Daily global market review

The day's trading session exhibited a somewhat lackluster performance, characterized by a steady decline in the market during the morning without clear directional drivers. However, major indices experienced a rebound in the afternoon, mitigating the earlier losses and leaving the overall market relatively unchanged from the previous day. The stock market's afternoon improvement was attributed to the leadership of mega-cap stocks and a successful $40 billion 10-year note sale, although Treasuries showed little change after the auction results. The 10-year note yield, which was at 4.53% just before the 1:00 p.m. ET announcement, settled the session at 4.52%. Today's trade had an overall muted atmosphere, influenced in part by concerns about economic growth, evident in the decline of oil prices ($75.42/bbl, -1.91, -2.5%), and the underperformance of the Russell 2000 (-1.1%). Additionally, a growing sentiment that the market is poised for a pullback contributed to the negative bias, considering the S&P 500's 4.5% increase in November and the Nasdaq's 6.2% gain for the month. S&P 500 sector performance displayed a mixed picture, with the information technology sector (+0.6%) leading the outperformers, while the energy sector (-1.2%) saw the most substantial decline. Notable stock movements were observed after earnings reports, with Robinhood (HOOD 8.36, -1.39, -14.3%) and eBay (EBAY 39.95, -0.92, -2.0%) experiencing notable losses, while Extra Space Storage (EXR 118.53, +11.33, +10.6%) recorded a significant gain and ranked among the top components in the S&P 500. In terms of economic data, the Weekly MBA Mortgage Applications Index showed a 2.5% increase, contrasting with the prior week's decrease of 2.1%. Meanwhile, September Wholesale Inventories rose by 0.2%, surpassing the consensus of 0.0%, and reversing the previous month's decline of 0.1%.

In the financial landscape, the 10-year note experienced a slight increase of 3/32, reaching a yield of 4.52%. On the NYSE, there were 1176 advancing issues and 1599 declining issues, with a total volume of 886 million. Meanwhile, on the Nasdaq, there were 1676 advancing issues and 2614 declining issues, with a substantial volume of 4.7 billion. Taking a closer look at various industries, notable strength was observed in Real Estate, Information Technology, Industrials, and Materials, while Utilities, Energy, Consumer Discretionary, Health Care, and Consumer Staples showed relative weakness. Several factors influenced market dynamics, including a prevailing sentiment that the market is poised for a pullback following a multi-session winning streak. Market participants closely monitored activities in Treasuries, particularly after a successful $40 billion 10-year note sale. Additionally, a sharp decline in oil prices was linked to concerns about economic growth.

In the United States, the Dow stands at 34,112.27, experiencing a minimal decrease of 40.33 points or 0.12%. The S&P 500 is at 4,382.78, with a slight increase of 4.40 points or 0.10%, while the NASDAQ records 13,650.41, showing a modest rise of 10.56 points or 0.08%. The VIX is at 14.45, indicating a decrease of 0.36 points or 2.43%. The Russell 2000 is at 1,714.07, with a decline of 19.08 points or 1.10%.

Moving to Canada, the S&P/TSX Composite reports a value of 19,530.21, with a decrease of 45.38 points or 0.23%. The S&P/TSX 60 is at 1,176.10, showing a decrease of 1.92 points or 0.16%. In Brazil, the BOVESPA stands at 119,176.67, experiencing a slight decrease of 91.39 points or 0.08%. In Chile, the S&P IPSA is at 5,647.95, with a marginal decrease of 2.82 points or 0.05%, while in Mexico, the S&P/BMV IPC reports 51,016.30, indicating a decrease of 193.55 points or 0.38%.

In Europe, the STOXX Europe 50 stands at 3,884.10 and STOXX Europe 600 is at 444.07. In the United Kingdom, the FTSE 250 is at 17,846.26 and the FTSE 100 is at 7,401.72. In Germany, the DAX is at 15,229.60, while in Italy, the FTSE MIB stands at 28,433.33. In France, the CAC 40 is at 7,034.16, and in Switzerland, the SMI is at 10,595.06, showing an increase of 24.03 points or 0.23%.

