Market Performance - US stock markets closed at record highs, with the S&P 500 rising 0.58% to 6,753.72 and the Nasdaq Composite increasing 1.12% to 23,043.38, while the Dow Jones Industrial Average slipped slightly by 1.20 points to 46,601.78 [1] AI Sector Insights - Nvidia CEO Jensen Huang reported a substantial surge in demand for AI computing over the past six months, leading to a 2% increase in Nvidia shares and alleviating concerns about the sustainability of the AI trade [2] - Wedbush Securities analyst Dan Ives projected that tech stocks could rise another 7% by year-end, with an anticipated $3 trillion in AI-related spending from enterprise and government sources over the next three years [3] Sector Performance - The technology, utilities, and industrials sectors led the market gains, all closing at fresh highs [3] Company-Specific Developments - Joby Aviation's shares fell 11% after announcing a $500 million stock offering to fund air taxi operations ahead of a planned 2026 US launch [4] - AST SpaceMobile's shares surged 11% following news of a deal with Verizon to provide satellite-based cell service starting next year [4] Economic Context - The market showed minimal reaction to Federal Reserve meeting minutes indicating divided opinions on the number of rate cuts needed for the remainder of the year, although there was support for the September rate reduction [5] - The ongoing US government shutdown has entered its eighth day, with minimal impact on equity markets thus far [5]

Core Insights - Investors significantly increased their investments in gold-backed exchange-traded funds (ETFs) in September, leading to the largest monthly inflow on record, with 146 tonnes added, compared to 53 tonnes in August [2][3] - The total monetary inflow for September reached $17.3 billion, pushing assets under management (AUM) to a new high of $472.5 billion, with third-quarter inflows totaling $26 billion, the strongest ever for any quarter [3][4] North American Market - North American investors contributed the most, adding 89 tonnes of gold worth $10.6 billion in September, resulting in total holdings of 1,966 tonnes and AUM of $245.5 billion [4][5] - This marks the fourth consecutive month of inflows for North American funds, driven by ongoing trade, policy, and geopolitical risks, alongside expectations of lower yields [5] European Market - European gold ETFs experienced their third-best month of inflows in September, with 37 tonnes added, raising total holdings to 1,436 tonnes and AUM to $176.6 billion [6][7] - The UK, Switzerland, and Germany were the leading countries in this activity, with the strong gold price rally contributing to increased demand [7] Asian Market - In Asia, gold ETFs added 18 tonnes valued at $2.1 billion, increasing total holdings to 334 tonnes and AUM to $41.6 billion, driven by strong demand in China and India [8] - The inflows in Asia were attributed to favorable local currency dynamics and heightened investment demand amid weaker domestic equities and ongoing geopolitical risks [8]

Market Overview - Markets maintained momentum into Q3 2025, with the S&P 500 advancing 7.8%, driven by moderating inflation and rising expectations for Federal Reserve rate cuts [1] - Dividend-paying sectors showed resilience, while cyclical industries experienced strong gains [1] Sector Performance - A rotation towards cyclical and commodity-linked stocks intensified as rate expectations shifted towards easing [2] - Technology, Consumer Discretionary, and Communication Services led sector gains, while the Energy sector achieved a 6.2% gain, outperforming Real Estate, Materials, and Consumer Staples [3] Energy Sector Insights - Despite softer crude prices, strong demand for oil and gas, record U.S. LNG exports, and robust downstream margins contributed to broad-based performance, with total returns averaging mid- to high-single digits [4] - Upstream oil and gas producers saw an average gain of 5.8%, with APA Corporation leading at 34.6% due to strong production volumes and cost controls [6] - Midstream companies collectively gained 8.2%, driven by tankers like Scorpio Tankers and KNOT Offshore Partners, which saw gains over 40% [8] - The refining sector excelled, with the "Big Three" refiners generating an average return of 19.8% [10]

