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Wall Street Shrugs Off Latest OPEC+ Oil Cuts
  + stars: | 2023-12-01 | by ( David Uberti | )   time to read: 1 min
Crude prices seesawed after the OPEC+ announcement. Photo: Andrey Rudakov/Bloomberg NewsMembers of the oil-producers group known as OPEC+ have tried to push crude prices upward with unexpected supply cuts since last year. Wall Street isn’t yet convinced that will pan out. On Thursday, a million barrel-a-day pullback surprised a market that had largely anticipated that the cartel and its allies would hold output steady. Crude prices seesawed after the announcement, suggesting many traders were unsure if it was the surprise they wanted.
Persons: Andrey Rudakov Organizations: Bloomberg Locations: OPEC
November was perhaps the most significant month of this year for the crypto industry and gave bitcoin a strong setup as investors look toward 2024. "It's safe to say that the market is grinding higher in anticipation of a spot bitcoin ETF approval in January," said Ryan Rasmussen, research analyst at Bitwise Asset Management. "Some investors will continue trying to front-run the potential spot bitcoin ETF approval, but December is essentially a 'wait and see' period for bitcoin," he said. November is a historically strong month for bitcoin. "It tells us that investors are interested in more than just the potential for a spot bitcoin ETF.
Persons: Bitcoin, FTX's, Sam Bankman, Fried, Ryan Rasmussen, There's, CoinGlass, Rasmussen Organizations: Metrics, Investors, Binance, U.S . Department of Justice, Bitwise Asset Management, U.S . Securities, Exchange Commission, Wolfe Research Locations: altcoins
Dollar eases as traders weigh rate cut prospects
  + stars: | 2023-12-01 | by ( )   time to read: +3 min
Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "It remains to be seen if getting from 3% to 2% will be easy, or if inflation will remain sticky in 2024." Federal Reserve policymakers signaled on Thursday that the U.S. central bank's interest rate hikes are likely over, but left the door open to further monetary policy tightening should progress on inflation stall. Investor focus will now move to comments from Fed Chair Jerome Powell later on Friday, with traders likely to scrutinize every word to sketch out rate outlook. The Australian dollar rose 0.20% to $0.662, while the New Zealand dollar rose 0.37% to $0.618.
Persons: Ryan Brandham, Jerome Powell, Powell, Carol Kong, Sterling, Toshiro Muto Organizations: Risk, Commonwealth Bank of Australia, Bank of Japan, New Zealand Locations: North America, U.S, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Friday's full episode of Mad Money with Jim Cramer — December 1, 2023"Mad Money" host and former hedge fund manager, Jim Cramer, provides stock traders with all manner of investing advice.
Persons: Jim Cramer —, Jim Cramer
Wall Street will endeavor to keep the November momentum going in the final month of 2023, as investors look for a broadening out of the rally that has been dominated this year by a handful of tech names. It also marked the best monthly performance for the S & P 500 and Nasdaq Composite since July 2022. While the S & P 500 cap-weighted index climbed more than 18% this year, the equal-weighted index is up by just over 4%. They highlight the attractive relative valuation of value stocks compared to growth stocks, as well as the significant underweighting of value names in portfolios by traders. And the question is, is it going to be in 2024, is it going to be 2025 or in 2026?
Persons: Stocks, Hogan, Olivier Sarfati, GenTrust's Sarfati, Carlos Asilis, Asilis, FactSet, nonfarm payrolls, They're, TK, Nonfarm Organizations: Dow Jones, Dow, Nasdaq, Treasury, Riley, Apple, Nvidia, Meta, Microsoft, Tesla, Expedia, Paramount Global, Russell, Glovista Investments, PMI, Services PMI, ADP, Labor, Consumer Credit, Broadcom Locations: U.S, Michigan
Uber price target raised to $70 at BTIG
  + stars: | 2023-12-01 | by ( Scott Wapner | )   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUber price target raised to $70 at BTIGThe "Halftime Report" traders debate the biggest analyst calls of the day.
Pfizer — Shares dropped 4.2% after the drugmaker said it would halt development of its twice-daily experimental weight loss pill. Marvell Technology — The semiconductor stock fell more than 5% after Marvell issued lower-than-expected revenue guidance for the fourth quarter. Ulta Beauty — The stock gained nearly 12% after the beauty products retailer reported third-quarter earnings that beat analysts' expectations. Ulta reported earnings of $5.07 per share, higher than the $4.95 per share analysts polled by LSEG were expecting. Dell — Stock in the computer maker fell nearly 6% on the heels of a mixed third-quarter earnings report.
