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Good afternoon,
The markets demonstrated remarkable resilience this week, with buy-the-dip trading driving significant gains. The **Russell 2000** and **S&P Mid Cap 400** emerged as standout performers, surging 4.5% and 4.2%, respectively, benefiting from strategic capital rotation. The broader market showed strength, too, with the **S&P 500** and **Nasdaq Composite** each advancing 1.7%, while the **Dow Jones Industrial Average** posted a solid 2.0% gain.
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Some mega-cap names faced challenges. **Alphabet** experienced a 4.2% decline amid Department of Justice pressure regarding potential forced sales of **Chrome** and **Android**. Adding to the tech drama, **OpenAI’s** potential browser development could present a significant competitive challenge to Google’s dominance.
The retail sector painted a contrasting picture. **Target** stumbled significantly, dropping 17.8% following disappointing earnings and outlook. However, **Walmart** demonstrated its market leadership with an impressive 7.4% weekly gain. **NVIDIA** remained surprisingly flat despite reporting strong fundamentals and describing demand for its **Blackwell** chip as “staggering.”
Have a great week!
Irving Wilkinson, Editor
[AlphaBetaStock.com]([link removed])
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## Week In Review
----------## **Bonds and Treasuries**
Treasuries showed mixed performance this week, with notable movements in key yields. The **10-year Treasury yield** decreased by two basis points to 4.41%, while the **2-year Treasury yield** increased by seven basis points to 4.37%.
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Several economic reports influenced Treasury performance:
* Strong existing home sales data for October
* Decreasing weekly jobless claims
* Accelerating services sector activity in November’s U.S. S&P Global Services PMI
* Manufacturing PMI showing slower contraction compared to October
* University of Michigan’s Consumer Sentiment dipping to 71.8 from 73.0
The narrowing spread between the 2-year and 10-year yields suggests ongoing market uncertainty about the economic outlook and future Fed policy decisions. The **Federal Reserve’s** meeting minutes indicate a gradual approach to future rate cuts, with markets now pricing in a 66% chance of a December cut and expectations for two additional cuts in 2025
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## **US Market Highlights**
The economic landscape reveals several key developments:
* Personal spending increased 0.4%, while personal income jumped 0.6%
* **Core PCE**, the Fed’s preferred inflation gauge, rose to 2.8%
* Headline inflation settled at 2.3%
* The manufacturing sector shows improvement but remains in contraction territory
* **Federal Reserve** minutes indicate a gradual approach to future rate cuts
* Housing market showed unexpected strength with better-than-anticipated existing home sales
## **Global Highlights**
International markets presented a complex tapestry of developments:
* **Israel** and **Lebanon** reached a landmark permanent ceasefire agreement
* **Trump** announced aggressive tariff plans: 10% on Chinese imports, 25% on **Canada** and **Mexico**
* **Canada’s** economic growth slowed to 1%, marking six consecutive quarters of per-capita GDP contraction
* **Bank of Korea** surprised markets with consecutive rate cuts, lowering benchmark rates to 3.00%
* **India’s** growth cooled to 5.4%, its slowest pace since 2022
* **China’s** manufacturing PMI improved slightly to 50.3, while services PMI balanced at 50.0
----------## Commodities & Crypto
Did you know? The total cryptocurrency market has grown from zero to $3.2 trillion in just 14 years – a feat unmatched by any other asset class in history.The crypto market is making headlines with **Bitcoin** nearly touching $100,000, reaching $99,768. **Ethereum** surged to $3,300, while **Solana** reached $264.
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**Ripple** showed remarkable strength with a 32% gain to $[1.40.In]([link removed]) traditional commodities, oil markets remain volatile amid geopolitical tensions.
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**Brent crude** trades at $73, while **WTI** hovers around $70. Metal markets show mixed performance, with **copper** at $9,000 per tonne and **aluminum** reaching $2,630.
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**Gold** continues its impressive run, trading at $2,685.
## Calendar
I’m particularly interested in next week’s employment data, as strikes and weather events significantly impacted October’s modest 12K addition. The upcoming report should provide a clearer picture of underlying labor market dynamics.
The most significant market-moving events will likely be Powell’s speech on Wednesday and the jobs report on Friday. Next week’s calendar is packed with market-moving events:
Economic Data:
* November nonfarm payrolls (consensus: 200K)
* October JOLTS report
* ADP private employment data
* ISM Services Index
* Factory Orders
Key Earnings:
* **Salesforce** (**CRM**)
* **Lululemon** (**LULU**)
* **Kroger** (**KR**)
* **Marvell Technology** (**MRVL**)
* **Dollar General** (**DG**)
Notable Events:
* **Federal Reserve** Chair **Powell’s** appearance at NY Times DealBook Summit
* Multiple speaking engagements by **ECB** Chief **Lagarde**
* Final manufacturing and services PMI data
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