U.S. MARKETS:

It was an exciting ‘Turnaround Tuesday’ to downside much as we hoped for. But, except for some zigs and zags and possible Plunge Protection Team intervention, more to the downside lies ahead.

However, if you were long (as we were) oil, uranium and cannabis – Tuesday was an okay day. It was a bad day if you long precious metals as the U.S. Dollar resumed its rally.

The Dow ended with a loss of 195.74 points or 0.56 percent at 34,641.97. The S&P 500 settled lower by 18.94 points or 0.42 percent
at 4,496.83, while the Nasdaq finished with a marginal loss of 10.86 points or 0.08 percent at 14,020.95.

Concerns about the outlook for global economy following the release of disappointing Chinese and European data weighed on the
market.

A firm dollar and higher Treasury yields hurt as well.

Chinese services activity expanded at the slowest pace in eight months in August, a private-sector survey showed earlier today.

Business activity in the euro zone weakened further in August as the economic downturn extended from manufacturing to the services
sector.

HCOB’s final Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, dropped to 46.7 in August from July’s 48.6,
marking the lowest level since November 2020.

On the U.S. economic front, the Commerce Department released a report showing a significant pullback in factory orders in the month
of July.

The Commerce Department said factory orders tumbled by 2.1 percent in July after surging by 2.3 percent in June. Economists had
expected factory orders to plunge by 2.6 percent.

The Institute for Supply Management is scheduled to release its report on U.S. service sector activity in the month of August on
Wednesday.

The ISM’s services PMI is expected to edge down to 52.4 in August from 52.7 in July, although a reading above 50 would still
indicate growth in the sector.

The Energy sector saw some brisk buying as oil prices climbed higher after Russia and Saudi Arabia decided to extend their
voluntary production cuts to the end of this year.

Walgreens Boots Alliance dropped 2.7 percent. Nike, Merck, Caterpillar, Verizon, Home Depot, Honeywell International, Visa, P&G,
Salesforce, JP Morgan and Amgen lost 1 to 2 percent.

Microsoft gained about 1.5 percent. Meta Platforms surged 1.3 percent. Chevron, United Health and IBM also closed higher. Alphabet
and Apple edged up marginally.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Tuesday. Hong Kong’s Hang Seng Index
plunged by 2.1 percent and China’s Shanghai Composite Index slid by 0.7 percent, although Japan’s Nikkei 225 Index bucked the
downtrend and rose by 0.3 percent.

The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index ended down 0.2 percent, Germany’s
DAX and France’s CAC 40 both ended lower by 0.34 percent. The pan European Stoxx 600 ended down 0.23 percent.

THE SPX BOUNCED OFF THE 150 MOVING AVERAGE, HOW WHAT?

CRYPTO UPDATE AS OF SEPTEMBER 5

CANNABIS UPDATE FOR SEPTEMBER 5:

RECORDED FRIDAY AFTERNOON SEPTEMBER 1: Cannabis, Cryptos, SuperMoon are the topics

https://www.howestreet.com/2023/09/oil-usd-cryptos-interest-rates-supermoon-mark-leibovit-martin-straith-ross-clark-this-week-in-money/

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