In Asia, the Nikkei 225 in Japan is at 32,451.94, recording an increase of 285.46 points or 0.89%. The Hang Seng in Hong Kong is at 17,516.63, with a slight decrease of 51.83 points or 0.30%. In China, the Shanghai Composite is at 3,056.65, showing a small increase of 4.27 points or 0.14%, while the Shenzhen Composite is at 10,024.92, experiencing a decrease of 27.16 points or 0.27%. The S&P/ASX 200 in Australia is at 7,032.60, indicating an increase of 37.20 points or 0.53%. In South Korea, the KOSPI stands at 2,429.00, with a rise of 7.38 points or 0.30%, and in Taiwan, the Taiwan SE is at 16,692.53, showing a decrease of 48.30 points or 0.29%. Finally, in India, the Bombay Sensex is at 64,975.61, with no change.

• Roblox Corp. Class A (RBLX) is currently priced at $39.22, showing a positive change of $4.15, or 11.83%, with a trading volume of 61 million shares and a 52-week range between $24.88 and $47.65.
• Palantir Technologies Inc. Class A (PLTR) is valued at $18.49, experiencing a decrease of $0.31, or 1.65%, with a trading volume of 46 million shares, within a 52-week range of $5.92 to $20.24.
• Ford Motor Company (F) is priced at $10.05, reflecting a decrease of $0.12, or 1.18%, with a trading volume of 39 million shares and a 52-week range of $9.63 to $15.42.
• NIO Inc. Sponsored ADR Class A (NIO) has a current price of $7.92, indicating a positive change of $0.03, or 0.38%, and a trading volume of 38 million shares, within a 52-week range of $7.00 to $16.18.
• Uber Technologies, Inc. (UBER) is currently valued at $49.50, showing a decrease of $0.42, or 0.84%, with a trading volume of 38 million shares and a 52-week range between $23.90 and $50.30.
• Toast, Inc. Class A (TOST) has a price of $14.89, reflecting a decrease of $2.36, or 13.68%, with a trading volume of 36 million shares and a 52-week range between $13.86 and $27.00.
• Bank of America Corp (BAC) is currently priced at $27.89, reflecting a decrease of $0.27, or 0.96%, with a trading volume of 32 million shares and a 52-week range between $24.96 and $38.60.
• Carnival Corporation (CCL) has a price of $12.79, showing a positive change of $0.23, or 1.83%, and a trading volume of 30 million shares, within a 52-week range of $7.53 to $19.55.
• Coupang, Inc. Class A (CPNG) is valued at $15.38, experiencing a decrease of $1.69, or 9.90%, with a trading volume of 30 million shares and a 52-week range between $12.66 and $20.37.
• Pfizer Inc. (PFE) has a current price of $30.82, indicating a decrease of $0.43, or 1.38%, and a trading volume of 29 million shares, within a 52-week range of $29.70 to $54.93.
• Energy Vault Holdings, Inc. (NRGV) is currently priced at $2.93, indicating a positive change of $0.64, or 27.95%, with a trading volume of 4 million shares and a 52-week range between $1.35 and $5.51.
• HCI Group, Inc. (HCI) has a price of $78.38, showing a positive change of $13.88, or 21.52%, and a trading volume of 743,000 shares, within a 52-week range of $32.42 to $79.39.
• Performant Financial Corporation (PFMT) is valued at $2.65, experiencing a positive change of $0.39, or 17.26%, with a trading volume of 565,000 shares and a 52-week range between $2.00 and $3.97.
• Unisys Corporation (UIS) is priced at $4.08, reflecting a positive change of $0.60, or 17.24%, with a trading volume of 2 million shares and a 52-week range of $2.60 to $7.96.
