Key Market Insights November 24

8 min read

US Markets

Stocks rose on Tuesday, ahead of today’s release of the Federal Reserve meeting minutes, which should provide some insights into future interest rate hikes.

  • Nordstrom stocks fell by more than 8% after the retailer lowered its growth forecast.
  • The S&P 500 rose 0.17%, finishing above 4,000 for the first time since September.
  • The current 10 Year U.S. Treasury yield is set at 3.83620%
Market Price Move
Dow Jones 34,098.10 1.18%
S&P 500 4,003.58 1.36%
Nasdaq 11,174.41 1.36%
Russell 2000 1,860.44 1.16%


Canadian Markets

The Bank of Canada said that the country’s financial system will be able to sustain the risks associated with increasing interest rates.

  • Senior Deputy Governor Carolyn Rogers said that many of the risks that concern investors are being mitigated by financial reforms passed after the Great Recession.
  • The Bank of Canada is not expecting Canada to see a significant job market downturn during this recession.
  • The government estimates that 13% of all mortgages in Canada have reached the point where additional payments are needed.
Market Price Move
TSX 20,220.01 1.22%


European Markets

European markets rose on Tuesday, as investors continue to reassess the economic outlook in the continent.

  • The Stoxx 600 rose 0.8% to close at a three-month high.
  • Oil and gas stocks led markets, gaining 4.7%, after Saudi Arabia denied that OPEC+ plans to raise oil production.
    Mining stocks rose 2.7%.
  • Telecom, household goods, and financial services turned negative on the day, each losing around 0.1%.
Market Price Move
Euro STOXX 50 3,929.90 0.53%
UK (FTSE 100) 7,452.84 1.03%
Germany (DAX) 14,422.35 0.29%
France (CAC 40) 6,657.53 0.35%



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Asian Markets

Stocks in Asia were mixed on Wednesday morning, as local news impacted markets in different countries.

  • New Zealand’s central bank raised interest rates by 75 basis points.
  • Singapore said that it projects 3.5% GDP growth this year.
  • Markets in Japan were closed for a public holiday.
  • Stocks in Australia were up despite the Reserve Bank of Australia hinting at more rate hikes.
Market Price Move
S&P Asia 50 4,157.69 -0.79%
Japan (Nikkei 225) 28,115.74 0.61%
South Korea (KOSPI) 2,408.12 0.12%
China (Hang Seng) 17,418.55 -0.03%
India (SENSEX) 61,418.96 0.45%



Oil prices rose on Tuesday after Saudi Arabia said that OPEC+ is not planning to increase oil output.

  • Brent was up 1.2%, and U.S. West Texas Intermediate gained 1.4%.
  • Data shows that U.S. crude inventories decreased by 2.2 million barrels last week.
  • Concerns that Covid shutdowns in China will lead to lower demand for oil continue.
Market Price Move
Oil (NYSEARCA:OIL) 30.51 1.84%
Gold (NYSEARCA:GLD) 162.07 0.12%
Silver (NYSEARCA:SLV) 19.43 1.20%
Corn (NYSEARCA:CORN) 26.26 -0.28%
Lumber (NASDAQ:WOOD) 76.19 1.30%


Currency Exchange Rates

The U.S. Dollar was flat on Tuesday after gaining the past few days.

  • The Euro was up to break its three-day losing streak, as investors seem to be moving into other markets, ahead of the U.S. holiday.
  • The Australian and New Zealand dollars also rose as investors moved into higher-risk assets.
  • The British Pound rose later in the day after new data showed that the government had borrowed less than expected last month.
Market Price Move
UK(GBP) £0.84 -0.01%
Europe (EURO) €0.97 0.09%
Canada (Canadian Dollar) $1.34 0.03%
Japan (Yen) ¥141.32 0.74%



Bitcoin regained the $16,000 support level after Cathie Wood said that Ark had purchased $1.5M in Grayscale’s Bitcoin Trust.

  • Altcoins were up. Ethereum gained 2.6%, Solana rose 3%, and Curve surged 25%.
  • CRV was down 17% to a two-year low on Tuesday morning before jumping to finish the day up 25%.
  • Saudi Arabia’s NFTs surged 387% after the country’s victory against Argentina in the World Cup.
Market Price Move
Bitcoin $16,449.90 1.21%
Ethereum $1,158.17 4.73%
Litecoin $76.71 25.30%
Bitcoin Cash $113.37 8.23%


Good trading,
Chris Svorcik

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