Snapping a three-day losing streak, U.S. equities put on marginal gains Wednesday while the rest of the world's major indices recorded losses. It's a ritual that's played out many times in the past. When conditions become dicey or icy, it's often America's stock markets that come in to save the day.
It seems to be working, partially, though with WTI crude oil futures climbing above $92/barrel due to heightened military actions in and around the Persian Gulf, it's doubtful any meaningful rally can be maintained.
One oddity in the forex markets that began on Wednesday was the sudden interest in the yen, with the USD/JPY pair spiking from above 160 to below 156. Could there have been another "yen-tervention" by the Bessent Treasury, though this time done surreptitiously? As mentioned in yesterday's Money Daily, there are emerging signs that something more sinister than normal operations in the world of finance are afoot. Whatever the case may be, neither the U.S. Treasury Department nor the Bank of Japan have offered any explanation.
Maybe we're not allowed to know, which appears to be the case with more than a few items these days.
Thursday's trading looks to be a mixed bag ahead of Friday's Non-farm Payroll data for August, but, after EDP's poor showing of 38,000 jobs, expectations are low, which, for the crowd seeking a Fed easing policy, translates into a bonanza for stocks.
Gold seems to have a clue, up more than $100 overnight. Silver has erased some of the losses from the past few days.
Anybody who is confused at this juncture has a right to be. Markets appear to be jumping in all kinds of directions.
At the Close, Wednesday, September 2, 2026:
Dow: 53,061.95, +295.07 (+0.56%)
NASDAQ: 26,217.83, +118.05 (+0.45%)
S&P 500: 7,666.60, +35.13 (+0.46%)
NYSE Composite: 24,495.55, +146.28 (+0.60%)
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