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Markets hesitate on concerns the November rally could be overdone

Dow finished up 83, advancers modestly ahead of decliners & NAZ rose 40.  The MLP index stayed in the 253s & the REIT index added 2+, taking it lover 360.  Junk bond funds fluctuated & Treasuries were purchased which lowered yields.  Oil bounced back 1+ to the 76s & gold advanced 30 to 2042 (more on both below).

AMJ (Alerian MLP Index tracking fund)

Amazon (AMZN) has announced that its Black Friday & Cyber Monday holiday shopping event that kicked off around a week before Thanksgiving was its "biggest ever" compared to the same 11-day period in previous years.  The e-commerce giant said, "Customers around the world purchased more than one billion items on Amazon, with shoppers saving nearly 70% more on Amazon during the 11 days of deals compared to the same period last year," ending on Cyber Monday.  AMZN also said more than 500M of those items were sold by independent sellers, "most of which are small and medium-sized businesses."  "There are many customers who are still checking off their shopping lists, and we are excited to announce that we will have millions more deals on a wide selection of products to come, with new deals dropping every day through December 24, along with fast, convenient delivery options," said Doug Herrington, CEO of Worldwide Amazon Stores.  The sales figures come as online shoppers who took advantage of Black Friday spent enough with retailers to set a new record this year, according to Adobe Analytics.  The company said online Black Friday shopping sales came in at $9.8B in 2023 & it climbed 7.5% from the total that Black Friday online shoppers forked over in 2022, according to Adobe Analytics.  The stock fell 70¢.

Amazon says Black Friday, Cyber Monday sales event was its 'biggest ever'

Black Friday weekend shopping turnout soars, as consumers seek bargains

US consumer confidence rises in November

Gold closed at the highest in more than a year as the $ fell to the lowest in 3 months & treasury yields fell following dovish comments from a Federal Reserve official.  Gold for Feb delivery closed up $27 to $2060 per ounce.  The rise comes as the $ continues to depreciate, with the ICE dollar index last seen down 0.38 points to 102.8, the lowest since Aug 10.  The $ has weakened amid expectations the Federal Reserve is done with raising interest rates after a series of weaker than expected economic reports showed the central bank has successfully slowed the economy to bring down inflation.  Comments from Christopher Waller, a voting member of the Fed's policy committee, that the central bank could lower interest rates if inflation continues to decline, helped push the currency lower.  Treasury yields also eased, lowering the carrying cost of owning gold.  The 2-year note was last seen down 10.8 basis points to 4.747%, while the 10-year note was paying 4.353%, down 3.9 basis points.

Gold Closes at the Highest in More than a Year as the Dollar and Yields Weaken

Oil snapped a 3-session losing streak as OPEC+ members continued negotiations over output levels & a Federal Reserve official signaled the central bank’s rate-hiking campaign may be complete.  West Texas Intermediate rose 2.2% to settle above $76 as the production cartel worked to resolve the deadlock over oil-output quotas for some African nations.  The stalemate may not be resolved before the group’s scheduled meeting, possibly requiring further delay, one delegate said.  Meanwhile, Fed Governor Christopher Waller said in prepared remarks that he’s “increasingly confident” that monetary policy is tight enough to reduce inflation.  The $ also weakened after Waller's comments, making commodities priced in the currency more appealing.  Crude futures have moved into a broad holding pattern ahead of the OPEC+ meeting planned for Thurs, with traders awaiting a decision on next year's output levels.  Among the particular hurdles are production quotas for African members Nigeria & Angola, which have frequently underproduced in recent years.  WTI for Jan increased 2.1% to settle at $76.41 a barrel & Brent for Jan rose 2.1% to settle at $81.68 a barrel.

Oil Rises as Traders Parse OPEC+ Signals, Fed’s Rate Comments

Dow rallied during midday trading, but lost much those gains in the PM.  Data is coming in mixed.  After its rally of about 3000 in the last 30 days, stocks need time to rest.  Meanwhile the record high for gold futures is $2078.80.

Dow Jones Industrials 

This post first appeared on VerySmartInvesting, please read the originial post: here

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Markets hesitate on concerns the November rally could be overdone


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