Major US indices are opening higher with the NASDAQ index leading the way. Nvidia shares are trading above and below unchanged after releasing their earnings yesterday which be expectations on the top and bottom lines. However, they did caution about China in the next quarter and going forward, but did also indicate that what is lost in China will be gained elsewhere. Nevertheless, shares are taking a breather.
A snapshot of the market is currently showing:
- Dow Industrial Average is up 148 points or 0.42% at 32241
- S&P index is up 22.30 points or 0.49% at 4560.48
- NASDAQ index is up 121.85 points or 0.86% at 14321.83
- Russell 2000 is up 8.86 points or 0.50% at 1792.13
A summary of the big moves of late shows:
- Nvidia is now trading unchanged on the day at $500
- Microsoft is trading up $6.40 or 1.72% at $379.54. The Open AI story this week as return back toward normality. Shares are trading at new record highs
- Adobe is trading up $10.58 or 1.63% at $620.93
- Apple is trading up $2.04 or 1.06% at $192.68
- Alphabet is trading at its highest level since October 24 at $139.25 up $2.40 or 1.74%
- Meta is up $4.30 or 1.27% at $341.29
- Chevron is trading down $1.84 or -1.2% at $142.20 as oil prices move sharply lower on a delay of the OPEC+ meeting until next week. Exxon Mobil is also down $1.18 or -1.09% at $103.29
- Caterpillar shares are lower after weaker then expected durable goods. Shares are down -$5.10 or -2.04% at $244.31. The price gapped back below its 200-day moving average at $245.89
In the US debt market, yields are trading lower:
- 2 year yield 4.882% unchanged
- 5 year yield 4.402% -1.6 basis points
- 10 year yield 4.378% -3.9 basis points
- 30 year yield 4.521% -5.9 basis points
WTI crude oil futures are trading down $-3.25 or -4.1% at $74.50. Inventory data from the private survey showed a larger-than-expected build of 9 million barrels. The weekly data from the EIA is expected to show a build of 1.160 million. As mentioned OPEC+ is delaying their scheduled meeting from November 26 to November 30 as speculation is of a disagreement between Saudi Arabia and other oil-producing nations with regard to production cuts.
Gold is trading above and below $2000.
Bitcoin is trading at $36,522 as it digested the Binance $4 billion fine and the $50 million fine of its founder CZ. CZ is also expected to be sentenced for possible jail of up to 18 months and cannot have a senior position at the firm going forward. Binance disregarded anti-money laundering practices (and lied about it), allowing companies to launder money through their operations, but they did not co-mingle funds like FTX. What a crock.