Monday, October 9, 2023

Morning Note: Sector, Region and Asset Class Results Update

Goes without saying, there’s much to unfold in the days ahead related to tragic weekend events… The uncertainty will reflect across asset classes, oil and “safe havens” in particular.

Stay tuned.

Here’s your weekly sector, region and asset class results update:

Asian stocks were mixed overnight, with 6 of the 16 markets we track (4 were shuttered) closing higher.

Europe's mostly down so far this morning, with 15 of the 19 bourses we follow trading lower as I type.

US equity averages (save for small caps) are down to start the session: Dow by 21 points (0.06%), SP500 down 0.36%, SP500 Equal Weight down 0.14%, Nasdaq 100 down 0.83%, Nasdaq Comp down 0.92%, Russell 2000 down 0.43%.

As for Friday’s session, US equity averages closed higher: Dow by 0.9%, SP500 up 1.2%, SP500 Equal Weight up 0.85%, Nasdaq 100 up 1.7%, Nasdaq Comp up 1.6%, Russell 2000 up 0.8%.

This morning the VIX sits at 18.66, up 6.93%.

Oil futures are up 3.23%, nat gas futures are up 0.33%, gold's up 0.78%, silver's up 0.48%, copper futures are up 0.90% and the ag complex (DBA) is down 0.07%.

The 10-year treasury (future [cash mkt closed today]) is up (yield down) and the dollar is up 0.19%.

Among our 34 core positions (excluding options hedges, cash and money market funds), 12 -- led by Range Resources, XLE (energy stocks), GLD (gold), AT&T and XME (base metals miners) -- are in the green so far this morning... The losers are being led lower Albemarle, REMX (rare earth miners), URNM (uranium miners), EWW (Mexico equities) and XBI (biotech stocks).

"We never know where we're going, but we sure as hell better know where we are." --Howard Marks

Have a great day!

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