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Daily Market Insights: November 30th, 2023.
US Market Snapshot: Key Stock Market Indices:
- DJIA ^DJI: 35,950.89 (520.47, 1.47%)
- S&P 500 ^GSPC: 4,567.80 (17.22, 0.38%)
- Nasdaq Composite ^NASX: 14,226.22 (-32.27, -0.23%)
- Nasdaq 100 ^NDX: 15,947.87 (-39.73, -0.25%)
- NYSE Fang+ ^NYFANG: 8,243.35 (-22.24, -0.27%)
- Russell 2000 ^RUT: 1,809.02 (5.21, 0.29%)
Moving Averages: DOW, S&P 500, NASDAQ:
NASDAQ Global Market Summary:
Market Insights: Performance, Sectors, and Trends:
- Economic Data: October’s PCE and Core PCE both increased (0.05% and 0.2%, respectively), with year-over-year rates at 3.0% and 3.5%, all falling below forecasts.
- Market Indices: DJIA (+1.47%), S&P 500 (+0.38%), Nasdaq Composite (-0.23).
- Sector Performance: 8 of 11 sectors higher; Health Care (+1.25%) leading, Communication Services (-1.01%) lagging. Top industry: Health Care Providers & Services (+2.52%).
- Factors: Value outperforms Growth.
- Treasury Markets: Equity notes experience gains as bills see a downturn.
- Commodities: Gold, Bitcoin, and the Bloomberg Commodity Index experienced moderate declines, while Crude Oil Futures sank.
Sectors:
- 8 of 11 sectors higher; Health Care (+1.25%) leading, Communication Services (-1.01%) lagging. Top industries: Health Care Providers & Services (+2.52%), Consumer Finance (+2.31%), and Biotechnology (+1.77%).
Factors:
- Value outperforms Growth.
Treasury Markets:
- Equity notes experience gains as bills see a downturn, with the 30-Year Bond showing a rise of 0.061, and the 10-Year Note taking the lead with an increase of 0.079.
Currency and Volatility:
- U.S. Dollar Index drops, CBOE Volatility decreases, Fear & Greed reading signals Greed.
- CBOE Volatility ^VIX: 12.92 (-0.06, -0.46%)
- Fear & Greed Index: 66/73 (Greed/ Greed).
source: CNN Fear and Greed Index
Commodity Markets:
- Gold, Bitcoin, and the Bloomberg Commodity Index experienced moderate declines, while Crude Oil Futures sank.
- Gold Futures: 2,036.08 (-8.58, -0.42%)
- Bitcoin USD: 37,754.50 (-71.60, -0.19%)
- Crude Oil Futures WTI: 75.75 (-2.11, -2.71%)
- Bloomberg Commodity Index: 101.81 (-0.53, -0.51%)
US Economic Data:
- Initial Jobless Claims (Nov. 25): 218,000 (Previous: 220,000, Forecast: 211,000)
- Personal Income (Oct.): 0.2% (Previous: 0.2%, Forecast: 0.4%)
- Personal Spending (Oct.): 0.2% (Previous: 0.2%, Forecast: 0.7%)
- PCE Index (Oct.): 0.05% (Previous: –, Forecast: 0.4%)
- Core PCE Index (Oct.): 0.2% (Previous: 0.3%, Forecast: 0.3%)
- PCE (Year-over-year): 3.0% (Previous: –, Forecast: 3.1%)
- Core PCE (Year-over-year): 3.5% (Previous: 3.7%, Forecast: 3.7%)
- Chicago Business Barometer (PMI) (Nov.): 55.8 (Previous: 46.0, Forecast: 44.0)
Earnings:
- Q3 Forecast: 64% of S&P 500 companies issue negative EPS guidance for Q3 2023. Communication Services and Consumer Discretionary lead in expected YoY earnings growth. Q3 Final and Q4 forecast next week.
Notable Earnings Today:
- BEAT: Marvell (MRVL) Johnson Controls (JCI), Kroger (KR), BRP Inc (DOOO), UiPath (PATH)
- MISSED: RBC (RY), Toronto Dominion Bank (TD), Dell Tech (DELL), Canadian Imperial Bank (CM), Frontline (FRO), Academy Sports (ASO)
Global Markets Summary: Asian & European Markets:
- Nikkei 225 (Japan): -0.06%
- Hang Seng (Hong Kong): -0.11%
- Shanghai Composite (China): 0.00%
- CAC 40 (France): 0.24%
- DAX (Germany): 1.09%
- FTSE 100 (UK): -0.38%
Central Banking and Monetary Policy:
- Consumers Pulled Back on Spending, Inflation Eased in October – WSJ
- Mortgage Rates in US Decline to 7.22%, Falling for Fifth Week – Bloomberg
- Blue-Chip Spreads Rally as Investors Bet Fed is Done Hiking – Bloomberg
Energy:
- Why No One Wants to Pay for the Green Transition – WSJ
China:
- More Chinese investors look abroad to park cash as Beijing seen ‘softening’ on capital flows – SCMP