Market Trends & Economic Outlook - The market seems to be shrugging off the shutdown and valuation concerns [1] - Two fundamental drivers for the economy are a tremendous capex tailwind from AI and the Fed's dovish stance [2] - The ISM (Institute for Supply Management) has been below 50 for 31 months, indicating manufacturing sector contraction [2][4] - A rise above 50 in ISM manufacturing would signal a return to expansion mode, benefiting financials, small caps, and the tech trade [5] - Seasonally, Q4 sees an average rise of about 5% since 1950 [8] - Investor sentiment is muted despite a 30% rally in stocks [10] Federal Reserve Policy - The Fed has been on hold for 9 months, providing a lifeline to the economy [2] - The Fed may need to be more dovish due to the government shutdown disrupting economic activity and weakening confidence [7][8] - Rate cuts by the Federal Reserve could boost the manufacturing sector [4] Investment Opportunities & Company Specifics - Financials are a pick due to the expectation of a dovish Fed and the potential for AI to be leveraged in the industry [11] - Financials may end up getting technology valuations, especially given blockchain [12] - Tether, valued at $500 billion or about 25 times earnings, demonstrates the cost reduction potential of building on the blockchain [13] - Tether has 300 employees, while JP Morgan has 313,000 employees [14] - Tether is valued at around $1.8 billion per employee, JP Morgan around $2.6 billion per employee [14]

Core Insights - Gold prices have reached record highs due to safe-haven buying amid the ongoing US government shutdown and expectations of further Federal Reserve rate cuts [1][6][8] Group 1: Gold Market Dynamics - On October 6, 2025, gold prices surged by ₹1,447 to ₹1,19,560 per 10 grams in domestic futures trade, marking a 1.22% increase [1] - The February 2026 gold contract advanced ₹1,512, or 1.27%, reaching ₹1,20,845 per 10 grams, extending gains for the seventh consecutive session [2] - Last week, gold futures increased by ₹3,222 per 10 grams, reflecting a 2.8% rise [2] Group 2: Physical Demand and Investor Behavior - Physical demand for gold is mixed, with weaker demand in China but steady buying in other Asian markets, as investors anticipate further price increases [3] - SPDR Gold Shares, the largest commodity-backed ETF, saw a notable increase in holdings, indicating strong investor interest [3] Group 3: Silver Market Dynamics - Silver futures also experienced significant gains, with December delivery rising ₹1,956, or 1.34%, to ₹1,47,700 per kilogram [4] - The March 2026 silver contract rallied ₹2,053, or 1.39%, to ₹1,49,321 per kg, following a strong rally last week [4] Group 4: Economic and Policy Influences - The budget impasse in Washington has heightened risk aversion, driving investors towards precious metals [5] - Market participants are anticipating a quarter-point Fed rate cut this month and another in December, closely monitoring upcoming remarks from Fed officials for policy signals [9] Group 5: Supply Conditions - Silver is supported by tightening supply conditions, with the Silver Institute projecting a global market deficit for the fifth consecutive year in 2025 [10]

US stock futures traded in the mixed territory on Thursday, with Dow futures slipping in red, while futures tied to Nasdaq and S&P 500Â rallied amid optimism over potential Federal Reserve rate cuts. ...

Market Performance - The S&P 500 gained 3.53% in September, marking its largest percentage gain for the month since 2010, and rose 7.79% for the third quarter, the biggest gain since 2020 [3][6] - The Nasdaq rose 11.24% for the third quarter, its largest gain since 2010, and increased 5.61% in September, the biggest gain since 2019 [3][4] - The Dow climbed 5.22% for the third quarter and rose 1.87% in September [3][4] Sector Performance - Among the S&P 500's 11 major industry sectors, healthcare led with a gain of 2.45%, with Pfizer being the biggest gainer, rallying 6.8% after announcements regarding drug pricing [6][4] - The Dow Jones Transportation Average Index fell 0.4%, with airlines leading declines due to the threat of a government shutdown [6] Stock Movements - Chipmaker Wolfspeed surged 29% after exiting bankruptcy, while Firefly Aerospace shares sank 20.7% following a testing mishap [6] - Lamb Weston shares rose 4.3% after beating analysts' estimates for first-quarter revenue and profit [6] Market Dynamics - Advancing issues outnumbered decliners by a 1.27-to-1 ratio on the NYSE, with 352 new highs and 87 new lows, while on the Nasdaq, declining issues outnumbered advancers by a 1.02-to-1 ratio [7] - The S&P 500 posted 48 new 52-week highs and 4 new lows, while the Nasdaq recorded 104 new highs and 85 new lows [7]

