Round up of today’s market news

North American News

US Stocks Finish Strongly, Closing Near Session Highs

• After 3 weeks of declines, the broader NASDAQ and S&P index start the week with gains

US Stock Indices Demonstrate Remarkable Resilience in Face of Soaring Yields: Despite a Sharp 11 Basis Point Surge in 10-Year Yields and a Robust 14 Basis Point Gain in 30-Year Yields, Both the Broader S&P and NASDAQ Indices Mark Their Third Consecutive Week in Decline.

Starting the week off with gains as a positive development:

• Dow industrial average rose 43.35 points or 0.13% at 34007.22
• S&P index rose 17.41 points or 0.40% at 4337.45
• NASDAQ index rose 59.5 points or 0.45% at 13271.31

Some winners today included:

• Roblox +3.19%
• Qualcomm +2.55%
• FedEx +2.03%
• Block, +1.96%
• intuitive Surgical +1.75%
• PayPal +1.69%
• Celcius +1.67%
• Amazon +1.67%
• General Motors +1.50%

Some losers today included:

• Papa John’s -3.33%
• Southwest Airlines -2.01%
• Moderna, -1.82%
• CrowdStrike, -1.63%
• Alibaba -1.25%
• Western Digital was 1.15%
• Biogen -1.03%
• Doordash -0.93%
• CHipotle, -0.88%

US 10 year yield/30 year yields make new highs

• New high yields for the day

Both the US 10 and 30-year yields are stretching to new highs.

• The 10-year yield has just reached 4.535%.The low for the day was 4.45%.The new high represents the highest level since October 2007.
• The 30 year yield just reached 4.653%, which is the highest level since January 2011

As the market transitions to “higher for longer”, some of the negative yield curve is being taken out of the market.

TD Securities: Urgent caution advised for USD bulls amidst emerging vulnerabilities

• The US dollar is higher once again today

Key Points:

1. Encounter at the Inflection Point:
   • Diverging Focus: With inflation concerns on the backburner, market attention has pivoted to assessing the critical equilibrium between growth, elevated rates, and ongoing disinflation.
   • Currency Dynamics: The CHF, SEK, GBP are potentially in the line of fire, while MXN, NOK, CAD are emerging as potential frontrunners.
2. Probing Market Equilibriums and USD Valuations:
   • Spotlight on September PMIs: These indicators are bound to be market movers, with China’s release this week having a heightened focus.
   • Potential Dents in US Narrative: The ongoing political turmoil, UAW strikes, and a squeezing Financial Conditions Index (FCI) are potential soft spots in the US market stance.
   • Fading Momentum in MRSI’s USD Signal: This fading momentum is ringing alarm bells, showcasing the possibility of rapid market realignments if the interest in the USD wanes.
3. China’s Economic Indicators in the Limelight:
   • Bounce-back in China FCI and Growth Factor: Both indicators have shown a noteworthy upward adjustment recently, indicating shifts in economic outlooks.

In-Depth Analysis:

• For Forex Traders:
  • Strategic Reassessment Needed: The intricate market landscape necessitates a heightened level of caution and swift adaptability to new market currents for traders.
• For Investors:
  • Synchronized Risk Assessment: A careful watch on the varying market indicators and the evolving balancing act between growth, rates, and disinflation is pivotal for devising resilient investment strategies.
• For Policy Analysts:
  • Analyzing Market Paradigm Shifts: The market’s transitional focus from inflation to other economic variables indicates evolving policy considerations and implications that warrant closer examination.

Dallas Fed September manufacturing index -18.1 vs -17.2 prior

• Dallas Fed manufacturing survey for Aug 2023

• Prior was -17.2

Details:

• Output (production) +7.9 vs -11.2 prior
• New orders -5.2 vs -15.8 prior
• Employment +13.6 vs +4.3 prior
• Outlook -17.5 vs -18.4 prior
• Prices paid for raw materials +25.0 vs +17.4 prior
• Prices received +1.8 vs +1.8 prior
• Wages +34.8 vs +34.9 prior

Comments in the report:

Chemical manufacturing

• China’s economic woes are believed to be much worse thanreported, driving down exports, while internal pressures on building and construction, automotive and general merchandise through inflationary pressures and particularly the cost of financing is slowing growth domestically. As a basic materials company, this is hitting us on all fronts and slowing business dramatically.

