Stock Market Update September 28, The stock market oscillated near the break-even point for much of the day, leaning slightly bullish, before rallying alongside bonds to close higher. Away from equities, the U.S. dollar remained largely unchanged, while fixed-income assets initially softened, particularly at the longer end of the curve. However, a turnaround in oil prices sparked a broad-based bond rally. Gold initially dipped by 1% but managed to recoup half of its losses, while silver edged up. Despite taking a hit yesterday, mining stocks showed marginal fluctuations; they gained some ground as gold prices rebounded. Forex markets were largely stable or slightly down, although consensus on the dollar's strength nudged a bit higher. As mentioned previously, the groundwork appears to be laid for a significant uptick in metal prices, though the exact catalyst remains elusive. What is evident is that market sentiment towards metals is decidedly bearish, possibly hitting an all-time low. This week saw mortgage rates climb to their highest levels in nearly a quarter of a century, putting additional strain on the real estate sector. According to Freddie Mac, the average interest rate on a 30-year fixed mortgage rose from 7.19% to 7.31%, the steepest rate since it averaged 7.42% in mid-December 2000, as per Yahoo Finance.
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