"The same mantra that was chanted last week - AI/Bubble, stocks overbought, and poor market breadth - will likely be on the playlist for this week, but a settlement in front of the Thanksgiving holiday is a huge positive. With earnings for the third quarter coming to a close, it has been a very positive earnings season as stocks have beaten expectations and delivered, for the most part, solid guidance."
"Yields were mixed across the Treasury curve on Friday after a big safe-haven rally for Government debt last week. Maturities from one year to the 10-year note saw continued buying, while we observed some mild selling at the shortest T-bill maturities and on the 20- and 30-year long maturity bonds on Friday. In short, it was a mixed and volatile week, with shifting data points and political uncertainty creating a market that was both responsive and unpredictable."
Futures opened higher as hopes for ending the government shutdown and the prospect of a pre-Thanksgiving settlement lifted sentiment. Third-quarter earnings largely beat expectations and provided generally solid guidance, supporting markets. The tech-heavy Nasdaq suffered its worst weekly performance since April, while the S&P 500 and Dow posted their steepest weekly losses in over a month, though stocks rallied into the close with gains concentrated in the final 15 minutes. Treasury yields were mixed after a prior safe-haven rally, and the week was marked by intraday volatility and shifting political and economic data. Oil benchmarks finished slightly higher.
Read at 24/7 Wall St.
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