Computer and electronic product manufacturing

• We are still seeing wage pressure for our blue-collar employees, so we did another mid-year raise in order to keep our experienced team. We finally feel like the rate of wage increases will slow down. New orders have slowed slightly but a lot less than one would think from watching the news. Our products are nondiscretionary expense items, so we aren’t nearly as subject to slowdowns as capital equipment providers or discretionary spend items. We are buying some new production equipment, and we are seeing much shorter lead times and flexibility on price from suppliers.
• We had a very slow summer. Things seem to be picking up a little, but the slow summer will cause the total recurring revenue numbers to be lower, and we are constantly below our system sales numbers.
• As a member of the industrial production segment, we have had a very hard time hiring qualified personnel. For the last three years, weas a country are trying to reshore our manufacturing back to the U.S.and become more independent of China and Taiwan. The federal government is doing very little to incentivize bringing manufacturing back to our country. Our capital equipment customers are telling us that they are looking for specific manufacturing capabilities, and they are not finding them here at home. They have all moved to China in the last 30 years.I don’t have to say that raising interest rates to this leveldoes affect the capital equipment purchases in a big way, obviously.Most of them are sold in leases, and over the last 35 years in this industry, our company has experienced the same every time interest rates go up beyond 5 percent. Hiring in the industrial production environment is a lot more difficult and costly than in the consumer industry. We are living under completely different economic circumstances to have high interest rates. Isn’t it time to start lowering interest rates and have the country’s backbone manufacturing industry become more confident in the economy?
• Due to the cost of borrowing and lower order levels for the fourth quarter, the company had to “optimize” staff and is looking to focus on the bottom line.
• We have one vendor who uses aluminum, and their lead time has increased to over five months. It is causing us all kinds ofdifficulties.
• China remains very weak, with no uptick post-COVID.All markets have weakened except auto, which has built inventory over the last several quarters. We expect that market to roll over, too; perhaps theUAW [United Auto Workers] strike will be the impetus.

Fabricated metal product manufacturing

• Supply constraints are improving, but there are still some ongoing challenges.
• Uncertainty related to economy, fiscal policy and the ability torenew our line of credit on favorable terms in early 2024 [are issuesaffecting our business].
• We are having a record level of sales, production and revenue for the last six months.

Food manufacturing

• As we prepare for continued uncertainty in the economy, we are holding off on replacing team members who leave for retirement or other reasons. We are also introducing the lean principles and mindset to our organization to reduce waste in every area of our business.
• Beef prices and availability are posing challenges to our business right now.Chicken is also increasing in cost.
• A significant cut in U.S. government purchasing looms, yetdomestic orders have increased. The latter is a blip due to a specialized funding program.

Food and beverage stores

• The consumer is changing purchasing habits and looking for value in their food purchases. This trend will continue.

Machinery manufacturing

• The summer funk has not relented. We see glimmers of potential, but purchase orders are not being released, quantities are being scaled back, and general sentiment is rather blase.
• The demand for our products remains soft, and we see no signs of improved business activity for at least another year.

Paper manufacturing

• Overall activity is now trending down 2–3 percent. Our industry is down 6–10 percent.

Primary metal manufacturing

• We continue to see weakening demand in the primary metals sectors. This is in part due to uncertainty on many fronts, but especially with federal regulations and taxes. We are closely monitoring trends across all sectors of the economy but continue to receive feedback from the majority of customers that the economy is slowing down considerably.

Printing and related support activities

• We have been very fortunate to have had some large jobs that have kept us very busy this summer, when many in our industry have been slow. September will be as good if not better than August, but then it seems our world will get slower and see greater uncertainty. Labor costs are continuing to go up, but it seems that prices we pay for our materials are possibly staying constant.

Transportation equipment manufacturing

• The outlook is dismal with oil prices increasing and interest rates strangling many sectors, including ours.
• 2024 is looking better for the commercial vehicle industry in spite of increased interest rates. However, we are still forecasting a 13 percent drop in customer demand.

