📈 Indices continue to exhibit a bullish impulse, near historical highs...
🏛 What's happening in the market today?
🔙 On the previous trading day, indices continued to show solid upward dynamics, hovering near historical highs, with NQ once again demonstrating relatively stronger momentum. SPX maintained a growth trend within a local channel, reaching levels last seen in December 2021. NQ also showed continued upward momentum, making attempts to refresh its historical high and testing the level of 16893.
🔆 Today. It is crucial for indices to maintain positions above local support levels at 16200 for NQ and 4600 for SPX to avoid a pullback from current levels and ensure the potential for further growth in case of breaking through the nearest levels at 17000 for NQ and 4817 for SPX.
🔎 What's driving the market right now?
(1) The People's Bank of China has reinforced economic support.
(2) Bullish sentiment in the markets continues amid expectations of ongoing Fed rate decisions.
(3) The European Central Bank is not rushing to join the shift in monetary policy seen in the U.S.
📊 Sectors
Cyclical sectors reflect positive market dynamics, with XLE, XLRE, and XRT leading in growth, while ITA lags behind. Most growth sectors rebounded, with TAN, SOXX, and IPO showing the highest gains, and XLK lagging behind. Defensive sectors demonstrated a retracement, with XLP, XLU, and XLV showing weakness relative to the broader market.
💼 Stock News
(+) COST - Costco exceeded profit forecasts and paid special dividends totaling $6.7 billion.
(=) GM, F - Wells Fargo takes a bearish stance on the automotive sector, suggesting the industry may be at its profit peak.
(+) AMZN - Amazon successfully tests laser communication between its Project Kuiper satellites.
(+) GM, F, TSLA - S&P Global forecasts global car sales to exceed 88 million in 2024, with a growth rate of 2.8%.
(+) GOOGL - Google Chrome tests a feature limiting cross-site tracking and gradually phasing out third-party cookie files.
(+) XRT - Retail sales grew by 0.3% in November compared to October, surpassing expectations of a 0.1% decline for the month.
(+) META - Meta's Threads messaging app launches in Europe.
(+) INTC - Intel unveils its new Gaudi 3 processor at the AI Everywhere event, claiming it surpasses Nvidia.
(+) BABA - Alibaba invests $634 million in Lazada amid competition with TikTok and Sea in Southeast Asia.
(+) AAPL - Apple may outperform the market again in 2024, surpassing the $3 trillion mark, according to Citi.
🌐 Intermarket Analysis
Oil shows a local rebound from the lower boundary, testing the level of 72.2. Yield consolidates above 3.92%, near the lower boundary of the channel after a retracement. VIX attempts a local bounce from the level of 11.8, testing the slope. Gold is in consolidation after local rebound attempts and testing the level of 2062.
🗣 Market Buzz
Oppenheimer has high expectations for the S&P 500 next year amid corporate earnings growth. The firm forecasts the index reaching 5200 by the end of 2024. "Markets don't move up in a straight line, and failures are always possible, but those with patience should see gains in the medium to long term." Oppenheimer believes that profits and revenues will continue to grow during what the firm calls a "transitional year" as the Federal Reserve moves away from its restrictive monetary policy. Cyclical stocks, especially in the technology, telecommunications, and consumer services sectors, are expected to continue thriving next year.
#StockMarket #FinancialMarkets #BullishTrend #EconomicOutlook #Investing #MarketAnalysis
🏛 What's happening in the market today?
🔙 On the previous trading day, indices continued to show solid upward dynamics, hovering near historical highs, with NQ once again demonstrating relatively stronger momentum. SPX maintained a growth trend within a local channel, reaching levels last seen in December 2021. NQ also showed continued upward momentum, making attempts to refresh its historical high and testing the level of 16893.
🔆 Today. It is crucial for indices to maintain positions above local support levels at 16200 for NQ and 4600 for SPX to avoid a pullback from current levels and ensure the potential for further growth in case of breaking through the nearest levels at 17000 for NQ and 4817 for SPX.
🔎 What's driving the market right now?
(1) The People's Bank of China has reinforced economic support.
(2) Bullish sentiment in the markets continues amid expectations of ongoing Fed rate decisions.
(3) The European Central Bank is not rushing to join the shift in monetary policy seen in the U.S.
📊 Sectors
Cyclical sectors reflect positive market dynamics, with XLE, XLRE, and XRT leading in growth, while ITA lags behind. Most growth sectors rebounded, with TAN, SOXX, and IPO showing the highest gains, and XLK lagging behind. Defensive sectors demonstrated a retracement, with XLP, XLU, and XLV showing weakness relative to the broader market.
💼 Stock News
(+) COST - Costco exceeded profit forecasts and paid special dividends totaling $6.7 billion.
(=) GM, F - Wells Fargo takes a bearish stance on the automotive sector, suggesting the industry may be at its profit peak.
(+) AMZN - Amazon successfully tests laser communication between its Project Kuiper satellites.
(+) GM, F, TSLA - S&P Global forecasts global car sales to exceed 88 million in 2024, with a growth rate of 2.8%.
(+) GOOGL - Google Chrome tests a feature limiting cross-site tracking and gradually phasing out third-party cookie files.
(+) XRT - Retail sales grew by 0.3% in November compared to October, surpassing expectations of a 0.1% decline for the month.
(+) META - Meta's Threads messaging app launches in Europe.
(+) INTC - Intel unveils its new Gaudi 3 processor at the AI Everywhere event, claiming it surpasses Nvidia.
(+) BABA - Alibaba invests $634 million in Lazada amid competition with TikTok and Sea in Southeast Asia.
(+) AAPL - Apple may outperform the market again in 2024, surpassing the $3 trillion mark, according to Citi.
🌐 Intermarket Analysis
Oil shows a local rebound from the lower boundary, testing the level of 72.2. Yield consolidates above 3.92%, near the lower boundary of the channel after a retracement. VIX attempts a local bounce from the level of 11.8, testing the slope. Gold is in consolidation after local rebound attempts and testing the level of 2062.
🗣 Market Buzz
Oppenheimer has high expectations for the S&P 500 next year amid corporate earnings growth. The firm forecasts the index reaching 5200 by the end of 2024. "Markets don't move up in a straight line, and failures are always possible, but those with patience should see gains in the medium to long term." Oppenheimer believes that profits and revenues will continue to grow during what the firm calls a "transitional year" as the Federal Reserve moves away from its restrictive monetary policy. Cyclical stocks, especially in the technology, telecommunications, and consumer services sectors, are expected to continue thriving next year.
#StockMarket #FinancialMarkets #BullishTrend #EconomicOutlook #Investing #MarketAnalysis