Image Souce: Krish Capital Pty Ltd

Index Update

After the market closed on Friday, President-elect Trump announced his intention to nominate Scott Bessent as Treasury Secretary to support his protectionist trade policies. Investors are focused on upcoming FOMC minutes, PCE inflation data, and other key economic indicators for future interest rate expectations. Corporate earnings reports are expected from Macy’s, Nordstrom, Best Buy, CrowdStrike, and Dell. Last week, the Dow rose 1.96%, the S&P 500 gained 1.68%, and the Nasdaq increased 1.73%, driven by strong US economic data and election optimism.

Market Movers

On Friday, the top gainers were Replimune Group, Inc (+23.62%), followed by SoundHound AI, Inc (+18.53%) and Quantum Corporation (+14.38%). On the contrary, Logility Supply Chain Solutions, Inc (-18.75%) and Evotec SE (-17.94%) declined the most the same day.

Commodities Update

WTI crude oil futures dropped below $71 per barrel on Monday, likely due to a technical correction, after a 6% surge last week driven by escalating Russia-Ukraine tensions. The spike followed Ukraine's first attack on Russia with U.S. and British weapons and Russia's missile retaliation. Iran's nuclear developments and rising oil demand in China and India are also key factors. Reports of a potential ceasefire between Israel and Hezbollah eased concerns about Middle East oil production disruptions.

Macro Update

US natural gas prices rose over 5% to $3.3/MMBtu on Monday, nearing a one-year high, as colder weather forecasts and lower production spurred utilities to begin the storage withdrawal season. Gas storage dropped by 3 billion cubic feet, contrary to expectations of a build. Cold temperatures and rising European LNG demand due to supply concerns also contributed to higher US natural gas prices.

Futures Update

US stock futures rose on Monday, starting a holiday-shortened week with markets closed on Thursday for Thanksgiving and a half-day session on Friday.

On Monday, November 25th, Bitcoin traded at $98,316, rising by $534 or 0.55% from the previous session. In the past four weeks, Bitcoin increased by 46.65%, and over the last 12 months, its price surged by 161.37%.

Extending the upward move seen over the course of Thursday's session, stocks saw continued strength during trading on Friday. The Dow led the way higher once again, reaching a new record closing high. The major averages all ended the day in positive territory, with the Dow jumping 426.16 points or 1.0 percent to 44,296.51. The S&P 500 also climbed 20.63 points or 0.35 percent to 5,969.33, while the Nasdaq rose 31.23 points or 0.2 percent to 19,003.65. 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 6066 and support at 5,888.

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