August Chicago Fed US national activity index -0.16 vs +0.12 prior

• The composite index from the Chicago Fed
• Prior was +0.12 (revised to +0.07)

Goldman Sachs says in the middle of the worst seasonal equity period of the year right now

Goldman Sachs on US equities:

• “We are in the middle of the worst seasonal equity period of the year right now for the market to close out Q3.
• Since 1928, the median SPX return for the last 10 out of 11 days in September is negative.
• In addition, Monday is holiday and potential long weekend (lower volumes).
• This dynamic improves as we move in October, see NDX for example”

Moody’s warns that US government shutdown would be ‘credit negative’

• Moody’s warns a shutdown would highlight the weakness of US institutions

I don’t get the sense that the public is in any mood for a US government shutdown, especially after the ridiculous debt ceiling theatrics in May but I will never underestimate the stupidity of politicians.

Hundreds of thousands of US government workers will be furloughed starting on Oct 1 if Congress fails to pass a funding bill. It would also mean that US economic data publication is halted indefinitely.

“A shutdown would be credit negative for the US sovereign,” Moody’s, which has a triple-A rating for the U.S. government, said in a statement. “In particular, it would demonstrate the significant constraints that intensifying political polarization put on fiscal policymaking at a time of declining fiscal strength, driven by widening fiscal deficits and deteriorating debt affordability.”

The longer the shutdown lasts, the more negative it would be, Moody’s said.

US 10-year yields hit 4.50%

• Is 5% coming?

This is the final week of September and it’s increasingly clear that the theme of the month is bond selling.
Today’s price action highlights that with 10-year yields up 8.1 bps to 4.52%, which is a fresh high dating back to 2007.

For the real economy, the rise in 10-year borrowing costs is material. It’s the benchmark for all global borrowing and pushes up corporate and household costs to new cycle highs.

The trigger today appeared to be German bunds, with yields there rising 7.5 bps to 2.81%, which is the highest since 2011. In turn, that led to a selloff in European equities and now US futures are down 0.4%.

BMO highlights a dynamic between stocks and bonds that’s doesn’t bode well for equities:

The price action since mid-September suggests that investors are revisiting the assumption that aslong as the Fed contains inflation, the economic outlook will remain on solidfooting. Embedded within this shift are the ongoing efforts of Fed officials to reinforce the messaging that while terminal might be near (if not already achieved), investors shouldn’t expect rate cuts for the foreseeable future. The ‘Fed-put’ has once again become topical in this context and while we struggle to believe it has been completely abandoned, one thing was made clear last year – it’s struck much lower than investors might have otherwise assumed. Said differently, in the wake of the selloff between January 2022 and October 2022 it became clear that the march toward higher policy rates wouldn’t be deterredby the sharp decline in equity valuations.The fact that stocks managed to recover most of the selloff sets the stage for another retest of investor resolve as global policymakers hold tight to the higher-for-longer messaging.

Fed’s Goolsbee: The next question will be ‘how long are we going to hold at these levels’

• Comments from the Chicago Fed Governor on CNBC
• I think we’re getting close to questions about how long we will hold, rather than how high
• It feels like we’re going to hold longer than markets were expecting
• The risk of inflation staying higher is the bigger risk
• The employment side of the economy is going very well
• External shocks have derailed the Fed from achieving a soft landing in the past, so that’s keeping me up at night
• Inverted yield curve is a mentality of looking at the past and applying it to future but covid has made a lot of predictions look ‘goofy’

Barclays month end rebalancing model is expecting solid US dollar buying

Barclays note on upcoming month-end rebalancing. Their model is pointing to substantial USD buying vs. other major FX.

Saying:

• US equities have trimmed gains
• Also the hawkish hold decision by the Federal Open Market Committee

The US has seven days to avert a government shutdown

• The new fiscal year starts on October 1

Eyes are on US House Republicans who are trying to pass a Republican-only bill to avoid a government shutdown when the calendar turns.

House Speaker Kevin McCarthy will try to win approval of four larger bills, including funding for the military and homeland security, that he could then parlay into a short-term funding bill.

Rep. Graves said Republicans are considering a stopgap government funding measure that would range from 14 to 60 days.

The problem is that some far-right Republicans want deep spending cuts and have shown no sign of compromise.That may force Republicans into a bipartisan compromise. However some Republicans are warning they could try to strip McCarthy of the Speakership if he tries to work with Democrats.

In terms of markets, a one-week shutdown would be largely immaterial for markets but if it were to approach a month there would be measurable economic impacts.

