After moving sharply higher over the past few sessions, stocks turned in a relatively lackluster performance during trading on Thursday. The major averages spent most of the session modestly below the unchanged line but ended the day narrowly mixed.
The Dow climbed well off its worst levels of the day in late-day trading but still closed down 45.74 points or 0.1 percent at 34,945.47. The blue chip index edged down of
the three-month closing high set on Wednesday.
Meanwhile, the Nasdaq crept up 9.84 points or 0.1 percent to 14,113.67, its best closing level in well over three months, and the S&P 500 inched up 5.36 points or 0.1
percent to a more than two-month closing high of 4,508.24.
A steep drop by shares of Walmart (WMT) weighed on the Dow, with the retail giant plunging by 8.1 percent after ending Wednesday's trading at a record closing high.
The pullback by Walmart came after the company reported better than expected fiscal third quarter results but forecast full-year earnings toward the low end of analyst
Dow component Cisco Systems (CSCO) also plunged by 9.8 percent after the networking giant reported fiscal first quarter results that beat estimates but lowered its full-year revenue forecast.
Meanwhile, the upticks by the Nasdaq and S&P 500 came as the latest batch of U.S. economic data added to recent optimism about the outlook for interest rates.
The Labor Department released a report showing U.S. import and export prices both fell by more than expected in the month of October, capping off an encouraging week ofinflation data.
The report said import prices slid by 0.8 percent in October after climbing by an upwardly revised 0.4 percent in September.
Economists had expected import prices to decrease by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
Meanwhile, the Labor Department said export prices slumped by 1.1 percent in October after rising by a downwardly revised 0.5 percent in September.
Export prices were expected to decline by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.
A separate Labor Department report showing initial jobless claims climbed by much more than expected in the week ended November 11th.
The Labor Department said initial jobless claims rose to 231,000, an increase of 13,000 from the previous week's revised level of 218,000.
Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous week.
With the bigger than expected, jobless claims reached their highest level since hitting 232,000 in the week ended August 19th.
"The claims data are consistent with a job market that is cooling enough to keep rate hikes off the table, but too strong to make rate cuts a consideration any time soon,"
said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.
She added, "The Fed is surely encouraged by recent inflation data but needs to see a further slowdown in the labor market and wage growth to be persuaded that inflation is on a sustainable path back to 2%."
The Federal Reserve also released a report showing industrial production fell by more than expected in October due in part to the strikes at several major motor vehicle
Energy stocks showed a substantial move to the downside on the day, with a steep drop by the price of crude oil weighing the sector.
With crude for December delivery plummeting $3.76 to $72.90 a barrel, the Philadelphia Oil Service Index dove by 3.6 percent and the NYSE Arca Oil Index tumbled by 2.4 percent.
Cisco led the networking sector lower on the day, dragging the NYSE Arca Networking Index down 3.3 percent. The index ended Wednesday's trading at its best closing level in over a month.
Palo Alto Networks (PANW) is also posting a steep loss after reporting better than expected fiscal first quarter earnings but provided disappointing billings guidance.
Airline and retail stocks also saw significant weakness, while gold stocks moved notably higher along with the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index fell by 0.3 percent, while Hong Kong's Hang Seng Index tumbled by 1.4 percent.
Most European stocks also moved to the downside on the day. The U.K.'s FTSE 100 Index slumped by 1.0 percent and the French CAC 40 Index slid by 0.6 percent, although the German DAX Index bucked the downtrend and edged up by 0.2 percent.
In the bond market, treasuries showed a notable rebound following the pullback seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 9.0 basis points to 4.445 percent.
The U.S. economic calendar is relatively quiet on Friday, although a report on new residential construction may attract attention along with remarks by several Fed
EARLY START OF THANKSGIVING AND SANTA CLAUS STOCK MARKET RALLIES?
SPY - WEEKLY - BROKE OUT AND IS TRADING ABOVE ALL KEY MOVING AVERAGES.
GOLD - SGOL WEEKLY - ALSO TRADING ABOVE ALL KEY MOVING AVERAGES
CRYPTO UPDATE AS OF NOVEMBER 16, 2023:
A Silver Price Forecast For 2024 -InvestingHaven
The price of silver will move to our first bullish target of 34.70 USD in 2024. We predict 48 USD soon after, in 2024, not later than mid-2025.
Silver will move higher in 2024 as soon as the topping pattern in Yields is confirmed. The US Dollar did already confirm its inability to stage a bull run which is supportive for precious metals. Moreover, our silver price forecast 2024 is supported by leading indicators like inflation expectations and the silver CoT report reflecting positioning in the silver futures market. They all suggest a strongly bullish 2024 for silver. That’s why our silver price forecast for 2024 is 34.70 USD. Note that this is our first bullish target, also a longstanding target that we expected to be hit in 2023. Once silver trades near 36 USD it will be a matter of time until it will move to its all-time highs. We recently tipped silver as the precious metal to buy for 2024.