Persons: Pfizer, Andrew Nowinski, Nelson Peltz, Alibaba, Morgan Stanley, Tesla, Coinbase, Ulta, LSEG, Jessica Fye, Lisa Kailai Han, Jesse Pound, Michelle Fox Organizations: Pfizer —, Paramount Global, Wall Street Journal, Apple, Disney —, Trian Fund Management, Marvell Technology, Marvell, Invest, Nasdaq, Dell —, Wall, LSEG, JPMorgan Locations: , Wells Fargo
Yet labour markets are softening, the euro zone faces recession and China's property sector is in crisis. Here's what some closely-watched market indicators say about global recession risks:1/ AMERICAN EXCEPTIONALISM? Britain's economy avoided the start of a recession in the third quarter but still failed to grow. Economists broadly expect the global economy to slow next year but avoid a recession. If supply shocks resulting from the Israel-Hamas war become severe enough to push Brent crude to $150, a level it has never breached, a "mild and fleeting" global recession could result, Oxford Economics reckons.
Persons: Brendan McDermid, Guy Miller, COVID, Zurich Insurance's Miller, Torsten Slok, Austria's, David Katimbo, We've, Brent, Yoruk Bahceli, Dhara Ranasinghe, Naomi Rovnick, Alexandra Hudson Organizations: Wall, REUTERS, Zurich Insurance, Reuters, Traders, U.S . Federal Reserve, ECB, Apollo Global Management, P, Sweden's SBB, HK, Bank of England, Business insolvencies, EdenTree Investment Management, Oxford Economics reckons, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: New York, U.S, China, Zurich, England, Wales, Europe, Israel
Treasury yields are flat ahead of Powell comments
  + stars: | 2023-12-01 | by ( Sophie Kiderlin | In | )   time to read: +2 min
The 10-year Treasury yield was last at 4.322% after declining by around 2 basis points. Powell could throw some cold water on that notion, maintaining that the central bank had to remain vigilant against inflation. Investors digested inflation data released Thursday in form of the personal consumption expenditures price index for October, which was in line with expectations. The central bank is set to meet later this month for the last time in 2023. Markets are pricing in an over 98% chance of interest rates being left unchanged then, according to CME Group's FedWatch tool.
Persons: Jerome Powell, Powell Organizations: Treasury, Federal, Spelman College, Fed
Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.
Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru
Gold set for 3rd weekly gain as cooler data cements Fed cut bets
  + stars: | 2023-12-01 | by ( )   time to read: +2 min
Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices were set to mark a third straight weekly rise on Friday, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve's Chair Powell later in the day. Spot gold rose 0.2% at $2,039.42 per ounce by 0427 GMT, after marking an over $60 rise in November — its second straight monthly rise. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favor gains for gold between November and December," City Index's Simpson added.
Persons: Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal Organizations: Aurum, Traders, U.S Locations: U.S, InProved
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants now await policy comments from Powell at two separate discussions scheduled for 11 a.m. After recent conflicting remarks from other policymakers, investors are concerned that Powell could push back against the rate cut narrative. Other officials, including Fed Governors Lisa Cook and Chicago Fed President Austan Goolsbee are also scheduled to speak during the day. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Powell, Jerome Powell's, Dow Jones, underscoring, Sophie Lund, Yates, Hargreaves Lansdown, Lisa Cook, Austan Goolsbee, Alibaba, Morgan Stanley, danuglipron, Paula Oyibo, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Chicago Fed, P Global, ISM, Dow e, Pfizer, Marvell Technology, Automation, Thomson Locations: New York City, U.S, Bengaluru
A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Markets are now fully pricing a rate cut by the May meeting with almost a 50% chance they move in March, according to the CME's FedWatch tool. Reuters GraphicsThe 10-year yield is down around 15 basis points and on Thursday hit its lowest level in 2-1/2 months at 4.247%. On Wednesday, the dollar index , which measures the currency against six major peers, touched its lowest level since Aug. 11 and dropped over 3% last month, its worst month in a year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Samuel Indyk, Jerome Powell's, Powell, Christopher Waller, Europe's, Fed's, Fed's Cook, ECB's, Fitch, Toby Chopra Organizations: Wall, REUTERS, Federal, Fed, Spelman College, Reuters, COVID, P Global, PMI, Thomson Locations: New York, U.S, France, Greece, Ireland, DBRS, Germany, Spain
Asia shares start Dec on cautious note, oil nurses losses
  + stars: | 2023-12-01 | by ( Stella Qiu | )   time to read: +4 min
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.5% after a surge of 7.3% last month, the most since January. The Federal Reserve's preferred gauge of inflation - the personal consumption expenditures (PCE) price index - stood unchanged for October, while consumer spending also pulled back. Fed funds futures imply rate cuts of 115 basis points. The yield on 10-year Treasury notes slipped 3 basis points in Asia to 4.3264%, on top of a plunge of 52.2 basis points for the month. Two-year Treasury yields fell 4 basis points to 4.674%.
