Market News

In his TruthSocial post Pres. Trump confirms the striking of Iranian targets saying:

The United States is, as we speak, striking Iranian Targets near the Strait of Hormuz. The strikes are large and powerful, and in retaliation for the Iranians’ failed attempt at adding sea mines to the Strait, which currently has no mines (They have been completely removed or detonated!), and the Iranians shooting eight missiles, all successfully knocked down, at our Military Base in Jordan. If the failed Nation of Iran retaliates for this very justified attack, they will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the…

Gold is down nearly $100, trading near $4353 after reaching a session low of $4326.38. Today’s decline has pushed the price back below its 100-day moving average at $4379.81, giving sellers more control.

Gold last moved above that moving average on August 19. Yesterday, buyers leaned against the level and sparked a bounce to $4464. Today’s second test, however, brought a different result. Buyers could not hold support, and sellers pushed through.

The 100-day moving average now becomes the key barometer. If buyers are to regain control, they need to get—and stay—back above that MA at $4379.81. Until then, the break keeps the sellers in charge.

On the hourly chart, the next downside target is the 50% midpoint at $4319.75, followed by the…

The price of crude oil is moving higher and stocks are moving lower on reports of an American attack on Iran. There are sounds of explosions heard in Chabahar and Bandar Abbas according to  local reports.

The price of crude oil has moved to a high of $89.85. The current price is trading at $89.72. That's up close to $4 on the day. The low price was at $86.70.

US stocks have dipped with the NASDAQ index now down to hundred 6 points or 0.79% at 26167. It is still of its lows at 25995.53. The NASDAQ 100 is down 328 points or -1.11% at 29127. That to is off it low at 28992.25

Treasury Sec. Bessent after meeting with BOJ Ueda said:

• He emphasized the importance of sound formulation and communication of monetary policy to anchor inflation expectations
• Expressed strong support for Japan's decisive market and monetary steps to address the substantial undervaluation of the yen.
• The role of the Yen weaknesss in contributing to domestic inflationary pressure in Japan.

Yesterday Bessent said that the Fed does not tend to raise rates due to supply shocks implying the Fed did not need to tighten policy.  He also commented how the 10 year yield is near the rate at the start of the administrations term.  He seemed to imply the Fed did not need to tighten which was somewhat counter to the Fed Chair comments last week.  He also…

The AUDUSD is moving back toward its broken 200-hour moving average, setting up an important test for both buyers and sellers.

The pair has largely used that moving average as support since breaking above it on July 30. There have been several tests and some modest breaks, but buyers have generally defended the level.

Yesterday, buyers stepped in against the moving average and pushed the price higher into the close. That recovery continued into the Asia-Pacific session, where the pair tested its 100-hour moving average—the blue line on the chart above. However, sellers leaned against that level and took back control, driving the price below the 200-hour moving average and opening the door for a sharper move lower.

The decline stalled near…

From the G20, US Treas Sec. Bessent is saying:

• I think that Japan is taking right steps for economy.
• G20 ministers one more growth.
• Unclear whether G20 ministers will take steps necessary to achieve higher growth.
• Imbalances created by some countries are reducing growth elsewhere.
• Rest of the world needs to take steps to protect trade, factory jobs from China's exports.

China’s President Xi Jinping is expected to meet President Trump in the U.S. on September 24, 2026, according to Trump’s announcement. The date remains tentative pending final arrangements, according to more recent reporting.

Canada's Carney is standing his ground. Says:

• Asked about US officials insulting Canada, says "It's beneath their office"
• We can start having trade discussions with the US when Americans stop doing memes, stop throwing shade, stop trying to be tough and start being serious.
• US terms in trade talks meant Canadian industries either would become US subsidiaries or would be wound down.
• We never thought we had a full trade deal with US during the talks that Canada walked away from.

