The last full trading day of the week, the Nasdaq is pulling back amid a slew of reports — and more in Wednesday’s stock market recap.
The markets are closed on Thursday for the Thanksgiving holiday, and are only open for a half day on Friday.
The Nasdaq is pulling back again, which I’ve been saying is going to happen for some time now. One reason being that tech stocks have simply flown too high, too fast. Tech stocks are naturally more vulnerable to higher interest rates.
Federal Reserve Chair Jerome Powell has been hawkish in terms of raising interest rates and the markets are reacting accordingly with him being renominated.
It’s a busy day in terms of reports with gross domestic product, international trade in goods and services, and durable goods being the most important data coming. But we’ll also have new home sales, consumer sentiment, jobless claims and personal income reports.
In this morning’s stock market recap video, you’ll discover why tech is selling off this morning… which Fed report to pay the most attention to this morning… whether market internals are bullish or bearish… the most probable move from the bond market… a long trade set up with high reward potential… a short trade set up with high profit potential… and an update on the global economy and how it’s impacting the oil market.
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 35,813.8.
- Futures: 35,579.
- Change: -187.
S&P 500 (mini)
- Close: 4,690.7.
- Futures: 4,663.5.
- Change: -25.
- Close: 16,306.72.
- Futures: 16,191.5.
- Change: -120.5.
- Close: 2,327.86.
- Futures: 2,311.8.
- Change: -17.5.
Note: Updated as of 8:57 a.m.
Roger’s Radar: Jobless Claims Hit Lowest Level in 52 Years
On my radar this morning, weekly jobless claims fell to their lowest level since 1969…
New filings came in at 199,000, the lowest number since Nov. 15, 1969, when we saw 197,000 claims. The jobs report easily beat Dow Jones estimates of 260,000 claims and was far below last week’s 270,000.
The Labor Department did not indicate any special factors that caused the stunning fall, which could provide an important signal about a jobs market that has been struggling to come back since the Covid-19 shock in March 2020.
In other economic reports Wednesday morning, second-quarter GDP growth was revised up slightly to 2.1%, though that was below estimates for 2.2%. Also, durable goods orders declined 0.5%, worse than expectations of a 0.2% gain.
Along with the drop in weekly claims, continuing claims, which run a week behind, fell by 60,000 to 2.05 million, a fresh pandemic-era low.
P.S. Wall Street knows the key way to beat inflation is by trying to flood the stocks that are set to outperform.
It just makes sense…
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.