Traders Market Weekly: Treasury Debt and Central Bank Balancing Act

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    Coinbase (COIN 143.80 +10.08, +7.5%): rising alongside cryptocurrency prices

    As Bitcoin (BTC-USD) reached a peak of $41,700 and gained over 6% on Monday, stocks focused on cryptocurrencies continued to surge. Notably, Coinbase (NASDAQ:COIN) shares rose by 9%, MicroStrategy (NASDAQ:MSTR) went up by 8%, Riot Platforms (NASDAQ:RIOT) surged by 12%, and CleanSpark (NASDAQ:CLSK) and Marathon Digital (NASDAQ:MARA) both soared over 15%, respectively. Additionally, Bitfarms (NASDAQ:BITF) saw a 22% increase, HIVE Digital (NASDAQ:HIVE) was up by 12%, and Bit Digital (NASDAQ:BTBT) rose by 13%.


    Virgin Galactic (NYSE:SPCE) shares plunged over 13% after founder Richard Branson stated that he does not plan further investments in the space travel startup.

    Branson stated that the company has $1B or nearly, and it should have sufficient funds to sustain operations until 2026, when its Delta vehicle is expected to enter service. Last month, the company announced plans to cut jobs and suspend commercial flights for 18 months next year to preserve cash for the development of a larger plane. Some analysts suggest it may turn to investors for more funds by 2025.


    Factory orders fell 3.6% month-over-month in October (consensus 2.6% after increasing a downwardly revised 2.3% (from 2.8%) in September.
    Excluding transportation, factory orders fell 1.2% after increasing a downwardly revised 0.4% (from 0.8%) in September.
    Shipments of manufactured goods were down 1.4% after a revised unchanged reading (from 0.4%) in September.

    The key takeaway from the report is that the October decrease was the largest month-over-month contraction since April 2020, when factory orders plunged 13.5% as coronavirus-related lockdowns spread. The October report also featured a downward revision to September figures, including orders for nondefense capital goods excluding aircraft, indicating that business spending in September was weaker than originally estimated.


    Dow 36,204.44 -41.06 -0.11%
    S&P 500 4,569.78 -24.85 -0.54%
    Nasdaq 14,185.49 -119.54 -0.84%
    VIX 13.00 0.37 2.93%
    Gold 2,046.90 -42.80 -2.05%
    Oil 73.33 -0.74 -1.00%
    BITCOIN 40,616

    Holy KRYTO currencies – Danger, Danger WILL ROBINSON 🙂


    The “Infernal Revenue Service” has just published TAX BRACKETS for 2024

    Standard deductions for 2024
    The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.
    The standard deduction for single taxpayers will be, $14,600, an increase from $13,850 in 2023.
    Heads of household will see a $1,100 increase to $21,900 compared to 2023’s $20,800.

    Tax brackets for people filing as single individuals for 2024
    10%: Taxable income up to $11,600
    12%: Taxable income over $11,600
    22%: Taxable income over $47,150
    24%: Taxable income over $100,525
    32%: Taxable income over $191,950
    35%: Taxable income over $243,725
    37%: Taxable income over $609,350

    Tax brackets for joint filers in 2024
    10%: Taxable income up to $23,200
    12%: Taxable income over $23,200
    22%: Taxable income over $94,300
    24%: Taxable income over $201,050
    32%: Taxable income over $383,900
    35%: Taxable income over $487,450
    37%: Taxable income over $731,200


    Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.

    Japan’s Nikkei: -1.4%,
    Hong Kong’s Hang Seng: -1.9%,
    China’s Shanghai Composite: -1.7%,
    India’s Sensex: +0.6%,
    South Korea’s Kospi: -0.8%,
    Australia’s ASX All Ordinaries: -0.9%.


    China and Japan saw slight November growth in the services sector, according to latest PMI figures, while Australia’s services sector contracted for the second month in a row.

    November Caixin Services PMI 51.5 (expected 50.7; last 50.4)
    FT reported that more than eight million borrowers in China are in default, eclipsing a prior record of 5.7 million from early 2020.

    November Tokyo CPI 2.6% yr/yr (last 3.3%) and Core CPI 2.3% yr/yr (expected 2.4%; last 2.7%).
    November Services PMI 50.8 (expected 51.7; last 51.6)

    Japan’s Core Tokyo CPI was up 2.3% yr/yr in November, representing the slowest growth rate since July 2022.

