Dow was up 57, decliners over advancers about 2-1 & NAZ continued weak, losing another 123.  The MLP index added 1+ to the 239s & the REIT index edged up 2+ to the 364s.  Junk bond funds slid a little lower & Treasuries continued higher which reduced yields.  Oil finally pulled back, taking it under 87, & gold was even at 1944 (more on both below).

AMJ (Alerian MLP Index tracking fund)

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  The stock dropped 5.35 (3%).
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Apple shares fall after reports that China banned iPhone use by government employees

As lawmakers on Capitol Hill weigh the possibility of a gov shutdown next month, one prominent senator expressed confidence that a resolution will not get reached.  "I think there's a significant chance of a government shutdown. And the reason I think that is I think Joe Biden and Chuck Schumer want a government shutdown," Sen Ted Cruz said.  The Senate is back from its summer recess a full week ahead of the House.  Senate Majority Leader Chuck Schumer noted that the Senate cleared 12 appropriations bills in committee before the recess.  The Senate will advance a few individual appropriations bills in the coming weeks.  And House Speaker Kevin McCarthy, will try to advance a fig leaf, interim spending package that appeases the right.  The House Freedom Caucus & other conservative members will demand various provisions that either trim spending, address the border or wrestle with potential impeachment.  But if the House does not approve the continuing resolution, which Cruz thinks will happen, a gov shutdown is certain.  The senator argued that Dems would place the blame on the GOP.  "Funding for the federal government expires September 30th. And I would put the odds very high that Joe Biden & Chuck Schumer just say, 'To hell with you, congressional Republicans,’" Cruz said.  The current breakdown in the House features 222 Reps to 212 Dems with one vacancy.  In other words, Reps can only lose 4 votes from their side & still pass a bill without Dem assistance.

US applications for unemployment benefits fall to lowest level in 7 months

Gold futures declined to tally a 3rd session loss in a row.  The next big event for gold & the $, is US CPI data next week, which could influence the Fed's decision whether to hike rates further or not.  Thanks to the resilience of US economy, the market is expecting interest rates to remain at current levels longer than previously expected.  This is what has helped to keep the $ underpinned & gold undermined.  Dec gold declined $1 to settle at $1942 an ounce.

Gold futures settle lower for a third straight session

US crude futures finish 0.8% lower at $86.87 a barrel, which brings to an end a 9-session streak of gains for WTI that matched the longest winning streak in 13 years.  Today's moderate retreat in prices was attributed to profit-taking mostly as investors decided the market had reached overbought territory.  Prices have risen in 8 of the past 10 weeks & are 25% higher since early Jul.  Continuous production cuts by Saudi Arabia & Russia are more than making up for weak demand in place like the US & Germany, both of which are seeing their energy-intensive manufacturing sectors contract significantly.  Brent crude also fell, to about $90, ending a 7-session streak of gains.

Oil Ends Lower On Profit-Taking After 9-Session Rally

Dow Jones Industrials