Thursday's Markets Update (September 26, 2024)

27 Sep 2024 by rate3

On Thursday, stocks were mixed, with the S&P reaching a new ATH before closing in red, while the Dow gained a bit on the economy showing growth. Semiconductor stocks performed well. Internationally, silver reached a 12-year high, while the Euro area money supply reached a new record of 16.4 trillion. BTC and ETH lingered below 66K and 2.6K

Details

The economy grew at 3% in Q3, with upward revisions to government spending and imports offsetting slower consumer spending and exports. Overall, the economy performed better than initially estimated in 2023 and 2022. 1Y trend: "Side" (BEA)
Factory orders unexpectedly held steady (+0%) in August, defying expectations of a decline. While orders for transportation equipment fell, those for fabricated metal products and machinery increased. Overall, excluding transportation, new orders rose, indicating continued strength in the manufacturing sector. 1Y trend: "Side" (Census)

Crypto

Chainlink forecasts that the tokenized asset market will reach $10T by 2030. Asset managers are finding it challenging to handle these complex and risky assets efficiently. Tokenization offers solutions like real-time settlements, global liquidity, and fractional ownership, making it easier for investors to participate. (source)

World Markets

The Money Supply M3 in the Euro Area increased to 16.4T euros in August 2024 from 16.3T euros in July. This marks an ATH for the Euro Area's money supply. Trend was reverted to growth since Aug 2023 after 8 months of contraction. 1Y trend: "Up" (ECB)

Commodities

Silver prices surged to a 12-year high ($32.5/oz) in late September. This rise was fueled by expectations of interest rate cuts by Fed, which were confirmed with a larger-than-expected 50bps cut. The Fed's outlook suggests further easing due to a weakening labor market and softening inflation. Additionally, stimulus measures in China boosted silver prices, benefiting industries like electrification and solar panel manufacturing that rely on silver. 1Y trend: "Up"