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December 10, 2024
DOW: 44255.42
S&P: 6052.46
Nasdaq: 19806.37
10YR T-Note: 4.22%
Bitcoin: 97794.63
VIX: 14.27
Gold: $2712.8
Crude Oil: $68.48
Prices Current as of 9:57 am
Source: CNBC
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
I had pointed out that the VIX had very good support at around the 13 level which it closed slightly under on Friday. So this strong area finally held today and pushed the market lower as it went higher.
And has been the pattern lately, the Dow slumped by 240 to 44,401 led by selling in AXP, CRM, SHW, GS, IBM, JPM, PG and NVDA. It is now lower for five of the last six days even as the S&P and Nasdaq closed at record highs on Friday.
Unfortunately, the S&P fell after its 57th record high of the year on Friday as market superstar NVDA dropped which led to a 37 point loss down to 6053 after China said it is investigating the company over suspected violations of Chinese anti-monopoly laws. NVDA has skyrocketed to become one of the most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology.
Its drop overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world’s second-largest economy. In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. This is a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy.
As a result, U.S.-listed stocks of several underperforming Chinese companies climbed, including a 12% jump for electric-vehicle company NIO and increases for two other bad performers, namely BABA and BIDU. Stocks in Shanghai, though, were roughly flat.
The two inflation reports this week, namely the CPI on Wednesday and the PPI on Thursday are the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its interest rate for the third time this year.
Expectations for a series of cuts from the Fed have been a major reason the S&P has set so many all-time highs this year.
IPG gained after rival OMC said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10%.
M rose after an activist investor, Barrington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price.
SMCI gained once again after saying it got an extension that will keep its stock listed on the Nasdaq through February 25th, as it works to file its delayed annual report and other required financial statements.
Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor.
And despite the almost universal admiration of Bitcoin, it slipped back to around $97,000 and the stocks related to it sold off, particularly MSFT.
In the oil market, a barrel of benchmark U.S. crude rallied 1.7% to settle at $68.37 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, added 1.4% to $72.14 per barrel.
The price of gold also rose 1% to $2,685.80 per ounce amid the uncertainty created by the end of the Assad family’s 50 years of iron rule.
In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from the President’s brief declaration of martial law last week in the midst of a budget dispute.
In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday.
Earnings this week will have some important reports and the list is: today – MDB, ORCL, TOL, CASY, MDB, AZO all lower, tonight - SFIX; Wednesday – ADBE; Thursday – COST, AVGO.
Economic reports will see: Wednesday – November C.P.I.; Thursday – November P.P.I.