• Lifezone Metals Limited (LZM) has a price of $8.90, showing a positive change of $1.28, or 16.80%, with a trading volume of 174,000 shares and a 52-week range between $6.90 and $19.92.
• Enhabit, Inc. (EHAB) is currently valued at $9.92, indicating a positive change of $1.37, or 16.02%, with a trading volume of 2 million shares, within a 52-week range of $7.12 to $16.64.
• CEL-SCI Corporation (CVM) has a current price of $2.55, reflecting a positive change of $0.35, or 15.91%, with a trading volume of 1 million shares and a 52-week range between $1.04 and $3.62.
• Cohen & Company Inc (COHN) is priced at $7.50, showing a positive change of $1.02, or 15.72%, with a trading volume of 6,000 shares and a 52-week range between $3.29 and $11.99.
• James Hardie Industries PLC Sponsored ADR (JHX) has a price of $30.66, indicating a positive change of $4.14, or 15.61%, with a trading volume of 90,000 shares and a 52-week range between $17.25 and $31.93.
• MoneyLion Inc Class A (ML) is currently valued at $26.19, showing a positive change of $3.52, or 15.53%, with a trading volume of 128,000 shares, within a 52-week range of $7.50 to $31.44.
• Barinthus Biotherapeutics plc Sponsored ADR (BRNS) is currently priced at $2.87, reflecting a decrease of $1.23, or 30.00%, with a trading volume of 95,000 shares and a 52-week range between $1.64 and $5.10.
• biote Corp. Class A (BTMD) has a price of $4.43, showing a decrease of $1.38, or 23.75%, and a trading volume of 393,000 shares, within a 52-week range of $2.75 to $8.22.
• View Inc. Class A (VIEW) is valued at $2.15, experiencing a decrease of $0.57, or 20.96%, with a trading volume of 42,000 shares and a 52-week range between $2.15 and $95.40.
• Inspire Medical Systems, Inc. (INSP) is priced at $129.95, reflecting a decrease of $31.79, or 19.66%, with a trading volume of 3 million shares and a 52-week range of $129.90 to $330.00.
• Apyx Medical Corporation (APYX) has a price of $2.07, showing a decrease of $0.48, or 18.82%, with a trading volume of 164,000 shares and a 52-week range between $1.31 and $7.97.
• Heliogen, Inc. (HLGN) is currently valued at $2.00, indicating a decrease of $0.45, or 18.37%, with a trading volume of 96,000 shares, within a 52-week range of $1.65 to $2.28.
• Custom Truck One Source Inc (CTOS) has a current price of $5.00, reflecting a decrease of $1.11, or 18.17%, with a trading volume of 2 million shares and a 52-week range between $4.42 and $7.64.
• Turnstone Biologics Corp. (TSBX) is priced at $2.22, showing a decrease of $0.48, or 17.93%, with a trading volume of 42,000 shares and a 52-week range between $1.83 and $13.20.
• Nerdy, Inc. Class A (NRDY) has a price of $2.55, indicating a decrease of $0.55, or 17.74%, with a trading volume of 5 million shares, within a 52-week range of $1.85 to $5.37.
• InterGroup Corporation (INTG) is currently priced at $22.50, reflecting a decrease of $4.68, or 17.22%, with a trading volume of 11,000 shares and a 52-week range between $22.50 and $52.45.

In the realm of cryptocurrencies, the Nasdaq Crypto Index stands at 1,995.33, showing an increase of 25.22 points or 1.28%. Bitcoin is currently priced at 36,326.00, experiencing a rise of 535.00 points or 1.49%, while Ether is at 1,916.60, reflecting a gain of 25.10 points or 1.33%. Litecoin is priced at 74.29, with an increase of 1.10 points or 1.50%, and XRP is at 0.69, indicating a marginal rise of 0.00 points or 0.26%.