    South Korea’s
    November CPI -0.6% m/m (expected -0.2%; last 0.3%); 3.3% yr/yr (expected 3.7%; last 3.8%).
    Q3 GDP 0.6% qtr/qtr, as expected (last 0.6%); 1.4% yr/yr (last 0.9%)

    November Services PMI 56.9 (expected 58.0; last 58.4)

    October Retail Sales -0.8% m/m (last -1.6%); -0.1% yr/yr (last 0.8%)

    Hong Kong’s
    November Manufacturing PMI 50.1 (last 48.9)

    November Services PMI 46.0 (expected 46.3; last 47.9).
    Q3 Current Account deficit AUD200 mln (expected surplus of AUD3.1 bln; last surplus of AUD7.8 bln)
    The Reserve Bank of Australia left its cash rate at 4.35%, as expected, noting that potential additional tightening will hinge on incoming inflation figures.

    Reserve Bank of Australia Leaves Rates Unchanged at 4.35%, Leans Dovish


    Major European indices trade near their flat lines while the U.K.’s FTSE (-0.6%) lags with bank stocks and some consumer names contributing to the weakness.

    STOXX Europe 600: UNCH,
    Germany’s DAX: +0.2%,
    U.K.’s FTSE 100: -0.6%,
    France’s CAC 40: +0.3%,
    Italy’s FTSE MIB: UNCH,
    Spain’s IBEX 35: +0.3%.


    October PPI 0.2% m/m, as expected (last 0.5%); -9.4% yr/yr (expected -9.5%; last -12.4%).
    November Services PMI 48.7 (expected 48.2; last 47.8)
    Hawkish European Central Bank policymaker Schnabel said that additional rate hikes are unlikely after the release of cooler than expected inflation figures for November and that policymakers should not aim to keep interest rates at their current level through 2024.
    November Services PMI 49.6 (expected 48.7; last 48.2)

    November Services PMI 50.9 (expected 50.5; last 49.5)
    A YouGov poll showed that one-year inflation expectations in the U.K. remained at 4.2% in October while expectations for longer-term inflation increased to 3.5% from 3.3%.

    October Industrial Production -0.3% m/m (expected 0.2%; last -0.6%)
    November Services PMI 44.6 (expected 44.5; last 44.6)

    November Services PMI 49.5 (expected 48.2; last 47.7)

    October Industrial Production -1.5% yr/yr (expected -1.7%; last -1.2%).
    November Services PMI 51.0 (expected 51.5; last 51.1)


    J.M. Smucker (SJM 116.18, +3.75, +3.3%): beats by $0.12, reports revs in-line; lowers FY24 EPS guidance

    KeyCorp (KEY 13.29, -0.15, -1.1%): issues Q4 and FY23 guidance in shareholder slides; sees Q4 deposits relatively stable yr/yr, loans down 1-3%; lowers Q4 noninterest income forecast

    GitLab (GTLB 59.85, +6.92, +13.1%): beats by $0.10, beats on revs; guides Q4 EPS above consensus, revs above consensus

    Designer Brands (DBI 8.37, -4.44, -34.7%): misses by $0.22, misses on revs; lowers FY24 EPS below consensus


    Tesla (TSLA 233.21, -2.37, -1.0%): likely to face class action lawsuit related to alleged overcharging relating to its insurance, according to Elektrek


    Nokia (NOK 2.91, -0.25, -7.9%) and Ericsson (ERIC 5.36, +0.10, +1.9%):

    AT&T to accelerate open and Interoperable Radio Access Networks in the United States through new collaboration with Ericsson (ERIC); AT&T’s spend could approach roughly $14 billion over the 5-year term of the contract with Ericsson


    CVS Health (CVS 70.16, +1.68, +2.5%): reaffirms FY23 guidance; provides FY24 outlook; raises dividend by 10%; highlights path to accelerating long-term growth

    Johnson & Johnson (JNJ 160.20, +1.32, +0.8%): announces key drivers for long-term competitive growth at Enterprise Business Review; provides FY24 guidance


    Robinhood Markets (HOOD 9.75, +0.20, +2.1%): provides November 2023 operating data; customers contributed approximately $1.4 bln of net deposits


    Moody’s downgraded China’s outlook to negative.

    On a China-related note, the November Caixin Services PMI reflected slightly stronger than expected growth in the services sector. Japan also reported growth in the services sector, but its November PMI was slightly weaker than expected. Australia’s Services PMI came in below 50.0 for the second month in a row (i.e. in contraction).

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