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 — Wednesday's numbers.

Equities:
• Dow hit record high, up 218 points to 46,925 (+0.47%)
• S&P 500 essentially flat at 6,735
• Nasdaq slipped 0.16% to 22,954
• Industrials and capital goods drove Dow strength on solid earnings

Oil:
• WTI trading $58.19 to $58.44
• Brent $62.31 to $62.56
• Trade optimism and supply concerns supporting prices
• US crude inventories declining, Strategic Petroleum Reserve buying 1M barrels

Gas:
• Henry Hub at $3.46 per MMBtu, down 0.47%
• Week-over-week volatility with spot prices ranging $2.80 to $3.33

Production:
• Permian new well breakevens averaging $65/barrel
• Large operators at $61, smaller firms at $66
• Existing well operating costs: Delaware $33, Midland $35

Real Estate:
• Industrial cap rates: Q3 private market 5.08%, public markets 5.71%
• Multifamily Class A trading 4.5% to 5.75%, Class B around 4.92%

Credit:
• SOFR trending down since mid-2024
• Investment-grade spreads tightening in Q3
• Direct lending spreads falling on competition and dry powder

Bottom Line:
Oil holding above $58 on supply concerns. Target sub-$50 breakevens, hedge floors above $75. Industrial caps sub-5.7% near logistics hubs. Senior secured credit, SOFR plus 650+, LTV under 65%.

Visit GotTheGold.com. Stay sharp.