Of course Pres. Trump in response to the trade deal breaking down, renamed Lake Ontario to Lake America. Treasury Secretary Bessette has also been dismissive:

• August 31 — Bessent dismissed Canada’s ability to retaliate: “I don’t think you can be in a tit-for-tat with…

• Prior month 0.0% revised from -0.1%
• Construction spending for July -0.5% versus 0.0% expected

Details from the US Census:

• Total construction spending fell -0.5% in July to a seasonally adjusted annual rate of $2,157.6 billion, from June’s revised $2,167.7 billion.
• Spending was down 3.8% from July 2025.
• Year-to-date spending totaled $1,244.6 billion through July, down 3.5% from the same period in 2025.

Private construction data for the month of July: 

• Private construction spending fell 0.5% to $1,614.2 billion.
• Private residential spending declined 1.3% to $859.0 billion, leading the overall pullback.
• Private nonresidential spending rose 0.4% to $755.2 billion, providing a partial offset.

Public construction data for the the month of…

• Prior month  55.6
• ISM manufacturing PMI for August 54.6 versus 55.2 estimate.
• Employment index 51.2 versus 53.0 estimate. Last month 52.8
• New orders 53.7 versus 56.7 last month

Summary of the components vs last month and the changes

• Manufacturing PMI: August 54.6 vs July 55.6. Down 1.0 point MoM.
• New Orders: August 53.7 vs July 56.7. Down 3.0 points MoM.
• Production: August 58.3 vs July 58.5. Down 0.2 point MoM.
• Employment: August 51.2 vs July 52.8. Down 1.6 points MoM.
• Supplier Deliveries: August 59.3 vs July 58.9. Up 0.4 point MoM.
• Inventories: August 50.6 vs July 51.2. Down 0.6 point MoM.
• Customers’ Inventories: August 42.8 vs July 40.7. Up 2.1 points MoM.
• Prices: August 71.1 vs July 71.1. Unchanged MoM.
• Backlog of Orders: August…

• Prior month 7.182 million
• JOLTs job openings for July 7.271M vs 7.300M estimate. 

Details from the Bureau of Labor Statistics

• Job openings: Little changed at 7.3 million in July, with the openings rate steady at 4.4%. Durable goods manufacturing openings increased by 76,000.
• Hires: Little changed at 5.1 million, with a hiring rate of 3.2%. Professional and business services hiring fell by 188,000, a softer detail.
• Total separations: Little changed at 5.1 million, with a rate of 3.2%. No significant changes across industries.
• Quits: Little changed at 3.1 million, with the quits rate at 1.9%. Quits in other services declined by 46,000. Workers showed no increased willingness or ability to leave their jobs.
• Layoffs and discharges: Little…

• Prior month 53.9
• Preliminary estimate for manufacturing PMI 53.2
• S&P global manufacturing PMI final 53.9

Details from S&P Global on the survey report:

• S&P Global US manufacturing PMI held at 53.9 in August, signaling another solid expansion in operating conditions.
• Production increased for the 15th consecutive month, but growth slowed to its weakest pace since February as higher prices and tight supplies weighed.
• New orders rose at a solid pace, little changed from July, with demand largely driven by the domestic market.
• Export orders declined for the 14th consecutive month. Tariffs weighed on foreign sales, although some firms reported improving demand from Europe.
• Supply pressures persisted, with delivery times lengthening markedly. Firms…

Fed Governor Michael Barr’s comments:

• Inflation remains too high.
• Favors holding rates steady if confident inflation is moderating.
• The labor market is stable, with low unemployment.
• The economy is growing solidly, boosted by artificial intelligence investment.
• If inflation does not moderate soon, it will be time for an interest rate hike.
• Persistent inflation above target creates risks.

Fed Governor Michael Barr’s comments lean more hawkish, with a rate hike on the table if inflation does not moderate soon. Although he would favor holding rates steady if inflation is moving lower, his warning that persistent above-target inflation creates risks puts the burden on the data to show improvement.

Meanwhile, solid economic growth, AI…