Tuesday's Markets Update (October 8, 2024)

09 Oct 2024 by rate3

On Tuesday, equities are up; nine out of the 11 S&P sectors ended higher, led by technology, communication services, and consumer discretionary. Oil dropped on risks-overestimates, as rubber reached a 7-year high on China stimulus and uranium rose to its highest in a month on expected supply cuts. BTC and ETH lingered at week's old levels of $62K and $2.4K.

Details

The NFIB Small Business Optimism Index increased to 91.5 in September from 91.2 in August, missing forecasts of 91.7. The Uncertainty Index rose 11 points to 103, the highest reading recorded. Fifty-one percent of owners reported capital outlays in the last six months, down five points from August. 1Y trend: "Up" (Nfib)
The RealClearMarkets/TIPP Economic Optimism Index increased by 0.8 points to 46.9 in October 2024, the highest since April 2023. Sentiment has been on the rise for four consecutive months, though it remains entrenched in negative territory. The Personal Financial Outlook increased by 0.4 points to 53.6 this month. 1Y trend: "Up" (Tech)

Crypto

Solana leads Q3 2024 in bridged net inflows. Ethereum retains market dominance but underperforms. Aptos challenges Solana with GameFi. (source)

World Markets

The Reserve Bank of New Zealand lowered its official cash rate (OCR) by 50 basis points to 4.75% during its October 2024 policy meeting, marking the second consecutive rate cut and aligning with market expectations. New Zealand's annual inflation rate eased to 3.3% in Q2 2024, from 4% in the previous quarter and below market expectations of 3.5%. 1Y trend: "Up" (Rbnz)
Industrial production in Argentina fell by 6.9% YoY in August, marking the fifteenth consecutive month of contraction. 1Y trend: "Down" (Indec)

Commodities

WTI crude oil futures fell by 4.6% to $73.5 per barrel on Tuesday, as anticipated supply disruptions stemming from geopolitical risks in the Middle East have not yet materialized. 1Y trend: "Side"
Uranium rose to $82 per pound in October, the highest in over a month, as risks to supply coincided with robust power demand for major nuclear energy producers. 1Y trend: "Up"
Rubber futures traded around 210 cents per kg, holding close to a recent over 7-1/2-year high of 214 US cents per kg, on the back of China's massive stimulus measures. 1Y trend: "Up"