Video summary
August 6th at 3 PM Eastern Time, Tommy O'Brien delivered an update from TFN noting that markets were slightly down as the trading day neared its conclusion. Although the session began with a somewhat dire outlook and significant losses in the morning, the selling pressure was eventually halted, allowing equities to trade higher by late afternoon. The NASDAQ remained the weakest performer among major indices, dropping about 3/10 of one percent after falling roughly 100 points from its peak, while the Dow Jones Industrial Average slid nearly 8/10 of a percent and briefly dipped below the psychological level of 54,000. The S&P 500 also retreated slightly by just over 3/10 of one percent to settle around 7740, and the Russell index fell nine points or approximately 3/10 of a percent before stabilizing near 2831.
In the bond market, yields experienced a slight decline as prices moved lower, with the ten-year Treasury yield dropping twelve ticks from its previous level to trade at 4.67%. This shift represented a retreat from Friday's highs around 4.75%, signaling that investors were backing off their earlier demand for higher rates. The movement in bond yields had mixed effects on other assets; while it provided support for the US dollar, which rose slightly before settling near 99.92 after briefly hitting parity with one hundred, it exerted downward pressure on gold prices. Gold struggled to maintain its momentum from previous sessions and fell by about $1 to close at 4303 per ounce, following a brief surge earlier in the day where it had tested levels above 4360 before retreating due to dollar strength.
Precious metals showed divergent performance beyond gold, with silver declining by nearly half a penny and platinum dropping approximately one percent to trade around $1738. In contrast, copper managed to reach an all-time high of roughly $686 early in the session before pulling back slightly from that peak. The commodities sector also saw activity from major companies like Treker, formerly known as TCO, which reported earnings up by 1.6% despite a notable drop in their stock price following disappointing numbers and a sharp acceleration at market open. SanDisk was another highlighted company with its shares down significantly after releasing less-than-expected results that weighed on broader sentiment, contributing to the overall red finish for major indices like the S&P and NASDAQ before Tommy O'Brien signed off early due to prior commitments but promised to return tomorrow morning.
Read the full video transcript
TFN
the Tiger Financial News Network
[music]
TFN
Headline News [music] Update.
Good afternoon, folks. Tommy O'Brien
coming to you live from TFN, 3 p.m.
Eastern time, final 60 minutes of the
trading day. And we got markets slightly
in the red right now. Now you got a
NASDAQ down by 100 points off about
3/10en percent but we were lower things
looking a little dire coming into the
morning session but no the selloff gets
halted we trade higher and right now
down by just 3/10% you get the Dow off
8/10% 54,000 and 58 we were almost at
55,000 yesterday quite a move in the Dow
off 8/10% the S&Ps right now off just
1/10enth percent 7740 and you got a
Russell off by 9 points or 3/10% trading
at 315 right now We jump over the
10-year
a little bit of lower price, higher
yield. You get the 10ear right now down
by 12 ticks. You're trading at 10816.
That's a yield of 4.67.
Okay, so yields, you know, we're backing
off.
I was going to say backing off from
where we were at about 4.75 on Friday.
But yeah, we're heading right back down
to that number. Lower price, higher
yield by 13 ticks. We're at 4.67 right
now.
The dollar catches a slight bid with a
little bit of rise in yields. We hit
100. We back off a bit at 99.92 right
now. That weighs on gold a bit. We hit
4363. That was last night. That's an
hourly. Let's put it back on a 5m
minute. You can see hit that thing last
night for the highs. You were as high as
about 4335
at 11:00 a.m. and we backed off on a
little bit of rising yield dollar
strength. Gold down $1 at 4303. You jump
over the equities and how about it,
right? These equities are strong, folks.
Now, you were almost two full dollars
higher in the pre-market aftermarket
last night. Okay, but gold's positive.
Equities are, excuse me, equities are
positive right now. And you're looking
at a run $11 above where we were trading
at last Friday. Talk about a run, man.
Silver right now down by 48 pennies.
Platinum off by about half a percent at
1738. And copper hits an all-time high
this morning at 686. And you back off a
bit. And yeah, TCO with their m their I
was going to say their minds to minds.
Uh not called TCO anymore. That one's
just drilled into my head. Treker. Yeah,
changed their name just recently.
Nonetheless, earnings up by 1.6% right
now. You check in on SanDisk. Remarkable
folks. Now down 4.4%. [music] You talk
about an acceleration on the open. Their
numbers last night disappointing. Down
by 4.5%. We got an S&P down by four.
NASDAQ off by 62. Stay tuned, folks.
Now, I'm going to take off a little
early tonight. I got a few things.
Unfortunately, can't do the show. Okay.
But I'll be back at 9:00 a.m. tomorrow.
And for the Tom O'Brien Show, have a
great night. Safe night, folks. We'll
see you in the morning. We're coming
right back, folks.
Show.