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December 2, 2024
DOW: 44,723
S&P: 6,039
Nasdaq: 19,376
10YR T-Note: 4.23%
Bitcoin: 96,491
VIX: 13.80
Gold: 2,666.60
Crude Oil:68.04
Prices Current as of 10:12 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.
The month of November ended on Friday during the holiday-shortened Thanksgiving time period with a strong gain as the Dow gained 188 points to 44,910 led by advances in BA, SHW, GS and HON. It was the 47th record high close for this index.
The S&P did better with a 33 point advance to a new record of 6032 led by the large technology group for a change and it was the 53rd all-time high this year while the Nasdaq did really well with a 157 point advance to 19,218 led by most of the big guys plus TSLA put in a very late gain to one of its best changes this year.
The Russell 2000 Index of small stocks lagged a bit with only an 8 point advance to 2434 while the VIX continued to slide, now down to 13.51. It would seem that the 13 near-term support level could stop the upside so we will see what takes place if things continue to advance while the VIX slide as a result.
Both the Dow and S&P finished the month with their best gains of the year with advances of 7.5% and 5.7% while the other two main indices did well also with the Nasdaq gaining 6.2% and the Russell 2000 being the champ with 10.8% advances.
Some interpretations saw weekly jobless claims decline by less than expected to a seven-month low while the famous Fed-watched P.C.E. came in-line while the second estimate of 3Q G.D.P. came in at 2.8% again.
Investors were looking to see how much shoppers are willing to spend on gifts for the holidays. Black Friday unofficially kicked off the holiday shopping season, although retailers had been offering early deals for weeks. Both lower M and BBY did well again.
AAPL did nicely as the technology giant is hoping recently added artificial intelligence features are enough to entice consumers to treat themselves or their relatives to a new iPhone for the holidays.
The Dow rose 7.5% in November, easily its best month of 2024. DIS had the biggest percentage gain for the month at 22%, but the price-weighted index also got a boost from GS, up 17% to $608.57 and CRM which was up more than 13% to $329.99.
The S&P 500 gained 5.7% this month, driven by TSLA and other stocks that received a boost from the new President’s win. DFS led a list of financial stocks that had a good November, up nearly 23% for the month. Investors believe the credit card company’s merger with COF has a greater chance of going through under a new administration and overall the financial services industry faces less restrictive oversight.
TSLA rose by 3.7% Friday and posted a monthly increase of more than 38%. The electric vehicle maker is expected to benefit from its CEO support of the new President.
Bond yields fell, with the yield on the 10-year Treasury slipping to 4.19%.
Bitcoin, which recently made a run at $100,000 before dropping back, briefly rose back above $98,000 but was recently trading around $97,300.
Chinese markets advanced. Hong Kong’s Hang Seng index gained 0.3%. Meanwhile, the Shanghai Composite index rose 0.9%. Gains in retailers’ stocks drove market gains after a two-day meeting in Beijing focused on promoting consumption ended on Thursday.
Earnings this week will see: today – ZS; Tuesday – BOX, OKTA, Dow component CRM; Wednesday – CPB, DLTR; Thursday – DLTR, ULTA; Friday – KIRK.
Economic reports will have: today – October construction spending; Tuesday – October JOLTS job openings report; Wednesday – October durable goods orders, October factory orders; Thursday – October trade balance, weekly jobless claims; Friday – November jobs report for which the estimate is 190,000 compared to the prior month’s 12,000 and an unemployment rate of 4.2%, initial U. of Michigan Consumer Sentiment Survey for December.