Chicago Federal Reserve President Austan Goolsbee said Tuesday the central bank will look at alternate data sources to consider at its October meeting if upcoming economic data is not released as scheduled due to a potential government shutdown. The government is slated to shut down at 12:01 a.m. ET on Wednesday if Congress fails to approve a funding extension. The House has passed a continuing resolution, but efforts have stalled in the Senate as Democrats push for continued funding of healthcare subsidies ...

Core Insights - Gold prices have reached a historic high, surpassing $3,800 per ounce, marking a year-to-date increase of approximately 47% [1] Group 1: Gold Market Performance - The surge in gold prices has led to a significant increase in gold-backed tokens, which have achieved an all-time high market capitalization of $2.88 billion [2] - Tether Gold (XAUT) and Paxos' PAX Gold (PAXG) are leading the gold-backed token market, with XAUT's market cap at approximately $1.43 billion and PAXG's at around $1.12 billion, both at their respective all-time highs [3] - PAXG experienced over $40 million in net inflows in September, setting a new trading volume record of over $3.2 billion for the month [3][4] Group 2: Market Dynamics and Future Outlook - The tokenized gold market is expected to continue its growth due to favorable macroeconomic conditions, including anticipated Federal Reserve rate cuts and a weaker U.S. dollar [5] - Bitcoin, often referred to as "digital gold," has underperformed compared to gold, with a year-to-date return of only 22% [5]

Group 1: Tariff Impacts - President Trump has announced new tariffs on pharmaceuticals, furniture, and heavy trucks, with rates of 50% on kitchen cabinets and 30% on upholstered furniture set to take effect next week [1][7][10] - Pharmaceutical companies can avoid tariffs if they invest in manufacturing plants in the U.S., with an estimated total investment of $350 billion announced recently [2][9] - The furniture industry is facing pressure due to reliance on foreign imports, while U.S.-based manufacturers like Ethan Allen may benefit from the new tariffs [13][14] Group 2: Market Reactions - Stock futures showed mixed reactions, with some pharmaceutical stocks rising due to investments in U.S. manufacturing, while furniture stocks like William Sonoma faced pressure [12][13] - The Dow is indicating a gain of about 0.5%, while the S&P and NASDAQ show smaller increases, reflecting investor sentiment amid tariff announcements [6][16] - The market is reacting cautiously to the tariff news, with skepticism about the full implementation of these tariffs affecting stock performance [17][18] Group 3: Economic Indicators - The PCE index, the Fed's preferred inflation gauge, came in at 0.3%, with consumer income and spending rising more than expected, indicating economic resilience [3][22] - Core PCE inflation is at 2.9% year-over-year, aligning with expectations and suggesting that inflation is not significantly increasing despite tariff impacts [22][24] - The Federal Reserve is expected to consider rate cuts in October and December, influenced by the current economic data and inflation outlook [28][29] Group 4: Company-Specific Developments - Costco reported fourth-quarter results with sales and earnings exceeding estimates, but shares fell due to same-store sales slightly missing expectations [33] - Oakllo's stock is declining after Goldman Sachs initiated coverage at neutral, citing risks as the company has yet to apply for permits for its first nuclear power plant [34] - Boeing shares are rising as the FAA plans to ease restrictions on inspections and deliveries of the 737 Max, allowing for increased production [35]