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Market Headlines 👀 

• US consumer credit increased at an annual pace of 2.1% reported today.

• Goldman Sachs (GS) raises its year end SPX price target to 6,000 from 5,600.

• Super Micro Computer (SMCI) announced it deployed 100k+ AI GPUs for the quarter.

• Meta Platforms (META) stock crossed $600 intraday for the first time ever and hitting all time highs before a broader market selloff.

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The S&P 500 barreled to a new high last week in the broad, riskon rally. The index is not overbought, but it has also seen some of its momentum go sideways. This is nothing cataclysmic, but just a good reminder that we are still in a tough seasonal stretch, so volatility, even if it resolves higher as it has in the last two months, can still be expected(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Better data and fewer expected rate cuts sparked a jump higher in yields across the curve. The 10 Year Treasury Yield broke above its 50 day moving average resistance in Friday’s big move. The next level of resistance is between 4.10 and 4.15%. We think the 10 Year is likely still in a downtrend (meaning higher yields in the short term continue to be an opportunity to extend durations) but given the consensus expectations for lower yields (i.e., rates typically fall as the Fed is cutting), we think we should have an open -mind for how investors could be surprised. This open mind includes considerations/implications about fiscal policy and deficits post the November election.(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, October 8th: Trade Balance

• Wednesday, October 9th: MBA mortgage applications; Previous US Fed FOMC minutes

• Thursday, October 10th: Weekly jobless claims; Consumer price index (CPI)

• Friday, October 11th: Price producer index (PPI)

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That’s all for today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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