Nowadays, the web is full of fake silver price forecasts. Many sites publish large tables, generated by AI, with price calculations for the next years, positioning those endless series of numbers as silver price forecasts.
We have a very different view on how to predict the price of silver. If you are looking to understand the true dynamics driving the silver price, you will love our silver price prediction rationale and methodology.
Many Americans Could Run Out of Money by January 1st -NewsBreak
During the quiet days of the COVID-19 lockdown, American households, in an unexpected turn, piled up a mountain of extra cash, reaching a staggering $2 trillion.
But now, there's a twist in the tale that's as surprising as it was unforeseen. This financial cushion that seemed like a safe harbor during the pandemic storm is
evaporating faster than anyone predicted.
Where did all that money go, and what does this mean for families grappling with ongoing high inflation?
According to new research from the Federal Reserve Bank of San Francisco, U.S. households held less than $190 billion in excess pandemic savings as of June 2022, down
drastically from over $2 trillion ¹ in August 2021. The researchers estimate these remaining funds will dry up completely by the end of first quarter of 2023.
This is a worrying sign for family finances. The excess savings provided a buffer against rising prices over the past year. But with that cushion vanishing, many
households have little protection left against further inflationary shocks.
Surging costs for essentials like food, rent, and gas are largely to blame for the savings drawdown. Compared to pre-pandemic levels, grocery prices are up 13.5%, rents
have spiked 26%, and gas remains 40% higher despite recent declines.
Elite investor Jim Rogers touts gold and silver over stocks and real estate - and warns inflation will worsen and a recession is looming -Business Insider
by Theron Mohamed
Jim Rogers expects gold and silver to outshine other assets during a period of historic inflation and widespread worry about a recession.
"If you're in a world where prices are going higher, you want to own the things that are going higher in price," the veteran investor told "The Julia La Roche Show" in a recent interview.
Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. He explained that fast-rising prices make fixed-income assets like bonds less attractive, and the higher interest rates that typically accompany them often weigh on the stock market and real-estate sector.
However, commodities like gold, silver, and rice tend to appreciate during inflationary times, meaning they're "usually a good place to ride it out and even perhaps make a lot of money," Rogers said. He singled out gold as a historical beneficiary of surging prices and raging wars, but hailed silver as the better bet today as its price is much more depressed.
Rogers also said he expects other currencies to threaten the US dollar's role as the world's reserve currency, but he hasn't found the likely winner from de-dollarization as yet. He noted that Washington's use of sanctions against Russia over its invasion of Ukraine has stoked concerns in several nations that the dollar isn't a neutral haven, and could become a liability if a country angers America.
Livin’ On A Prayer … And Credit! US Consumer Debt Hits $17.3 TRILLION As Credit Card Delinquency Growth Highest Since Covid Lockdown (UMich Inflation Expectations SOAR To Highest Since 2011!) -Confounded Interest
Under Bidenomics, with its high inflation rate and crushing negative wage growth, consumers are draining their savings and living on a prayer … and consumer credit to cope.
US consumer credit just rose to $17.3 trillion, up dramatically since Biden's inauguration as El Presidente of the United Banana Republics of America.
What is worrisome in the transition rates (like current to 90-days delinquent) Credit cards (blue) and auto loans (red).
A closer look at credit card delinquency rates on a year-over-year (YoY) basis, showing the fastest growth in delinquencies since the Covid economic lockdowns.
Then we have commercial real estate delinquencies are now the highest the have been since 2013.
Meanwhile, University of Michigan consumer sentiment about inflation spiked to 4.4%. That is the highest medium-term inflation expectation since 2011.
OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!
FROM 2007 - REP RON PAUL:
THE CASE FOR ABOLISHING THE FEDERAL RESERVE
G EDWARD GRIFFIN
The President's Working Group on Financial Markets
known colloquially as the Plunge Protection Team, or "(PPT)" was created by Executive Order 12631, signed on March 18, 1988, by United States President Ronald Reagan.
As established by the executive order, the Working Group has three purposes and functions:
"(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes."
Plunge Protection Team
"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims "no personal firsthand knowledge" and John Crudele, have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that "If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else" and "Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices."
In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market. However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.
Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole." Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest "in becoming a conspiracy investigator", he nevertheless drew the conclusion that "some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that pursued...to safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises." Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.
The Exchange Stabilization Fund protects the FED.
We already know the FED is lying that raising interest rates will reduce price inflation. The Exchange Stabilization Fund (ESF) is an emergency reserve account that can be used by the U.S. Department of Treasury to mitigate instability in various financial sectors, including credit, securities, and foreign exchange markets. The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 1934.
Gold market manipulation: Why, how, and how long? (2021 edition)
COME ON, DAD. IT'S TIME TO EAT
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