Major indices are heading higher across the board with gold and bitcoin also getting a boost.

Utilities (XLU) is the only sector in the red while Materials (XLB) is at the top of the list and benefiting from the continued move higher in metal commodities. Health Care (XLV) is the runner-up with continued strength across the sector. Consumer Discretionary (XLY) is also getting a notable boost from Tesla (TSLA) after Nevada cleared the company to operate up to 5,000 robotaxis.

In terms of themes, crypto related names are getting a continued boost from the rally in Bitcoin (BTC). There is also a notable pocket of green in quantum computing.

According to a letter from Ken Griffin at Citadel, the firm unwound more than 80% of the aggregate risk from the Leopold Aschenbrenner portfolio it purchased, conducting over 100 block trades.                                                             

Following the IPO of ChangXin Memory Technologies (CXMT), another Chinese memory name, Yangzte Memory Technologies Co, also knows as YMTC, had its Shanghai IPO listing application accepted and setting up a $4.9 billion share sale on the STAR Market.

PMI Data

S&P Composite PMI rose to 56 in August from 54.5 in July, the strongest expansion since April 2022.

Services PMI was the main driver rising to 56.8 from 54.6 and above expectations of 54. This was partially offset by Manufacturing PMI falling to 53.2 from 53.9 and missing forecasts of a flat reading.

Pricing pressures eased in August, with input prices for both goods and services rising at the slowest rate since February.

Have a great weekend!