- Wall Street index futures lose between 0.5% and 1%. The VIX volatility index is up 5%, in response to growing demand for risk hedging against a potential spike in volatility after the US session (Nvidia results).
- USDIDX dollar index futures are up 0.5%, with yields on 10-year U.S. Treasury bonds rising 3 basis points to 4.41% today; EURUSD lost more than 0.5% to 1.054.
- The Fed’s Michelle Bowman said the Fed should be more cautious in its easing policy as the effects of the fight against inflation slowly evaporate while it falls short of its target, and the rate of neutral interest in the US economy is now likely to be much higher than the 2% previously predicted.
- The Fed’s Lisa Cook’s comments also demonstrate some caution, as she made clear that further rate cuts would only be justified if the base case scenario (continued decline in inflation) plays out.
- We are seeing a sharp decline in semiconductor stocks. Susquehanna analysts downgraded Qualcomm to $210 from $230 previously, highlighting disappointment over the company’s recent press conference.
- Shares of Eli Lilly gain 3% (along with Novo Nordisk) after the WSJ reported on the activity of the company’s sales representatives, who are pitching private companies and U.S. unions on the benefits of subsidizing drug processing. GLP-1 obesity for employees.
- Natural gas contracts at Henry’s Crossroads (NATGAS) gain 8% today, supported by a change in the US weather forecast for late November/early December; NOAA forecasts indicate much lower temperatures than expected.
- Oil is trading 0.5% lower, with today’s EIA data showing a larger-than-expected rise in U.S. inventories.
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Crude stocks: 0.545 million Brk (expected: -0.085 million Brk; previous: 2.089 million Brk)
Gasoline stocks: 2.054 million Brk (expected: +0.75 million Brk; previous: -4.407 million Brk)
Distillate stocks: -0.114 million barrels (expected: +0.4 million barrels; previous: -1.394 million barrels)
- Gold gains nearly 0.7% in response to growing political tensions and risks to the global economy going forward, which could be impacted by U.S. tariff policies.
- On the other hand, opinions on the subject are divided, with Goldman Sachs CEO Solomon indicating that Trump’s proposals are more likely to fuel economic growth. Silver, on the other hand, is trading lower, with palladium and platinum also losing ground
- Bitcoin corrects gains after hitting $95,500, and is currently trading at $94,000; Microstrategy shares are up 13%, and volume data shows record interest in the stock, with volumes traded in recent days approaching those of Microsoft and Nvidia. According to as-yet unconfirmed media reports, Trump’s team is planning to create the first-ever White House role related to cryptocurrencies.
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Source : xStation5
Source: xStation5
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