Persons: Tyrone Siu, sharemarkets, HSI, Rodrigo Catril, Jerome Powell's Q, Waller, Robert Carnell, Christopher Waller, Treasuries, Stella Qiu, Jamie Freed Organizations: REUTERS, Tyrone, Rights, Japan's Nikkei, National Australia Bank . Regional, Federal, Traders, ING, Fed, South Korean, Philippine, Brent, West Texas, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, Asia, Pacific, Japan, South
Final Trades: SPY, GLD, WRK and SLV
  + stars: | 2023-12-01 | by ( )   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: SPY, GLD, WRK and SLVThe final trades of the day with CNBC’s Melissa Lee and the Fast Money traders.
Persons: CNBC’s Melissa Lee Organizations: Fast Money
There's good news for fixed-income investors heading into next year, according to Goldman Sachs Asset Management. After a dismal 2023, next year will be "the year of the bond," predicted Lindsay Rosner, head of multisector fixed income investing at the money manager. "Fixed income is a great place to be," she said in an interview with CNBC. The investment firm recently released its outlook for 2024 and called the recent run of negative fixed income returns in response to "an inflation and policy shock" an anomaly and not the trend. "Given [that] duration can be your friend again, things are lining up to put you in a really good position in fixed income."
Persons: Lindsay Rosner, TINA, TARA, Goldman, Rosner, Michael Bloom Organizations: Goldman Sachs Asset Management, CNBC, Federal Reserve, Treasury
Forex swings will upend lucrative yen carry trade
  + stars: | 2023-12-01 | by ( Francesco Guerrera | )   time to read: +3 min
But as central banks start moving in the opposite direction, those “carry trades” will become a lot riskier. Notably those who bet against its government bonds in a trade so bad it became known as the “widow maker”. Foreign exchange traders beg to differ: the carry trade has been a sure-fire money maker this year. That’s due to the huge gap in short-term interest rates between Japan, where they are -0.1%, and other countries. Reuters GraphicsThe most popular carry trade with yen has been into U.S. dollars .
Persons: , , Una Galani, Thomas Shum Organizations: Reuters, Federal Reserve, Deutsche Bank, LSEG, Bank of America, U.S, Thomson Locations: HONG KONG, Japan, Colombia, Mexico, Brazil, Ukraine
Final Trades: Comerica, Humana, Cleveland-Cliffs & more
  + stars: | 2023-12-01 | by ( )   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Comerica, Humana, Cleveland-Cliffs & moreThe "Halftime Report" traders give their top picks to watch for the second half.
Organizations: Comerica, Humana Locations: Cleveland
An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.
Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco
Zero-day commodity options have now entered the ETF space
  + stars: | 2023-12-01 | by ( Natalie Zhang | )   time to read: +1 min
Investors can now trade commodities and a Treasury with a popular short-term options strategy. The Nasdaq recently launched five zero-day options-based exchange-traded funds: United States Oil Fund (USO) , United States Natural Gas Fund (UNG) , SPDR Gold Shares (GLD) , iShares Silver Trust (SLV) and iShares 20+ year Treasury Bond ETF (TLT) . It has taken the options market by storm. The surge in activity surrounding zero-day options has some analysts worried about a negative impact on the market. "I don't think the tools themselves are inherently breaking the market," Nadig said.
Persons: Dave Nadig, CNBC's, Nadig, it's Organizations: Treasury, Nasdaq, United States Oil Fund, United States Natural Gas Fund, Bond ETF Locations: United
FL YTD mountain Foot Locker (FL) performance year-to-date Foot Locker (FL) climbed 28.3% during November, making it the Club's No. Foot Locker stock, down more than 26% year-to-date, closed 1.4% lower Thursday, at just under $27.28 apiece. CRM YTD mountain Salesforce (CRM) performance year-to-date Salesforce (CRM) shares jumped 25.4% in November, coming in second place for monthly gains. NVDA YTD mountain Nvidia (NVDA) performance year-to-date Nvidia (NVDA) — an "own it, don't trade it" name — was the portfolio's fifth-best performer in November. WFC YTD mountain Wells Fargo (WFC) performance year-to-date Shares of Wells Fargo (WFC) jumped 12.07% in November, as the broader market rally lifted financials.
