Markets, being dominated by humans can get drawn psychologically to large numbers. This year we have seen the S&P 500 blast through 5,000 and 6,000, the Dow Industrials rally through 40,000 and 45,000, the Nasdaq clear 20,000 and keep on going and Gold use $2,500 as a launch pad.
Today the focus is on cryptocurrencies and in another sign that they have arrived in mainstream investing consciousness, Bitcoin has blasted through $100,000 for the first time with a 4.3% gain. Meanwhile, Ether is close to a big milestone of its own, gaining 1.4% and putting $4,000 in its sights.
Other markets are steady today, US index futures, the FTSE, Gold and Copper are all flat, consolidating recent gains and digesting yesterday’s economic reports. The Dax is up 0.4%.
US Crude Oil is also steady trading near $68.50/barrel with investors awaiting news on production from today’s OPEC+ meeting. Natural Gas is up 1.6%.
Following on from yesterday’s ADP Payrolls miss, Challenger layoffs increased last month (57.7K vs previous 55.5K). Weekly US initial jobless claims (224K vs street 215K). Employment week wraps up tomorrow with US Nonfarm Payrolls (street 200K vs previous 12K), US Average Hourly Earnings (street 3.9%), Canada employment change (street 25K) and Canada Average Hourly Wages (previous 4.9%).
Canadian bank earnings week continues to deliver mixed results. Today, TD Bank ($1.72 vs street $1.82, down 2.9% premarket) disappointed and suspended guidance. CIBC* ($1.91 vs street $1.79, up 1.4% premarket) beat expectations and raised its dividend. Bank of Montreal came in short of analyst estimates ($1.90 vs street $2.39, down 2.9% premarket) but raised its dividend. Both banks announced dividend increases. Retailer lululemon reports results after the close today. *Shares of CIBC are held in portfolios managed by SIA Wealth Management.
MARKET OUTLOOK NOVEMBER 2024 – Visit the link to view the recording of November’s Market Outlook Webinar with Colin Cieszynski, where he explores topics such as the impact of the US Election results on the Markets, updates on Portfolios and Performances, and examples of Peer comparison and risk-adjusted metrics.