Image Souce: Krish Capital Pty Ltd

Index Update

On Monday, the Dow rose 0.99% to a record high, while the S&P 500 and Nasdaq gained 0.3% and 0.27%, respectively, driven by optimism over Trump's Treasury Secretary nomination. However, in after-hours trading, Kohl's shares dropped over 3% after its CEO announced his resignation, and Zoom fell more than 5% despite strong Q3 results.

Market Movers

On Monday, the top gainers were Quantum Corporation (+49.51%), followed by Brightcove Inc. (+35.11%) and Scholar Rock Holding Corporation (+33.69%). On the contrary,    Elong Power Holding Limited (-10.00%) and Kingsoft Cloud Holdings Limited (--6.93%) declined the most the same day.

Commodities Update

Gold prices remained around $2,610 per ounce on Tuesday after a 3.4% drop, driven by news of a potential Israel-Hezbollah ceasefire, a stronger US dollar, and concerns over upcoming trade tariffs. The market is also focused on the Federal Reserve's November meeting minutes for insights into future monetary policy.

Macro Update

The dollar index rose to 107.5 before settling at 106.6 on Tuesday, driven by concerns over Donald Trump's tariff threats. Trump’s proposal of additional tariffs on Chinese, Mexican, and Canadian imports boosted the dollar, while his nomination of Scott Bessent as Treasury Secretary provided market stability. Traders are now focused on the upcoming FOMC minutes, PCE inflation data, and GDP growth estimates for further insights.

Futures Update

US stock futures dipped on Tuesday after President-elect Donald Trump announced plans to impose a 25% tariff on imports from Mexico and Canada, contingent on both countries addressing drug trafficking and illegal migration. This followed a strong market performance the previous day.

On Tuesday, November 26th, Bitcoin traded at $91,977, down 1.12% from the previous session. Over the past four weeks, Bitcoin has dropped 35.34%, but its price has increased by 148.37% over the last 12 months.

The S&P 500 index tested a new all-time high on Monday, backed by rally in technology counters. The index moved continued to trade above its crucial short-term as well as long-term support levels of 20D, 50D, 100D, and 200D EMAs. The leading momentum indicator 14D RSI settled above 62, implies bulls are heavy on bears. 

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