Following the lackluster performance seen during Thursday's session, stocks continued to experience choppy trading on Friday. The major averages spent the day bouncing back and forth across the unchanged line before closing slightly higher.
The S&P 500 edged up 5.78 points or 0.1 percent to 4,514.02, the Nasdaq inched up 11.81 points or 0.1 percent to 14,125.48 and the Dow crept up 1.81 points or less than a tenth of a percent to 34,947.28.
Despite the lackluster performance, the tech-heavy Nasdaq reached its best closing level in well over three months and the S&P 500 reached its best closing level in well over two months.
Reflecting strong gains earlier in the week, the Nasdaq surged by 2.4 percent for the week, while the S&P 500 and the Dow jumped by 2.2 percent and 1.9 percent, respectively.
The continued choppy trading on Wall Street came as traders seemed to be taking a moment to assess the recent strength in the markets.
Optimism about the outlook for interest rates has contributed to the recent advance, as the latest data has shown signs of easing inflation.
The data has reinforced investors' expectations that the Federal Reserve will refrain from raising interest rates over the next several months before cutting rates in mid-2024.
The Fed's next monetary policy meeting is scheduled for December 12-13, with CME Group's FedWatch Tool currently indicating a 100.0 percent chance the central bank will leave rates unchanged.
However, some economists have suggested Fed officials will maintain a somewhat hawkish tone to avoid the appearance of declaring victory over inflation too soon.
In U.S. economic news, the Commerce Department released a report showing an unexpected increase in new residential construction in the month of October.
The report said housing starts jumped by 1.9 percent to an annual rate of 1.372 million in October after surging by 3.1 percent to a downwardly revised rate of 1.346 million in September.
Economists had expected housing starts to dip to a rate of 1.350 million from the 1.358 million originally reported for the previous month.
The Commerce Department said building permits also shot up by 1.1 percent to an annual rate of 1.487 million in October after plunging by 4.5 percent to a revised rate of 1.471 million in September.
Building permits, an indicator of future housing demand, were expected to decrease to a rate of 1.450 million from the 1.475 million originally reported for the previous month.
Sector News
While most of the major sectors showed only modest moves on the day, energy stocks saw significant strength amid a rebound by the price of crude oil.
With crude for December delivery spiking $2.99 to $75.89 a barrel, the NYSE Arca Oil Index surged by 2.3 percent and the Philadelphia Oil Service Index jumped by 2.2 percent.
Airline stocks also turned in a strong performance, driving the NYSE Arca Airline Index up by 2.2 percent to its best closing level in well over a month.
Networking and financial stocks also moved notably higher, while some weakness was visible among software and gold stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index rose by 0.5 percent, while Hong Kong's Hang Seng Index plunged by 2.1 percent.
Meanwhile, the major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.3 percent, the French CAC 40 Index advanced by 0.9 percent and the German DAX Index climbed by 0.8 percent.
In the bond market, treasuries showed a lack of direction over the course of the session before closing roughly flat. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.441 percent.
Looking Ahead
Next week's trading may remain subdued due to the Thanksgiving Day holiday on Thursday, although reports on durable goods orders, existing home sales and weekly jobless claims may still attract attention along with the minutes of the latest Fed meeting.
https://www.howestreet.com/2023/11/early-start-of-thanksgiving-and-santa-claus-stock-market-rallies-mark-leibovit/
EARLY START OF THANKSGIVING AND SANTA CLAUS STOCK MARKET RALLIES?
THERE WILL BE A NEW PODCAST ON THANKSGIVING DAY EVE PUBLISHED
SPX BROKE OUT ABOVE THE 150 DAY MOVING AVERAGE CONFIRMING AN UPTREND - THE LENGTH OF WHICH IS CURRENTLY UNKNOWN BUT NEXT RESISTANCE IS JUST ABOVE 4565 AND THE TOP OF THE BAND. TRADERS LIKE MYSELF ARE CONCERNED ABOUT THE UNFILLED UPSIDE GAPS BELOW THE MARKET.
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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.
Iceland volcano - live: Evacuated town braces as expert says eruption may be like ‘fizzy drink’ can explosion
Iceland’s Met Office has said magmatic gas has been detected at a borehole in Svartsengi, signalling an imminent eruption of the Fagradalsfjall volcano over the coming days, with the town of Grindavik most at risk.
Magma has been building underneath Iceland and Margaret Hartley, a senior lecturer in Earth sciences at the University of Manchester, said an eruption was a case of when, not if.
“I do think an eruption will take place, but the big question is when that might happen,” she told Live Science.
An eruption would take place when an open fracture connecting the magma dike to the Earth’s surface opens up.
“The most likely way to create this fracture is that a pressure build-up of gas bubbles in the dike will force magma towards the surface, breaking the crust apart,” she said.
COME ON, DAD. IT'S TIME TO EAT
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