Traders Market Weekly: Algorithms, Jobs and Holiday Markets

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    Participant delivery business is now ahead of UPS (UPS) and FedEX (FDX), according to The Wall Street Journal
    $AMZN 147.81, +1.07, +0.7%


    Foot Locker (FL 22.38, -0.94, -4.0%): downgraded to Sell from Neutral at Citigroup
    Graphic Packaging (GPK 22.63, -0.19, -0.8%): downgraded to Market Perform from Strong Buy at Raymond James

    Mondelez (MDLZ 72.48, +0.86, +1.2%): upgraded to Outperform from Sector Perform at RBC Capital Markets
    Teva Pharmaceutical (TEVA 9.76, +0.21, +2.2%): upgraded to Buy from Neutral at UBS


    Equity indices in the Asia-Pacific region began the week on a lower note while India’s Sensex was closed for a holiday.
    Japan’s Nikkei -0.5%,
    Hong Kong’s Hang Seng -0.2%,
    China’s Shanghai Composite -0.3%,
    South Korea’s Kospi unchanged,
    Australia’s ASX All Ordinaries -0.7%.


    China’s October Industrial Profit -7.8% YTD (last -9.0%)
    Moody’s downgraded China Vanke to Baa3, one notch above junk, with a Negative outlook
    The Chinese government is reportedly considering new support measures for homebuilders, including unsecured short-term loans


    Hong Kong’s October trade deficit $25.8 bln (last deficit of $64.6 bln)
    October Imports 2.6% m/m (last -0.4%) and Exports 1.4% m/m (last -5.3%)


    Bank of England’s executive director of markets, Andrew Hauser, was appointed to be the next deputy governor of the Reserve Bank of Australia


    Reserve Bank of New Zealand’s shadow board recommends no change to the official cash rate this month


    Major European indices trade mostly in the red.

    Germany’s DAX -0.2%,
    U.K.’s FTSE 100 -0.3%,
    France’s CAC 40 unchanged,
    Italy’s FTSE MIB -0.2%,
    Spain’s IBEX 35 +0.3%.


    U.K.’s November CBI Distributive Trades Survey -11 (expected -30; last -36)

    British Prime Minister Sunak announced GBP29.5 bln worth of private sector investments and there was speculation that he is looking for additional tax cuts in the spring


    France’s October jobseeker total 2.821 mln (last 2.812 mln)


    There is growing speculation that Germany‘s GDP will contract in 2024 after the country’s constitutional court ruled that pandemic-related funds were reallocated illegally, which will restrain the government’s ability to use special funds

    ECB policymaker Muller said that inflation is clearly slowing and that another rate hike should not be necessary


    Market Early
    Dow 35353.49 -36.66 (-0.10%)
    Nasdaq 14246.38 -4.48 (-0.03%)
    SP 500 4553.35 -5.99 (-0.13%)
    10-yr Note +2/32 4.43
    NYSE Adv 990 Dec 1678 Vol 110 mln
    Nasdaq Adv 1359 Dec 2371 Vol 1.11 bln

    Industry Watch

    Strong: real estate, consumer discretionary, consumer staples
    Weak: energy, industrials, utilities, materials

    Moving the Market
    –Consolidation expectations after four straight weeks of gains

    –Retail watch as holiday selling season goes into full swing

    –October new home sales (-5.6% m/m to 679K) disappoint on affordability pressures


    October New Home Sales Report.

    That report was a good bit weaker than expected, accompanied as well by a large downward revision to September’s sales numbers.

    New home sales decreased 5.6% month-over-month in October to a seasonally adjusted annual rate of 679,000 units (consensus 720,000) from a downwardly revised 719,000 (from 759,000) in September. On a year-over-year basis, new home sales were up 17.7%.

    The key takeaway from the report is that new home sales activity slumped noticeably in October despite a big drop in median and average selling prices. The latter had to do with a large decline in sales in the high-priced West region, but in general, high mortgage rates and generally high prices combined to create affordability pressures for prospective buyers.

    Treasury market took some solace in the weak data.

    The 10-yr note yield is currently down five basis points to 4.43%. The homebuilders, on the other hand, did not take solace in the October data. The iShares U.S. Home Construction ETF (ITB) is down 0.7%.


    2-yr: -2 bps to 4.93%
    3-yr: -2 bps to 4.65%
    5-yr: -4 bps to 4.45%
    10-yr: -4 bps to 4.44%
    30-yr: -3 bps to 4.57%


    Welcome back from THKG holidays & hope all have a great one with their family 🙂
    STOCKS are mostly flat as we work to close of NOV 2023
    and SANTA RALLY could continue in DECEMBER as we quickly head to 2024
    BRRRRRRRRRR … COLD in SW Virginia as the POLAR EXPRESS roars thru – lol

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