US close, nos etc,26 Nov 2020 05:47
The mrkt came off record highs, traders felt the 30,000 breakthrough was unsustainable in the short term. It took a surprise jump in jobless new claims to 778,000 against a consensus 730,000 for sellers to take profits as any stimulus cheques will not be dispatched this side of Jan 20.
The continuing high rate of 'lay offs' is damaging sentiment on the economic nos as re'hires stall.
Of the 11 major S&P500 sectors 7 fell led by Energy & financials while FAANGs were back in favour, investors picked up Apple & Amazon 15% & and 10% off their ytd highs which helped the NSDQ 100 hit a record intraday 12,115. Topping the big board were Walgreens, Nike, Visa & Apple.
Tesla added another $20 rising to $575 despite recalling 9,500 cars (SUVs) due to a minor defect. Musk said the Co will be making electric chargers in China next year.
Analysts in a recent Reuters Poll are of the opinion that the 500 will gain c.9% next year as global economies open up. Currently the 500 is up 66% from March lows and 12% up ytd as fully 80% of the constituents are trading above their 50DMA a pointer to the overall health of the market.
Consumer spending data which accounts for 66% of the domestic economic activity increased substantially in Oct, despite personal incomes declining due to online business from stay at homes. As the Wells Fargo CEO said my customers are running on empty. GS has cut its US growth forecasts to 4% in Q4 & 1% in Q1 pending a successful vaccine being rolled out.
On the NYSE fallers outpaced risers by 1•2:1 on 11bn traded, 15 new 52 wk highs. On the NSDQ 120 new highs and 8 new lows were seen.
DJ -174 (29,872)
SP -6 (3630)
NS +58 (12,094)
R2 -9 (1845)
WTI $45•92
10y/tb 0•886%
Nos: Oil $48•92. Vix 21.
Gold $1808. Copper $3•335.
Palm $900. $ 1•338. €1•122.
IDR 14,126. MSCI(W) 610.
FF +19. DF +54.
Morning all.
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