Persons: Jim Cramer, Mary Dillon's, Locker, Palo, CrowdStrike, We're bullish, , Wall, Walt Disney, Nelson Peltz's, Wells, Morgan Stanley, Sam Altman, OpenAI, Altman, Jim Cramer's, Jim, Michael M Organizations: , Palo Alto Networks, Palo Alto, Management, Nvidia, DIS, Walt Disney, Disney, Oracle, Microsoft, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: FL, Palo, Palo Alto, Wells, Wells Fargo, OpenAI, DHR
Analysis: The 2023 stock rally is back on track
  + stars: | 2023-12-01 | by ( Krystal Hur | )   time to read: +6 min
New York CNN —The US stock market has rebounded from its months-long rut. Stocks finished out their best month of the year on Thursday, breaking a three-month streak of declines for all the major indexes. “The only way I see a rally continuing is if the bond market behaves itself,” said Richard Steinberg, chief market strategist at The Colony Group. While those stocks have remained at the top of Wall Street’s scoreboard, the recent rally has encompassed a wider range of stocks. Long-neglected pockets of the stock market, from beaten-down financials to small-caps to cyclical stocks, have climbed higher in recent weeks.
Persons: Stocks, , Richard Steinberg, , Santa Claus, Ned Davis, Anna Cooban, Elisabeth Buchwald, Nelson Peltz, Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, Dow Jones, Treasury, The Colony, Wall Street, Ned Davis Research, Organization of, Petroleum, Saudi Press Agency, Ministry of Energy, Saudi, United Emirates, Reuters, Disney, Management, Peltz, Sky Locations: New York, Santa, OPEC, Saudi Arabia, Vienna, Russia, Iraq, United, Kuwait, Kazakhstan, Algeria, Oman, Brazil, Brazil’s
An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. REUTERS/Issac Urrutia/File Photo Acquire Licensing RightsHOUSTON, Dec 1 (Reuters) - Venezuela's oil exports remained almost unchanged in November at 651,000 barrels per day (bpd) even as an easing of U.S. sanctions is now allowing sales to trading houses, according to shipping and tanker tracking data. Washington in October temporarily lifted oil sanctions on the country as a way to encourage a presidential election in 2024, which prompted spot sales of Venezuelan crude and fuel oil to traders mostly bound for China. The stagnant production has driven PDVSA to offer trading houses and intermediaries a large portion of its oil stocks for exports. Besides seeking spot cash oil sales, PDVSA also has ramped up fuel imports since October.
Persons: Issac Urrutia, PDVSA, Marianna Parraga, Mircely Guanipa, Jonathan Oatis Organizations: REUTERS, Rights, China ., Reuters, Analysts, Chevron, Spain's, Thomson Locations: Lake Maracaibo, Cabimas, Venezuela, Washington, China, China . State, India, Venezuelan, United States, U.S, Houston, Maracay
Watch Friday's full episode of Fast Money — December 1, 2023
  + stars: | 2023-12-01 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Friday's full episode of Fast Money — December 1, 2023"Fast Money" is America's post-market show. Hosted by Melissa Lee and a roundtable of top traders, "Fast Money" breaks through the noise of the day, to bring you the actionable news that matters most to investors.
Persons: Melissa Lee
OPEC is facing growing challenges in its efforts to boost oil prices amid record output outside the alliance, particularly in the U.S., raising questions about how long the alliance can maintain its deep production cuts. The outcome is a "bittersweet victory" for OPEC kingpin Saudi Arabia, wrote Jorge Leon, senior vice president of Rystad Energy, in a note Thursday. With oil prices down more than 14% since September highs, traders were hoping that OPEC could provide a boost. In the end, Saudi Arabia may have only one option — launch a supply war by flooding the market with oil. The 2.2 million bpd in voluntary cuts from the coalition of the willing is somewhat deceiving.
Persons: Jorge Leon, bode, Leon, Brent, Natasha Kaneva, Paul Sankey, John Kilduff, Kilduff, it's, Sankey, Kaneva, Goldman Sachs, Goldman, Daan Struyven, Struyven Organizations: Rystad Energy, Traders, Sankey Research, U.S . Oil, U.S, OPEC, United Arab, Goldman Locations: U.S, OPEC, Saudi Arabia, Riyadh, Saudi, China, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman
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