ICYMI – Morgan Stanley says government shut down will lead to Fed Reserve policy paralysis

Morgan Stanley says that a full government shutdown will halt the flow of economic data, leaving the Federal Open Market Committee (FOMC) in the dark over the economy

• “In monetary policy making, uncertainty tends to lead to policy paralysis,”
• “If it’s a full government shutdown, then you don’t really get any of the government data,”
• “And so if we’re lacking data that the Fed can officially sink its teeth into, then that’s going to lead to an inability to make a decision about the path for rates. The lens of the Fed becomes foggy.”

Agreement near for Hollywood writers — NBC report

• The strike has been ongoing for 146 days

NBC reports that the two sides in the Hollywood writers’ strike have reached an agreement but are ‘haggling’ over language. There is hope that an agreement could be announced later today.

Language around using artificial intelligence is the main sticking point and that could be a big thorn but hopefully it’s all worked out soon.

Commodities

Silver stumbles, falling back into $23

• Silver trips and tumbles in Monday trading, heading towards $23.00.
• Silver failed to capture $23.80 on Friday, and Silver is heading back into recent swing low territory.
• A bouncing US Dollar Index is seeing the XAG/USD take a step lower.

Silver is falling further back to kick off the new trading week, testing into familiar lows after last Friday’s bounce couldn’t be sustained.

The Federal Reserve (Fed) is set to see interest rates holding higher for longer than previously expected, and the boost to the US Dollar Index (DXY) is capping off recent upside swings for silver.

After the Fed upped their interest rate forecast, or “dot plot” last week, the US central bank expects interest rates to only decline half a percent by the end of 2024.The Federal Open Market Committee (FOMC) previously saw end-2024 rates at 4.6%, but sticky inflation complications saw the Fed up their forecast to 5.1%.

WTI crude oil settles at $89.68

• Down -$0.35 or -0.39%

Crude oil prices remained settled at $89.68 today. That was down $-0.35 or -0.39%. The high today reached $90.83. THe low was at $89.03.

Russia lifted some export bans, but restrictions on gasoline and high-quality diesel persist.
Chevron plans to increase its oil output in Venezuela to 200k BPD by early 2024.

Technically, looking at the hourly chart, the price action today was above and below the near-converged 100 and 200-hour moving averages.

The 100 hour moving average is currently at $90. The 200-hour moving average is currently at $90.10.
Those moving averages will define the short-term bias. Staying more bearish. Moving above is more bullish.

Moreover, the price is trading in between trendlines on the top and bottom side as the price consolidates since peaking on September 19.

Brent oil price could surge as high as US $150 / barrel says JP Morgan

JPMorgan on the rising oil price, say that Brent could continue to $150 / bbl.

Citing:

• OPEC+ supply cuts, mainly led by Saudi Arabia – they have cut circa 1mn bbl/day from the market – and Russia
• Increase in demand
• Shocks to capacity
• A supercycle for energy
• Moves to reduce the globe’s reliance on fossil fuels, that’ll have the tendency to promote a lack of investment in new oil production
• The JPM analyst forecasts Brent between $90 and $110 in 2023 then higher in 2025 (sees the global supply and demand imbalance at 1.1 million bpd in 2025)

News wires reporting that the Russian government approves tweaks to fuel export ban

• The government was considering exempting some oil productions from the export ban
• Also some exemptions on bunker fuel and gasoils from its fuel ban

ICYMI – HSBC have boosted its Brent oil forecasts higher for 2023 an 2024

HSBC raised its forecast for Brent oil prices in 2023 and 2024

• forecast is $90/bbl in Q4 2023
• forecast is $82.50 for the 2024 year, that’s up $7.50

Citing:

• Oil demand from China will continue to support the price
• Saudi supply cuts will remain unit Q2 2024

EU News

European equity close: Well off the lows but still a bruising start to the week

• Closing changes in Europe

On the day:

• Stoxx 600 -0.7%
• German DAX -1.1%
• Francis CAC -0.9%
• UK’s FTSE 100 -0.9%
• Spain’s IBEX -1.3%
• Italy’s FTSE MIB -0.8%

S&P says pronounced downturn in labour market could push eurozone economy into recession

S&P analysts are wary of a deteriorating jobs markets in the Eurozone.

Reuters conveying just the headline with not further detail at this stage.

