"The futures are trading modestly higher as we get ready to start a holiday-shortened Friday session, with the market closing at 1 PM EST and wrapping up what has been an outstanding week for the major indices. We suspect that our readers can remember all the way back to Wednesday, after an onslaught of Turkey with all the fixings, a full slate of NFL games yesterday, and a big slate of College games set for today and this weekend."
"Yields were mixed across the curve, with the longer maturities seeing some buying and the short end attracting the sellers. The commentary remains the same, as many now expect a 25-basis-point cut at the Fed's last meeting of the year. The one shift in the narrative is that some on Wall Street are citing the possibility of yet another cut in January. The 30-year Treasury bond closed at a 4.64% yield on Wednesday, while the benchmark 10-year note was last seen at 3.99%."
"The energy complex rebounded on Wednesday after a rough Tuesday, when the bears hammered both the major benchmarks and natural gas. With a combination of new technologies, the top companies in the sector can grab more oil from existing wells, even as rig counts fall and costs rise. This may be a big plus for the industry, as many on Wall Street see the possibility of a $50-$55 range for domestic oil next year."
Futures traded modestly higher ahead of a holiday-shortened Friday session that closed early, capping an outstanding week for major indices. Stocks rose for the fourth straight session with the Dow at 47,427 (+0.67%), the S&P 500 at 6,812 (+0.69%), and the NASDAQ at 23,214 (+0.892%). The rally was broad-based and led by top technology companies. Market pricing for a December Federal Reserve rate cut jumped sharply from about 20% to nearly 80%, and some participants now cite the possibility of an additional cut in January. Treasury yields were mixed and oil prices rebounded.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]