1. Producer Prices Jump 1.3% in a Single Month
This morning, the U.S. Producer Price Index (PPI) was reported. Month over month, producer prices increased 1.3%. Between January and September 2026, producer prices have increased 5.4%. That’s higher than the consumer inflation rate we’re currently seeing.
Producers usually pass their costs on to customers. So, with producer prices moving higher, its possible consumer inflation follows. Obviously, that’s not good.
Yields, however, didn’t react much. In fact, they’re declining today, with the 10-year at 5.06% and the 30-year at 5.4%. That’s a significant move to the downside compared with the past few weeks.
2. The AI Selloff: Is the Anthropic IPO Next?
Pick the hottest name in AI, and you’ll likely see it falling between yesterday and today. There’s a lot of selling happening among AI stocks.
The trigger? A lot of questions about an AI slowdown.
An AI IPO in Australia got shelved, adding to the concerns we heard not too long ago about OpenAI’s revenue. Anthropic has reported some numbers, but people are asking whether a slowdown is happening.
The big thing to watch here is what happens to the Anthropic IPO. Will it get shelved? If it does, the AI trade could have problems.
Time will tell.
3. Gold Bounces Above $4,100 But It’s Still Stuck in the Range
Gold prices are bouncing back above $4,100. Great, but gold remains sandwiched in that range.
The relief is likely coming from yields and the U.S. dollar coming off a little. Gold would have to break above $4,200 or below $4,100 to establish some direction in the near term.
Silver is finding some support just above $55. It will be interesting to see how things play out. If this support level breaks, there could be a sharp move to the downside, potentially taking silver all the way down to around $45 to $47.
4. Oil Climbs Again
Oil prices continue to climb higher.
The oil market is very reactive to what’s happening in the Middle East and between Russia and Ukraine. There are some structural problems that aren’t being solved, and obviously, the oil market is going to react.
Energy stocks have also made a solid move to the upside. But remember, focus on quality rather than quantity.
5. Bitcoin Gets Shaky + 51st State & Alberta
Bitcoin is starting to get a little shaky. It broke below its 50-day moving average but is now recovering. Let’s see if it holds. A sustained move below its 50-day moving average could be painful.
The 51st state rhetoric is back.
Also, early voting has begun in Alberta, and there’s a question about separation. The vast majority of people are against it, but it’s a news story getting a lot of attention in the media.
The Canadian dollar is bouncing a little against the U.S. dollar, but it remains fragile.