Germany September Ifo business climate index 85.7 vs 85.2 expected

Another weak read this month for this survey.The Ifo index is Germany’s most prominent leading indicator

• at 85.7 it dropped for the fifth month in a row due to the August number revised upwards to 85.8
• 85.7 is one of the weakest Ifo index readings of the last five years

• The current assessment component continued its recent downward trend
• Expectations improved a little

The negatives hitting the German economy are continuing:

• the Chinese economy is not gaining momentum
• The Chinese economy is increasingly rivalling the German economy
• ECB rate hikes continue (although the end is in sight, if not already here) and the delayed (transmission) impacts will continue to rise
• energy transition and energy prices uncertainty persist

Germany’s Scholz: We must massively expand activities in housing construction

• Scholz highlights the need for more homes

• It’s correct for the ECB to take action against inflation but this inhibits home construction
• Germany is aiming to build 400,000 new homes a year but building permits and home prices are plunging.

Germany’s 10-year bond yield rises to its highest since July 2011

Up 4.5bp to circa 2.782%

France to pull troops out of Niger after coup

• France will end its military cooperation with Niger

There was some speculation that France would get involved in restoring Niger’s government after the recent coup but instead they have pulled out. France will end military cooperation and has recalled its ambassador.

ECB’s Lagarde: Recent indicators point to further weakness in the third quarter

• Comments from Lagarde
• Job creation in the services sector is moderating and overall momentum is slowing
• Inflation continues to decline but is still expected to remain too high for too long
• We aim to conclude review of ECB framework by spring 2024

ECB’s Schnabel: Activity in the eurozone is clearly moderating

• Comments from the governing council member
• There is not yet an all-clear for the inflation problem
• Unusual contraction in monetary aggregates is unlikely to foreshadow a deep recession but rather reflects a significant rebalancing of portfolios

ECB Villeroy: rates says should remain at this level for sufficiently long period of time

Francois Villeroy de Galhau, Governor of Banque de France, and a Governing Council member at the European Central Bank

• Says what we see now is slowdown but still with positive growth – cnbc interview
• Positive growth expected for 2024-25
• On interest rates says should remain at this level for a sufficiently long period of time
• I have less fear about the economy than I did a year ago
• Inflation should come back towards 2% target by 2025 while avoiding recession for the economy
• If we can reach our inflation target with a soft landing rather than a hard one, it’s much better
• In my judgement, these risks are now at least symmetric, we always can do more if needed
• The risk of doing too much on rates needs to be balanced against the risk of not doing enough
• In the risk of doing too much, with a recession and sharp fall of inflation, we would have to rapidly reverse course
• ‘testing until it breaks’ is not a sensible way to calibrate monetary policy
• Maintaining the current level of interest rates will bring down inflation
• Have to monitor current oil price rebound for possible effects on inflation expectations, wages
• If markets fully incorporate our strategy, they shouldn’t expect cuts before a sufficiently long time

Other News

Beijing-based developer China Oceanwide Holdings declared bankrupt in Bermuda

China Oceanwide Holdings is a Beijing-based private developer with projects in Los Angeles, New York, San Francisco and Hawaii and more.

The company is to be wound up by a court in Bermuda. Hong Kong-listed shares in the firm were suspended from Monday morning due to the court decision and “will remain suspended until further notice,” according to the filing to the city’s exchange.

A winding-up petition was made against the company on Friday local time.

Chinese stocks skid as Evergrande’s debt restructuring goes off the rails

• Evergrande says it can’t issue new debt

Shares of Evergrande are down 20% and broader Chinese real estate stocks are down 2.5% after the embattled real estate group offered signs that its restructuring plan was failing.

Evergrande Group said it “is unable to meet the qualifications for the issuance of new notes under the present circumstances” due to a regulatory probe.

This comes after an announcement late last week that Evergrande was postponing a creditors’ meeting scheduled for today and tomorrow. The company is trying to swap maturing debt for longer-term notes but it’s not going according to plan.

“Based on the company’s current situation and consultations with its advisors and creditors, the company considers it necessary to re-assess the terms of the proposed restructuring to meet the company’s objectivesituation and the demand of the creditors,” Evergrande said.

