WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The yield on the benchmark U.S. 10-year Treasury had also ended Friday at its lowest level since Sept. 20, leading some traders to expect that Treasury yields will continue to compete with equities and become more attractive to investors.
Market bulls remain enthusiastic into the year-end, however, particularly after cooler-than-expected U.S. inflation data released last week calmed investors’ nerves about stubbornly high prices and provided a hopeful indication that the Federal Reserve could stop raising interest rates.
Ahead of the Thanksgiving Day-shortened week, traders are awaiting Nvidia’s earnings and forward guidance out Tuesday. The chipmaker, which has since its stock price skyrocket this year amid the craze around artificial intelligence, is expected to beat on earnings and revenue estimates for the third quarter, according to analysts polled by FactSet. Concerns still exist about the company’s valuation, however.
Investors and techies are also rattled by Friday’s sudden ouster of OpenAI’s former CEO Sam Altman and the resignations of other top executives and staff members at the Microsoft-backed company, igniting broader concerns about the future of the AI industry.
Trading around the Thanksgiving holiday has been choppy in recent years, but November is still the best-performing month for the S&P 500, according to the Stock Traders’ Almanac.
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