Rise and shine everyone
US Equity Futures are looking chipper this morning recouping some of the losses from yesterday. The S&P500 and Nasdaq fell around -1.5% and the Russell2000 was down almost -1.9%. The DJIA fell the least at -1.27%.
Various explanations coming out for this - options, liquidity, profit-taking, too stretched. Markets often get overbought and in an environment of thin liquidity, moves get exacerbated. Sometimes, the reasons don’t matter. What matters is the trend.
Oil has been climbing steadily on the back of further tension in the Red Sea, crossing $74/bbl on the WTI. The moves are not sharp and it would seem there’s some hesitation about how much the current situation will affect supplies.
Gold is marginally higher with the US Dollar pulling back and Yields are higher across the curve. Bitcoin seems content to rally and has crossed 44,000.
We get the final GDP numbers for Q3 today and Jobless Claims. Carnival Cruise, Carmax, Cintas and Paychex reports before the open, and Nike after market close.
Later tonight we also get Japan’s inflation numbers.
Happy Holidays! We’ve just launched our holiday sale with a 30% discount.
For new members, you can sign up below