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Down the Monetary Policy Rabbit Hole

Daily Recap

U.S. stocks started the quarter out with a whimper. The Industrials fell 54 points while the Nasdaq and S&P 500 fell 0.2% and 0.3% respectively. Bucking the broader trend, the Transports mustered up a quarter percent gain.


Markets around the globe fared better, Europe was roughly unchanged with the Stoxx 600 up 0.1%. In Asia, markets were all in the green, leaving the Global Dow flat for the day.


The ISM manufacturing index rose to 51.5 in September, signaling expansion once again after a weak 49.4 reading for August. Stocks pared their losses on this report, but lost steam again as the day wore on.


The yield on the 10-year note rose to 1.63% while the dollar strengthened 0.2%. On the precious metals side, gold fell $4, silver fell 35 cents and platinum was down $25. Miners declined as well, down about 2%. The bright spot was oil, with light crude up over 1%.



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