Image Souce: Krish Capital Pty Ltd

Index Update

On Thursday, the Dow rose 1.06%, the S&P 500 gained 0.53%, and the Nasdaq edged up 0.03%, as investors favored cyclical stocks over technology. In after-hours trading, Gap surged 16% after beating earnings expectations and raising sales guidance, while Ross Stores rose 8% following strong earnings results.

Market Movers

On Thursday, the top gainers were Cerence Inc. (+20.57%), followed by Palladyne AI Corp. (+18.56%) and MicroStrategy Incorporated (+13.3%). On the contrary,     Pyxis Oncology, Inc. (-43.19%) and Kura Oncology, Inc (-25.52%) declined the most the same day.

Commodities Update

Gold rose to $2,680 per ounce on Friday, marking a fifth consecutive gain and a nearly 5% weekly increase, driven by heightened geopolitical risks and safe-haven demand. Tensions escalated between Ukraine and Russia, while markets assessed the Federal Reserve's policy after a surprise drop in US jobless claims. Most expect a 25bps rate cut in December, which would reduce the opportunity cost of holding gold.

Macro Update

The UK 10-year gilt yield dropped below 4.4% due to disappointing economic data, including a 0.7% decline in retail sales and lower-than-expected PMIs pointing to slowed business activity. Inflation rose to 2.3% in October, surpassing the Bank of England’s target. Services inflation increased to 5%. Analysts expect the BoE to keep borrowing costs unchanged in December, with a 14% chance of a quarter-point reduction.

Futures Update

US stock futures were steady on Friday, with all three major indices set to finish the week in positive territory. The Nasdaq led with a 1.56% gain, while the Dow rose 0.98% and the S&P 500 gained 1.33%.

On Friday, November 22nd, Bitcoin traded at 98,596 USD, down 0.03% from the previous session.

Stocks experienced significant volatility early Thursday but generally trended higher throughout the day. By the close, all major indexes ended in positive territory, with the Dow achieving notable gains. The S&P 500 increased by 31.58 points, or 0.53%, finishing at 5,948.70. Meanwhile, the Nasdaq saw a more modest rise, gaining just 6.28 points, or less than 0.1%, to reach 18,972.42. From a technical standpoint, the S&P 500 is currently situated within a rising channel, indicating potential for further upward movement. Additionally, the 14-period Relative Strength Index (RSI) is hovering in positive territory. Important levels to watch include resistance at 5,997 and support at 5,870.

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