Image Souce: Krish Capital Pty Ltd

Index Update

The Dow and S&P 500 reached new all-time highs on Friday, driven by a post-election rally following President-elect Trump's victory and strong US economic and corporate performance. Investors are now focused on upcoming US manufacturing and construction spending data, speeches from Federal Reserve officials, and key labor market data later in the week.

Market Movers

On Friday, the top gainers were Cabaletta Bio, Inc. (+25.25%), followed by SUPER HI INTERNATIONAL HOLDING LTD (+15.48%) and Pyxis Oncology, Inc (+12.02%). On the contrary, Applied Therapeutics, Inc (--74.68%) and Inter & Co. Inc (-16.67%) declined the most the same day.

Commodities Update

WTI crude oil futures stabilized at $68.5 per barrel, with investors focused on positive economic data from China and the upcoming OPEC+ meeting. China's factory activity grew at its fastest pace in five months, signaling a recovery. Meanwhile, Saudi Arabia is expected to lower crude prices for Asia in January. Geopolitical tensions in the Middle East, including renewed Israeli attacks on Lebanon and Iran's support for Syria, continue to impact oil prices.

Macro Update

The 10-year US Treasury yield rose above 4.2% on Monday, reversing a two-week decline, as investors anticipated strong US economic performance. The yield increase also followed a rebound in the dollar after President-elect Trump threatened tariffs on BRICS nations over a potential new currency. Markets are now pricing in a 67% chance of a 25 basis point interest rate cut by the Federal Reserve, with investors awaiting labor market data and speeches from Fed officials.

Futures Update

US stock futures were mostly unchanged on Monday as investors looked for new catalysts in December. Wall Street closed a strong week and month, with the three major indexes rising between 1.1% and 1.45% last week, and gaining between 5.7% and 7.8% in November.

On Monday, December 2nd, Bitcoin traded at 94,956 USD, dropping 2.58% or 2,511 USD from the previous session. Over the past four weeks, Bitcoin has declined by 38.15%.

After a pullback on Wednesday, stocks rebounded on Friday, following the Thanksgiving Day holiday on Thursday. While the major averages retreated slightly from their peak levels as the day progressed, they still closed with positive gains. The Nasdaq rose by 157.69 points, or 0.8%, reaching 19,218.17, while the S&P 500 gained 33.66 points, or 0.56%, to close at 6,032.39. From a technical perspective, the S&P 500 continues to operate within a rising channel, suggesting the possibility of further upward movement. The 14-period Relative Strength Index (RSI) remains in positive territory. Key levels to monitor include resistance at 6,066 and support at 5,966.

You Are a Few Steps Away From Gaining Smart Market Insights

Sign up/Login Now and Gain Access to Exciting Opportunities from Investor and Resource Space!