Dow gained 127, advancers over decliners 3-2 & NAZ went up 176. The MLP index was off 2+ to the 337s & the REIT index recovered 4 to the 330. Junk bond funds were mixed & Treasuries saw buying which reduced yields. Oil tumbled 4+ to the 84s & gold fell 7 to 1933 (more on both below).
AMJ (Alerian MLP Index tracking fund)
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Stellantis (STLA). “It’s clear that there is no real intent to get to an agreement,” Barra said in an emailed Fri. “It is clear Shawn Fain wants to make history for himself, but
it can’t be to the detriment of our represented team members and the
industry.” The stock fell 36¢.
If you would like to learn more about GM, click on this link:
club.ino.com/trend/analysis/stock/GM _aid=CD3289&a_bid=6aeoso5b6f7
GM secures new $6 billion credit line as UAW Strike costs reach $200 million
Homes are now unaffordable in 99% of the US for average Americans
Moderna (MRNA) said its combination vaccine
targeting Covid & the flu will move to a final stage trial in adults
ages 50 & above this year after showing positive results in an early
to mid-stage study. The biotech company hopes its shot, mRNA-1083, can win approval from regulators in 2025. Moderna & other vaccine makers believe combination vaccines will simplify what people can do to
protect themselves against respiratory viruses that typically surge
around the same time of the year. “Combination vaccines offer an
important opportunity to improve consumer and provider experience,
increase compliance with public health recommendations, and deliver
value for healthcare systems,” CEO Stéphane Bancel said. “We are excited to move combination respiratory
vaccines into Phase 3 development and look forward to partnering with
public health officials to address the significant seasonal threat posed
to people by these viruses,” he added. The stock rose 1.18.
If you would like to learn more about MRNA, click on this link:
club.ino.com/trend/analysis/stock/MRNA _aid=CD3289&a_bid=6aeoso5b6f7
Moderna combination Covid, flu vaccine enters final trial after positive data
Gold was unable to hold early gains, falling for 8 sessions even as the $ fell off an 11-month high & treasury yields eased. Gold for Dec closed down $6 to $1834 per ounce, The drop comes even as the headwinds that pushed the price of the precious metal to the lowest since Mar eased, with the $ & yields retreating despite a report showing the US private sector added just 89K last month, under expectations for a rise of 150K. Gold continues to slide lower, falling for 8 straight sessions in the most brutal selloff over the past year. The ICE dollar index was last seen down 0.18 points from an 11-month high to 106.82, making gold more affordable for intl buyers. Treasury yields also eased, bullish for gold since it offers no interest. The US 2-year note was last seen paying 5.109%, down 7.5 basis points, while the yield on the 10-year note was down 5.1 basis points to 4.753%.
Gold Closes Lower for an Eighth-Straight Session Even as the Dollar and Yields Retreat
Oil futures fell sharply, with US prices settling at their lowest since the end of Aug. The current state of the oil market is that global economic pain is coming courtesy of surging bond yields. Crude demand destruction will occur this qtr, but this pullback in prices will be limited given the risks of further shocks to supplies & a reacceleration of the US economy. Nov West Texas Intermediate crude lost $5.01 (5.6%) to settle at $84.22 a barrel, the lowest front-month finish since Aug 31
U.S. oil futures mark lowest settlement since the end of August
Today's rally was stimulated by bargain hunting after the selling in recent weeks. All the dark clouds hanging over the stock market are keeping many potential buyers on the sidelines.Dow Jones Industrials