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Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing. For more information, visit GotTheGold.com. I'm your host, Justin 2.0.
This is Market Pulse — Thursday's numbers.
Equities:
• Markets mixed Thursday post-Fed decision
• Dow down 0.16% to 47,632
• S&P 500 flat at 6,891
• Nasdaq hit record high, up 0.55% to 23,958, driven by Nvidia reaching $5 trillion valuation
• Fed cut rates 25 basis points to 3.75% to 4.00% range
• Powell signaling December cut not guaranteed
Oil:
• WTI at $60.10, down 0.63% from prior session
• Brent at $64.45, down 0.73%
• Both on track for third consecutive monthly decline, longest losing streak since mid-2023
• Oversupply concerns weighing on prices
• OPEC+ meeting November 2nd, modest output increase expected
Gas:
• Henry Hub at $3.82 per MMBtu, up 0.11% from Wednesday
• December futures at $3.81
• Up 9.87% over past month, 41.09% year-over-year
• EIA projecting Q4 average at $4.11, January 2026 at $4.10
Production:
• Permian output at 6.4 million barrels per day
• EIA forecasting 6.6 million barrels per day average for 2025
• Producers aggressively hedging 2025, 2026, 2027 exposure
• Devon hedged 30% of volumes
• Kinetik hedged 75% of commodity exposure
• WTI near $60 challenging economics, operators trimming budgets
Real Estate:
• Cap rates stabilizing, early yield compression emerging
• Industrial at 5.0% nationally, 4.5% to 5.5% in Southeast
• Multifamily at 5.2% nationally, 4.75% to 5.5% in major metros
• Office bifurcated, Class A outperforming at 7.3%, Class B/C exceeding 8%
• Transaction volume hit $27 billion in September, 2025 high
Credit:
• Credit spreads at 20-year lows
• Investment-grade spreads tightest on record
• SOFR showing liquidity stress, widening against fed funds
• Standing Repo Facility usage rising
• Fed nearing end of quantitative tightening
Bottom Line:
Fed cut 25 basis points, December uncertain. Oil sliding on oversupply, third monthly decline. Gas up 41% year-over-year. Permian producers aggressively hedging for 2025 to 2027. Real estate cap compression beginning. Credit spreads at historic lows despite SOFR liquidity stress. Target sub-$50 breakevens, hedge floors above $75. Industrial caps sub-5.7%, senior secured credit SOFR plus 650, LTV under 65%.
Visit GotTheGold.com. Stay sharp.
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