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The S&P 500 Index today is up by +0.62%, the Dow Jones Industrials Index is up by +0.44%, and the Nasdaq 100 Index is up by +0.83%.
Stocks today are moderately higher, with the S&P 500 climbing to a 2-month high, the Dow Jones Industrials posting a new record high, and the Nasdaq 100 rising to a 2-1/2 week high. Today's positive corporate and economic news has boosted optimism in the US economic outlook and is pushing stocks higher. Intel is up more than +6% after the chipmaker won new business from Amazon.com. Also, Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program. Stocks maintained moderate gains after strength in today’s US retail sales and manufacturing production reports supported the outlook for a soft landing.
Aug retail sales unexpectedly rose +0.1% m/m, stronger than expectations of a -0.2% m/m decline. However, Aug retail sales ex-autos rose only +0.1% m/m, slightly weaker than expectations of +0.2% m/m.
US Aug manufacturing production rose +0.9% m/m, stronger than expectations of +0.2% m/m and the largest increase in 6 months.
The US Sep NAHB housing market index rose +2 to 41, right on expectations.
The markets will look to the 2-day FOMC meeting that begins today to see whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide on a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the Tue/Wed FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 climbed to a 1-1/2 week high and is up +0.79%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 closed down -1.03%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -6 ticks. The 10-year T-note yield is up +1.9 bp at 3.636%. Dec T-notes today gave up early gains and are slightly lower, and the 10-year T-note yield rebounded from a 15-month low of 3.595% and is moderately higher. The stronger-than-expected US retail sales and manufacturing production reports weighed on T-note prices. Also, strength in stocks today has reduced safe-haven demand for T-notes.
T-notes today initially moved higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 64% today from 52% last Friday.
European government bond yields today are moving higher. The 10-year German bund yield is up +2.0 bp at 2.142%. The 10-year UK gilt yield rebounded from a 7-1/2 month low of 3.729% and is up +1.9 bp at 3.778%.
The German Sep ZEW survey expectations of economic growth index fell -15.6 to an 11-month low of 3.6, weaker than expectations of 17.0.
ECB Governing Council member Simkus said the likelihood of an October interest rate cut by the ECB is "very small."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Intel is up more than +6% to lead gainers in the S&P 500, Dow Jones Industrials and Nasdaq 100 after the chipmaker landed Amazon.com’s AWS as a customer for its chip manufacturing business.
HP Enterprise is up more than +5% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $24.
Airbnb is up more than +4% after Uber won its fight against a state government claim in Australia that ruled its payments to drivers were not wages, which bolstered speculation other businesses with similar payment arrangements to Uber’s may benefit from its win in a long-standing payroll tax dispute.
AppLovin is up more than +5% after UBS upgraded the stock to buy from neutral with a price target of $145.
Insulet is up more than +3% after Piper Sandler raised its price target on the stock to $285 from $230.
GE Vernova is up more than +3% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $300.
Dell Technologies is up more than +1% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $135.
Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program.
Accenture Plc is down more than -4% to lead losers in the S&P 500 after Bloomberg News reported the company plans to push back the bulk of its staff promotions by six months as a weak outlook is curbing IT spending.
Atlassian is down more than -2% to lead losers in the Nasdaq 100 on signs of insider selling after an SEC filing showed CEO Cannon-Brookes sold $1.31 million shares last Friday.
Defense companies are under pressure today on a Bloomberg report that said some of Ukraine’s allies are contemplating how to negotiate a cease-fire between Russia and Ukraine. As a result, L3Harris Technologies , Lockheed Martin , Northrop Grumman , General Dynamics , and RTX Corp are down more than -1%.
S&P Global Inc is down more than -1% after the stock was removed from Bank of America Global Research’s US number 1 list.
Acushnet Holdings is down more than -2% after Jeffries downgraded the stock to hold from buy.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Microsoft Corporation (MSFT) is currently at $438.63, up $7.29 or 1.69%
All data as of 10:26:59 AM ET
Source: Dow Jones Market Data, FactSet
To gain an edge, this is what you need to know today.
Against Prevailing Wisdom
Please click here for an enlarged chart of Microsoft Corp .
Note the following:
Magnificent Seven Money Flows
In the early trade, money flows are positive in AMZN, MSFT, Alphabet Inc Class C , Meta Platforms Inc , NVIDIA Corp , and Tesla Inc .
In the early trade, money flows are negative in Apple Inc .
In the early trade, money flows are positive in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1 .
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust . The most popular ETF for silver is iShares Silver Trust . The most popular ETF for oil is United States Oil ETF .
Bitcoin
Trump has released details of his crypto project. The project is called World Liberty Financial. 63% of the coins will be bought by the public, 20% will be owned by the founding team, and 17% will be for user rewards.
The release of Trump's crypto project details is bringing in buying in all cryptos, including Bitcoin .
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(TheNewswire)
September 17, 2024 – TheNewswire - Coquitlam, BC - Nord Precious Metals Mining Inc., (TSXV: NTH) (OTCQB: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Nord” or “Nord Precious Metals”), using simple two-stage gravity concentration, has produced silver-bearing concentrates from Miller Creek Tailings. Interpretation of the unreleased historical data confirms the presence of native silver in the coarse-screened silver concentrates.
Unreleased Miller Creek Gravity Concentrate Silver Assays Highlights:
Gravity table silver concentrate assayed 3,787 grams per tonne (g/t) silver and 3.98 g/t gold on the minus 100-mesh feed size
Gravity table silver concentrate assayed 3,080 g/t silver and 1.14 g/t gold on the plus 100-mesh feed size
Gravity table silver concentrate screened on plus 35-mesh size assayed 786,809 g/t silver and 79 g/t gold
Silver Gravity Concentrates Confirms Native Silver in Miller Creek Tailings
The screened silver concentrate grade exceeds any known silver sulfide mineralization, thereby confirming the presence of native silver with gold credits. The Company has done flotation testwork on the Miller Creek Tailings and was able to produce a flotation concentrate assaying 18,486 g/t silver at a 70 percent recovery. Testwork was done at SGS Lakefield, Ontario (news release May 24, 2019).
To recover the maximum silver and critical minerals from the Miller Creek Tailings, initial processing by gravity concentration followed by flotation is recommended. To date, only one processing step has been used for testing the Miller Creek Tailings.
Qualified person
The technical information in this news release was approved and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President and COO of Nord Precious Metals, a qualified person accordance with National Instrument 43-101.
About Nord Precious Metals Mining Inc.
Nord Precious Metals Mining Inc. (formerly Canada Silver Cobalt Works Inc.) recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000 m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves and do not have demonstrated economic viability. Please refer to the Nord Precious Metals (previously Canada Silver Cobalt Works) Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it completed a 16,000-metre drill program on the Graal property, which was spun out into Coniagas Battery Metals Inc. in March 2024 (Nord owns 35% of the outstanding shares of Coniagas); and (2) St. Denis-Sangster lithium project – 260 square kilometers of greenfield exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary rock – Archean granite contact near Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium properties.
Nord Precious Metal’s flagship silver-cobalt Castle mine and 78 sq. km Castle property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Nord Precious Metals is strategically positioned to become a Canadian leader in the silver-cobalt space. More information is available at
X(Twitter): https://twitter.com/nordmetalsLinkedIn: https://www.linkedin.com/company/nord-precious-metals/Facebook: https://www.facebook.com/nordpreciousmetals/
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.
Copyright (c) 2024 TheNewswire - All rights reserved.
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