China vice premier: In meeting with EU agreed to further opening up in financial services

• Comments from the vice premier after meeting with EU trade chief

• Expressed concern over EU electric vehicle probe
• China willing to seriously consider and include more EU incorporated banks in China
• China is willing to expand imports from EU
• Discussed establishment of early warning system on raw materials supply chains
• Both sides agreed to work together to stabilize supply chains and oppose decoupling
• Will strengthen cooperation and coordination of macro-economic policies

HSBC cut its forecast for China GDP growth in 2023 and 2024 – see the PBOC easing further

HSBC’s new economic growth forecasts for China:

• 4.9% in 2023 (were previously above 5%)
• 4.6% in 2024

HSBC expect People’s Bank of China monetary policy to loosen further ahead with further cuts to both interest rates and the RRR.

Coal mine fire in Southern China’s Guizhou Province kills 16 people

Some very bad news out of China over the weekend. Local authorities in Guizhou province say that a coal mine fire killed 16 people on Sunday.

• blaze broke out at the Shanjiaoshu coal mine in Panguan, a town in Guizhou province
• initial investigation suggests that the people who died were trapped after a conveyor belt caught fire

Japan PM Kishida says excessive FX moves are undesireable

Verbal JPY intervention from Japanese Prime Minister Kishida. Japanese authorities are concerned about an overly weak yen. While exporters are not unhappy its pushing up the price of imported energy and other imported materials. On Tuesday he’ll instruct ministers to prepare an economic package

Kishida:

• excessive FX moves are undesirable
• will continue to monitor FX moves closely with a high sense of ugency
• Kishida reiterates that the package will cushion people from rising prices.

Bank of Japan Gov Ueda says the Bank won’t directly target FX in guiding monetary policy

Bank of Japan Governor Ueda says the BoJ will not directly target FX in guiding monetary policy

If the BOJ did directly target the yen with policy they’d be running afoul of all sorts of agreements Japan has with the G7.

Further:

• May end YCC when stable and sustainable achievement of 2% inflation target is foreseen
• Don’t have a clear image in mind yet on how to tweak YCC
• Don’t expect a positive wage cycle to emerge when consumption, capex are sluggish
• important for FX to move stably reflecting fundamentals
• BOJ hopes to work closely with the government to scrutinise the impact of FX moves on the economy and prices

When asked about trigger for ending YCC, negative rate Ueda said must make comprehensive judgment on various factors including outlook for demand. Cannopt pre-set the timing of policy change.

Singapore August inflation data: Headline CPI +4.0% y/y (expected was also +4.0%)

Headline CPI for August 2023 +4.0% y/y

• expected +4%, prior +4.1%

The Core rate rose 3.4% y/y in August

• expected +3.5%, prior +3.8%

Data comes via the Monetary Authority of Singapore (MAS), Singapore’s central bank, and the SG Ministry of Trade:

• “Global supply chain frictions have largely eased, and food commodity prices remain below year-ago levels,” joint statement by the Monetary Authority of Singapore (MAS) and the trade ministry.
• “Consumer price inflation in Singapore’s major trading partners has also been on a gradual moderating trend,”

Cryptocurrency News

HTX Global hacked for $8 million, Justin Sun communicates calm and offers employment for hacker

• HTX Global was hacked for 5,000 ETH on September 24, worth approximately $8 million.
• The exchange has successfully covered the losses incurred, with customers’ accounts made whole.
• The exploiter has been identified and offered a 5% white hat bonus, valid for 7 days before law enforcement involvement.  
• Meanwhile, platform advisor Justin Sun says $8 million is nothing compared to the $8 billion in customer assets on the platform.

HTX Global, formerly Huobi Global, is the latest hacking victim after an exploit on Sunday, September 24.
The attack saw the platform lose up to 5,000 ETH, worth approximately $8 million at prevailing rates.
Recent revelations by the exchange’s advisor and Tron founder Justin Sun indicate that the losses have been covered, with all issues resolved and assured of customer funds’ safety.

Bitcoin price stumbles to 10-day low as the new week gets underway

• Bitcoin down 1.6%

Bitcoin is down 1.6% to start the new week.

That’s a negative sign for broad risk appetite, even if it’s not yet shown up elsewhere. Bitcoin moves at time precede equity moves.

Bitcoin moves happen fast and it’s worth keeping a close eye on this one. It’s an extremely technical asset and the break of the neckline from the mid-September lows creates something of a head-and-shoulders pattern that targets a retest of $25,000.

Bitcoin last traded at $26,021 as the big figure holds so far.

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