November 25, 2024
Good morning,
The results of the Nvidia “tell” we talked about last Thursday morning were just slightly bullish for the market. NVDA ended the week 3-pennies lower in price than where it started. With every reason in the world to correct on its earnings announcement, it did not. Those results encapsulated the week for the broader market as well. The S&P 500 Index was up +1.68% on the week, suggesting that the bulls still control momentum. Market signals suggest that they will continue to hold the momentum through year-end.
As we enter the holiday-shortened week, Futures are up +.50% (8:30 am EST) on the over-the-weekend nomination of Scott Bessent as Treasury Secretary – whom the market sees as a relatively safe pair of hands. This week has 3.5 trading days vs. the usual 5, with earnings and economic news very light. On the economic front, we’ll get the PCE Prices on Wednesday, which is the Federal Reserve’s preferred inflation gauge. The only high-profile earnings reports on the week are Tuesday’s DELL, CRWD, and WDAY.
Thanksgiving weeks are generally slightly positive affairs for stocks (+1% on average) and there are no signs to suggest otherwise this year. Happy Thanksgiving to you all. See you next week.
Be well,
Mike
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