Traders Market Weekly: Algorithms, Jobs and Holiday Markets

Viewing 15 posts - 16 through 30 (of 75 total)
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    Dow -56.68 at 35333.47,
    Nasdaq -9.83 at 14241.03,
    S&P -8.91 at 4550.43

    The major indices had a mixed disposition throughout today’s trade as neither buyers nor sellers showed much conviction. The Invesco S&P 500 Equal-Weight ETF (RSP) declined 0.2%.

    The Nasdaq Composite had a small performance edge, drawing added support from select mega-cap names like (AMZN 147.73, +0.99, +0.7%), NVIDIA (NVDA 482.42, +4.66, +1.0%), Tesla (TSLA 236.08, +0.63, +0.3%), and Microsoft (MSFT 378.61, +1.18, +0.3%).

    Those gains also helped keep the S&P 500 in a fairly steady position relative to Friday’s closing level. In fact, the S&P 500 traded in just a 14-point range between its high and low today.

    The deliberate move was reflected in the modest changes for the S&P 500 sectors. The biggest gainer was the real estate sector (+0.4%) and the biggest loser was the health care sector (-0.6%). Everything else fell somewhere in between.

    Market breadth tilted in favor of declining issues by a 4-to-3 margin at the NYSE and by a roughly 7-to-4 margin at the Nasdaq.

    Treasury yields took a lower turn to begin the week, aided by a weaker-than-expected October New Home Sales Report and a $55 billion 5-yr note auction that trumped some soft demand seen at the $54 billion 2-yr note auction. The 2-yr note yield fell eight basis points to 4.87% and the 10-yr note yield dropped eight basis points to 4.39%.

    The drop in market rates did not excite the stock market like it has for the most of the month, but arguably it helped keep selling efforts in check on this Cyber Monday, which saw the retail stocks deliver a lackluster performance.

    The SPDR S&P Retail ETF (XRT) declined 0.6%.

    Nasdaq Composite: +36.1% YTD
    S&P 500: +18.5% YTD
    Dow Jones Industrial Average: +6.6% YTD
    S&P Midcap 400: +5.2% YTD
    Russell 2000: +2.3% YTD


    Glad everyone had a great Thanksgiving – CI stay warm and let’s see what Santa brings 🙂


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

    Shares of developers were pressured in China even though the Chinese government announced 25 measures to encourage investment in the property sector.

    —Equity Markets—

    Japan’s Nikkei: -0.1%
    Hong Kong’s Hang Seng: -1.0%
    China’s Shanghai Composite: +0.2%
    India’s Sensex: +0.3%
    South Korea’s Kospi: +1.1%
    Australia’s ASX All Ordinaries: +0.4%


    The People’s Bank of China released its Monetary Policy Implementation report for Q3, noting that the 5.0% growth target for 2023 is achievable.


    Nikkei reported that the Bank of Japan has begun the groundwork to exit negative interest rate policy with rates expected to rise as early as the first half of 2024.

    Japan’s October BoJ Core CPI 3.0% yr/yr (expected 3.4%; last 3.4%)

    • This reply was modified 4 months, 2 weeks ago by Truman.

    Retail sales in Australia decreased in October for the first time since July.

    Australia’s October Retail Sales -0.2% m/m (expected 0.1%; last 0.9%)


    ZScaler (ZS 183.46, -8.45, -4.4%): beats by $0.18, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus, reaffirms billings


    Major European indices trade on a mostly lower note while Spain’s IBEX (+0.4%) outperforms.

    EasyJet will reinstate its dividend after returning to profitability.

    –Equity Markets—

    STOXX Europe 600: -0.5%
    Germany’s DAX: -0.1%
    U.K.’s FTSE 100: -0.4%
    France’s CAC 40: -0.6%
    Italy’s FTSE MIB: -0.2%
    Spain’s IBEX 35: +0.4%


    European Central Bank policymaker Nagel said that it is too early to discuss rate cuts while policymaker De Cos echoed the sentiment, though he acknowledged that demand is weakening.

    Bank of England policymaker Ramsden highlighted the risk of sticky inflation in the services sector. EasyJet will reinstate its dividend after returning to profitability.


    Eurozone’s October M3 Money Supply -1.0% yr/yr (expected -0.9%; last -1.2%),
    October Loans to nonfinancials -0.3% yr/yr (last 0.2%),
    Private Sector Loans 0.6% yr/yr (expected 0.7%; last 0.8%)

    Germany’ December GfK Consumer Climate -27.8 (expected -27.9; last -28.3)
    France’s November Consumer Confidence 87 (expected 84; last 84)
    Italy’s October non-EU trade surplus EUR5.37 bln (last surplus of EUR2.82 bln)


    S&P 500 futures are down nine points and are trading 0.2% below fair value,
    Nasdaq 100 futures are down 39 points and are trading 0.2% below fair value,
    Dow Jones Industrial Average futures are down 29 points and are trading 0.1% below fair value.

    WTI crude futures are up 0.9% to $75.55/bbl.


    Pinduoduo (PDD 134.80, +17.08, +14.5%): beats by RMB2.67, beats on revs


    Boeing (BA 222.84, +3.54, +1.6%): upgraded to Outperform from Sector Perform at RBC Capital Markets
    Affirm (AFRM 29.68, +0.31, +1.1%): upgraded to Hold from Underperform at Jefferies
    Crocs (CROX 98.65, +2.49, +2.6%): upgraded to Strong Buy from Outperform at Raymond James
    Edwards Lifesciences (EW 65.67, -1.49, -2.2%): downgraded to Underperform from Peer Perform at Wolfe Research


    SpringWorks Therapeutics (SWTX 22.65, +1.88, +9.1%): receives FDA Approval of OGSIVEO

    argenx SE (ARGX 445.80, -49.91, -10.0%): reports topline results from ADVANCE-SC Study of VYVGART Hytrulo in Primary Immune Thrombocytopenia; Study did not meet primary or secondary endpoints


    Consumer Confidence Index at 102.0 for November(consensus 100.0) versus a downwardly revised 99.1 (from 102.6) for October.

    Year-ahead inflation expectations dipped to 5.7% from 5.9%. Those inflation expectations are still quite high,but moving in the right direction for the market’s purposes.

    The key takeaway from the report is that confidence in future business conditions, job availability, and incomes for the next six months improved — a helpful attitude that should support the market’s prevailing soft-landing outlook.

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