Market Recap: Key Movements in Stocks, Commodities, and Economic Indicators

Index Update

On Tuesday, the S&P 500 and Nasdaq Composite rose 0.05% and 0.4%, respectively, while the Dow fell 0.17%. Investors reacted to stronger-than-expected October JOLTS data, showing a rise in job openings and quits rate, signaling worker confidence. Focus now shifts to the ADP payrolls report, nonfarm payrolls on Friday, and a speech by Fed Chair Jerome Powell. Corporate earnings from Chewy, Dollar Tree, and Foot Locker are also anticipated.

Market Movers

On Tuesday, the top gainers were Janux Therapeutics, Inc (+67.32%), followed by Coherus BioSciences, Inc. (+49.64%) and Credo Technology Group Holding Ltd (+39.94%). On the contrary, Children's Place, Inc. (-13.62%) and TransMedics Group, Inc. (-9.56%) declined the most the same day.

Commodities Update

WTI crude oil futures rose above $70 per barrel, continuing a recent rally after OPEC+ signaled it would delay output restoration and the US imposed new sanctions on Iranian crude oil. OPEC+ is expected to extend its output pause for three more months, alleviating oversupply concerns. Meanwhile, US crude inventories increased by 1.2 million barrels, contrary to expectations of a draw, along with larger builds in gasoline and distillates.

Macro Update

The US 10-year Treasury yield remained steady at 4.23% on Wednesday as investors assessed the Federal Reserve's monetary policy outlook. Data showed a rise in job openings and a decline in layoffs, indicating worker confidence. Markets are focused on the ADP payrolls report, nonfarm payrolls on Friday, and Fed Chair Powell's speech, with a 75% chance of a 25 basis point rate cut in December.

Futures Update

US stock futures remained steady on Wednesday after the S&P 500 and Nasdaq Composite reached record closes. In after-hours trading, Salesforce surged over 10% following better-than-expected third-quarter revenues.

On Wednesday, December 4th, Bitcoin traded at 96,539 USD, up 0.59% or 565 USD from the previous session. Over the past four weeks, Bitcoin gained 38.81%, and over the last 12 months, its price increased by 119.93%.

After experiencing mixed results on Monday, stocks displayed a lack of clear direction throughout Tuesday's trading session. However, despite the volatility, both the Nasdaq and the S&P 500 achieved new record closing highs. The Nasdaq climbed by 76.96 points, or 0.4 percent, finishing at 19,480.91, while the S&P 500 gained 2.73 points, or 0.05 percent, to close at 6,049.87. From a technical perspective, the S&P 500 is trending within a rising channel, suggesting the possibility of further gains. The 14-period Relative Strength Index (RSI) remains in positive territory. Important levels to monitor include resistance at 6,066 and support at 5,966.