Written by Gary
If you are invested in stocks you have something to give thanks for tomorrow: The S&P 500, Dow Jones industrials, Nasdaq Composite and Nasdaq 100 hit all-time highs and closing highs on a quiet day of trading. WTI crude oil futures finished the week at $58.09, 0.94% lower than the week’s high of $58.64 Thursday. Gold ended a down week at $1461.25, while the dollar ended with a 0.6% weekly gain at 98.33. Treasuries were down for the week – the 10-year yield rose from 1.72% to 1.77%
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The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall Street mints records again, helped by solid economic dataWall Street’s main indexes closed at record levels for a third straight day in a muted volume session on Wednesday ahead of the Thanksgiving holiday, as fresh data pointed to an economy on solid footing, while investors remained cautiously optimistic about a resolution to U.S.-China trade tensions. |
| Oil slips after U.S. crude build and record productionOil eased on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week, while gasoline stocks surged and production hit another record. |
| Stocks near record highs on trade hopes, dollar gainsThe U.S. dollar rose and a gauge of global equities pushed closer to an all-time high on Wednesday after a batch of U.S. economic data brightened the economic outlook and investors remained bullish on the prospect of a U.S.-China trade accord. |
| U.S. Justice Department closes antitrust probe over wireless carrier-switching technologyThe Justice Department has closed an antitrust investigation into a trade group that includes Verizon and AT&T among its members and which had been criticized for making it harder for consumers to switch carriers. |
| U.S. economy picks up in third-quarter; data surprise on the upsideU.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment may be drawing to a close. |
| Boeing 777X fuselage split during September stress testThe fuselage of Boeing Co’s upcoming 777X aircraft was split by a high-pressure rupture just as it approached its target stress level during a test in early September, Boeing said on Wednesday. |
| Mexican official floats prospect of labor tweak for trade dealAdjustments could be made to how labor disputes are handled in the new United States-Mexico-Canada Agreement (USMCA) trade deal to help push through its ratification in the United States, Mexican deputy foreign minister Jesus Seade said on Wednesday. |
| U.S. economy growing modestly, labor market still tight: Fed reportThe U.S. economy expanded modestly from October to mid-November and the outlook for growth was generally positive while labor markets remained tight across the country, the Federal Reserve said in a report on Wednesday. |
| Top U.S. retailers absorb tariff pressure ahead of holiday shopping seasonPrices for electronics sold online at top U.S. retailers were up slightly heading into the critical U.S. shopping season, but sites including Walmart Inc and Amazon.com Inc have held prices steady for many other popular holiday products despite the pressure from tariffs on Chinese imports. |
| More Records For Stocks As Yield Curve Flattens, Dollar Rises For 7th Straight DayMore Records For Stocks As Yield Curve Flattens, Dollar Rises For 7th Straight Day “What’s your prediction for how this ends?” China has been very quiet this week (despite the biggest collapse in industrial profits ever)… |
| Meanwhile For Bonds, It’s Going From BBBad To WorseMeanwhile For Bonds, It’s Going From BBBad To Worse The threat posed by a downgrade of billions (if not trillions) of BBB-rated investment grade bonds, making them “fallen angels” as they slide into “junk bond” territory and resulting in a bond market crisis due to forced selling mandates as the size of the junk bond market soars is hardly new: in fact we covered it for the first time about a year ago in “Hunting Angels: What The World’s Most Bearish Hedge Fund Will Short Next.” Since then many have hinted that the tipping point for a credit crisis is imminent. Most notably perhaps, last May some of America’s top restructuring bankers, predicted that the day of reckoning is nigh. Take the former head of restructuring at Jefferies and the current co-head of recap and restructuring at Moelis, Bill Derrough, who said at a restructuring event that “I do think we’re all feeling like where we were back in 2007. There was sort of a smell in the air; there were some crazy deals getting done. You just knew it was a matter of time.” “Even if there is not a recession or credit correction, with the sheer volume of issuance there are going to be defaults that take place,” added Neil Augustine, co-head of the restructuring practice at Greenhill & Co. And yet, almost a year and a half later, the inevitable BBB downgrade avalanche and explosion in the size of the junk bond market has yet to happen. Curiously, instead of encouraging complacency, yesterday former Goldman partner and current Dallas Fed president Robert Kaplan issued the starkest warning … |
| The Hidden Link Between Fiat Money And The Increasing Appeal Of SocialismThe Hidden Link Between Fiat Money And The Increasing Appeal Of Socialism Authored by Patrick Barron via The Mises Institute, What causes the seemingly unfounded confidence in socialism we encounter more and more in the news media and among political activists? In the Extinction Rebellion movement, for example, activists are quite certain they have learned that there is an alternative to markets as the means to economic prosperity. It’s a means that does not involve meeting the legitimate needs of one’s fellow men in the marketplace. |
| Simply Vertical: No 0.5% Pullbacks In S&P500 In 35 DaysÂSimply Vertical: No 0.5% Pullbacks In S&P500 In 35 Days Ever since the Federal Reserve launched ‘Not QE’ and President Trump ramped up tweets and comments of an imminent trade deal since October (or in one tweet, a fake trade deal), the S&P500 has had zero pullbacks, simply, it has gone vertical. |
| States’ rising debt pose threat to India’s fiscal deficit targetStates’ rising debt pose threat to India’s fiscal deficit target ‹ ‹Challenges in controlling deficits at the state level will also hit fiscal consolidation efforts at the Centre |
| The ‘Make in India’ software is a drab storyThe ‘Make in India’ software is a drab storyCurrently the global software product market is valued at USD 438 billion and India’s share in this is miniscule. |
| Why Sebi’s disclosure norms are a timely stepWhy Sebi’s disclosure norms are a timely step Asking companies to disclose loan defaults is a step towards greater transparency in financial markets |
| 27Nov2019 Pre-Market Commentary: Where Will The Markets Go Today?Written by Gary This post summarizes the headlines which will affect the financial markets today.
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| Infographic Of The Day: The 20 Easiest Countries For Doing BusinessToday’s chart uses data from the World Bank’s annual Doing Business 2020 report, which delves into the ease of doing business in countries around the world.
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| Market Snapshot: Stocks close at new records on rosier U.S. economic data, trade deal hopesStocks edged up for a fourth straight day to close at new records Wednesday, supported by rosier U.S. economic data and ongoing hopes for a U.S. – China trade deal, but Wall Street trading volumes were thinner than usual ahead of the Thanksgiving Day holiday Thursday. |
| Bond Report: Treasury yields pop higher after economic data underlines resilient U.S. growthU.S. Treasury yields are higher Wednesday in a holiday-truncated week as a round of data highlights a rebound in investment spending and suggests third-quarter growth may not have slowed as much as anticipated. |
| The Tell: Beware stock-market ‘FOMO’ as Wall Street churns out records, says long-term bullOne of Wall Street’s biggest bulls urges investors not to chase the stock market higher right now. |
Summary of Economic Releases this Week
Earnings Summary for Today
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