Earnings Offer Strength Where Metals Don't, India Cuts Back Russian Oil Purchases

Market Overview - The government shutdown has reached day 22, impacting market sentiment [1] - Gold is experiencing a selloff, currently down over 1% [1][2] - Bitcoin has decreased by 3.3%, while silver is down only 0.2% [2] Earnings Season - Tesla's earnings report is highly anticipated, marking the beginning of the earnings season for major companies [3] - Other companies reporting after the bell include IBM, Lamb Research, SAP, and Las Vegas Sands [4] Tesla Insights - Goldman Sachs has an overweight rating on Tesla, with a price target of $355, citing record deliveries as a positive factor [5] Trade Developments - The US and India appear to be moving closer to a trade deal that may reduce India's crude oil purchases from Russia [6] - This potential shift could lead to higher crude oil prices, as India may start buying US crude instead [7][9] Mortgage Applications - The 30-year mortgage rate has decreased from 6.42% to 6.37%, leading to a 4% increase in refinance applications [10][11] - Despite a 5.2% drop in purchase applications, the overall composite for mortgage applications is relatively unchanged, down 0.3% [11] - The lower mortgage rates may stimulate real estate investment, although current purchase activity remains subdued [12][13]