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November 22, 2024
DOW: 44,222
S&P: 5,967
Nasdaq: 18,987
10YR T-Note: 4.41%
Bitcoin: 99,281
VIX: 15.93
Gold: 2,707.80
Crude Oil:70.97
Prices Current as of 12:17 pm
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 market climbed once again yesterday based on some better earnings from a few companies, as for instance the Dow did the best with a strong 462 point gain to 43,870 led by the likes of AXP, CRM, SHW, GS, HD, IBM and JPM which was downgraded the day before.
The S&P lagged a bit with a 31 point advance led by some technology issues and the financials, with NVDA making a very nominal gain after beating its numbers. It had been nominally lower in the morning.
The Nasdaq lagged with only a 6 point advance to 18,972 but the NDX, which has more large technology stocks in it, did better with a 74 point gain on advances in NFLX, COST, NVDA, a huge one in BKNG, CRWD, and VST which has gotten hot once again.
The Russell 2000 Index of small stocks did the best with a 38 point gain to 2364 despite the early rise in bond yields which are supposed to be negative for this group.
The VIX declines down to 16.87 as it appears now to be stuck in this slightly higher range than before as it haphazardly follows the movement of stocks in the opposite direction.
Talking about NVDA, it only gained nominally up to 146.67 by $.78 which means that the 150 and 160 calls for today lost a great part of their value, which I had mentioned in yesterday’s Daily Notes of 142,000 and 135,000 volume traded.
How this stock performs has more impact than any other because it has grown into the most valuable company at roughly $3.6 trillion.
The frenzy around AI is sweeping up other stocks, and SNOW jumped by 32% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected.
BJ rose after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates.
A day earlier, TGT tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. But Dow component WMT gave a much more encouraging outlook.
Nearly 90% of the stocks in the S&P ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%.
GOOG helped keep indexes in check. It fell after U.S. regulators asked a judge to force it to sell its industry-leading Chrome web browser.
In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct.
In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It has more than doubled so far this year, and its climb has accelerated since Election Day. The President-elect has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.
Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January. Gensler has pushed for more protections for crypto investors.
Bitcoin and related investment have a notorious history of big price swings in both directions. MSTR, a company that has been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14% for its stock quickly disappear. It finished the day with a loss of 16% with utterly ridiculous option premiums very far away on both sides having people willing to buy for today’s expiration with 110 puts and 990 calls still attracting interest, would you believe it!
In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to almost 5%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid new escalations in the Russia-Ukraine war.
In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy.
Weekly jobless claims fell to 213K which was the lowest since April while the November Philly Fed Manufacturing Survey went negative. Sales of previously occupied homes, meanwhile rose last month by more than expected.
Earnings for the third quarter are coming to an end with the following lineup this week: yesterday – the big one, namely NVDA is now higher plus SNOW, DE, BJ while PANW, JACK, BIDU, PDD are lower; today - GAP, ROST, ESTC are up while INTU, WMG are down.
Economic reports will have: yesterday – October L.E.I. fell once again by 0.4%, weekly jobless claims dipped to 213K which was the lowest since April, November Philadelphia Manufacturing Index slipped to -5.5; today – final November U. of Michigan Consumer Sentiment Survey later today.
