Stocks are positive, and the Nasdaq leads the way higher. The BOC cuts interest rates by 50 basis points, fueling a rally in industrial metals. Crude inventories decrease by -9.2 million barrels.
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Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s your daily midday market minute. The Nasdaq 100 continues to outperform with higher Treasury yields. But before we get to it, if you’re watching this video like it, subscribe If you go to our website, there’s also a link to direct you to YouTube. You can subscribe that way.
We’d love for you to follow us. We would love for you to help us build our following. The Nasdaq 100 continues to outperform in equity markets today. Treasury yields are just about unchanged, you know, coming into the session. Yields were lower, but then we did get some S&P global manufacturing data which came out much better than estimates. We actually saw a little bit of expansion in the manufacturing side of things, and that did bring yields back higher off of the intraday lows.
But yields today are unchanged. Now, coming into the session, we saw the Russell 2000 outperforming right before the open. But then after we got that manufacturing data yields, you know, kind of went higher even though, again, they’re unchanged today. That really led to a reversal in the Russell 2000. And then the Nasdaq kind of took first place. So far today as the big outperformer.
Now we will get more economic data. Really important is going to be next week, jobs data. But tomorrow we will get durable goods, GDP, retail inventories, building permits, new home sales and continuing and initial claims really want to pay attention to continuing in initial claims. There have been some big tech layoffs. You could start to see some of those claims uptick this week, but maybe we wouldn’t see that here for a few weeks.
So that would be the important thing. Again, weakness in the labor market could continue to add a little bit of fear to the markets. And those those growth fears ultimately could start to get priced back into the market. Now, today, silver, copper, palladium, really outperforming in the precious metals space. The Bank of China cut interest rates by 50 basis points.
So that monetary accommodation is really fueling those industrial metals and that stimulus is really going to continue to have an effect on those metals that have those industrial applications and crudes positive here today. Inventories decreased by 9.2 million barrels versus a 2.15 million estimate. So that decrease in inventories really sending crude higher. Now getting into some of these levels that we want to pay attention to.
We’re above these levels now. We’re looking at these equity indices. So really coming into the close, I just want to see us close above here. So the two star level that we’re watching for the S&P is 49, 27 and three quarters. Again, we’re slightly above that level as of this video. Nasdaq three star level is going to be 17, 679, again, slightly above this now.
So I want to see us close above here. If we start to sell off below the session, this could be the line in the sand. Crude oil, three star resistance would be 75, 15 to 75. 46. I want to see is break in close above here. We’re right within that range right now certainly with this inventories think that we could get there but crude has seen better days certainly, but it also tends to reverse here quite often.
All commodities really just, you know, they spike up, they bring everybody in, buyers get excited and then it comes right back down. So I want to see us break in close above that level. Silver three star resistance, level 2295 at 2305. We did test this level. We got above here today and then reversed a bit as we got that manufacturing data and interest rates kind of came off of those lows.
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