx since 11 Feb.
The rising wedge we highlighted at the start of February (white dashed lines on the chart) flipped from support to resistance at the end of last week, signalling a potential break lower.
Breaking! Christine Lagarde to leave the ECB before her term ends in October 2027.
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