In the currency market, the Euro/US Dollar rate is 1.0712, showing a minimal increase of 0.01%. The British Pound/US Dollar rate is 1.2285, with a slight decrease of 0.02%, and the US Dollar/Canadian Dollar rate is 1.3790, reflecting a minor decrease of 0.04%. The US Dollar/Swiss Franc rate is 0.8994, showing a minimal decrease of 0.01%, while the US Dollar/Japanese Yen rate is 150.9160, indicating a slight increase of 0.01%.

Moving to bonds and rates, the 3 Month Treasury yield is at 5.275%, showing an increase of 0.025%, while the 2 Year Treasury yield is at 4.923%, reflecting a decrease of 0.025%. The 5 Year Treasury yield is at 4.499%, with a decrease of 0.035%, and the 10 Year Treasury yield is at 4.478%, showing a decrease of 0.038%. Finally, the 30 Year Treasury yield is at 4.624%, reflecting a decrease of 0.016%.

In the Bloomberg Commodity Index, the value stands at 233.17, reflecting a decrease of 1.49 points or 0.63%. The UBS Bloomberg CMCI shows a value of 1,526.48, experiencing a decline of 8.30 points or 0.54%. The Reuters/Jefferies CRB Index is at 309.98, showing a decrease of 2.61 points or 0.83%. The Rogers International Index stands at 3,712.77, reflecting a decrease of 25.82 points or 0.69%. The S&P GSCI reports a value of 3,458.08, indicating a decrease of 45.14 points or 1.29%.

Moving to energy commodities, WTI Crude Oil on Nymex is priced at USD 75.80 per barrel, showing an increase of 0.47 points or 0.62%. Brent Crude on ICE is at USD 80.00 per barrel, reflecting an increase of 0.46 points or 0.58%. RBOB Gasoline on Nymex stands at 214.10 USd/gal., showing an increase of 1.25 points or 0.59%. Natural Gas on Nymex is priced at USD 3.12 per MMBtu, reflecting an increase of 0.02 points or 0.58%. Heating Oil on Nymex is at 275.78 USd/gal., indicating an increase of 0.86 points or 0.31%.

Moving to precious and industrial metals, Gold on Comex is priced at USD 1,956.30 per troy ounce, showing a decrease of 1.50 points or 0.08%. Gold Spot is at USD 1,951.08 per troy ounce, reflecting an increase of 0.88 points or 0.05%. Silver on Comex stands at USD 22.59 per troy ounce, showing a decrease of 0.14 points or 0.63%. Copper on Comex is priced at 364.40 USd/lb., indicating an increase of 0.60 points or 0.16%. Platinum Spot is at USD 875.59 per troy ounce, reflecting an increase of 4.06 points or 0.47%.

Finally, in the agriculture sector, Corn on CBOT is priced at 474.50 USd/bushel, showing a decrease of 1.50 points or 0.32%. Wheat on CBOT is at 587.00 USd/bushel, reflecting a decrease of 5.25 points or 0.89%. Cocoa on ICE is priced at USD 3,933.00 per metric ton, indicating an increase of 28.00 points or 0.72%. Cotton #2 on ICE stands at 75.24 USd/lb., showing an increase of 0.35 points or 0.47%. Live Cattle on CME is at 179.40 USd/lb., reflecting an increase of 0.63 points or 0.35%.

On Thursday, November 9, 2023, economic data is set to be released. At 8:30 AM EST, the Jobless Claims report will provide insights into Initial Claims - Change, Initial Claims - Level, and the 4-Week Moving Average, with a considered high impact. Following that, at 10:30 AM EST, the EIA Natural Gas Report will be released, carrying a medium impact. Please be aware that the data for the EIA Natural Gas Report may be delayed at the source.

• Stock Market Trends: The stock market finished around the flatline, with the S&P 500 marking its eighth consecutive day of gains. U.S. small-cap stocks underperformed, and markets seem to be in a standstill ahead of next Tuesday's U.S. consumer price index (CPI) inflation report. Depending on the CPI results, we may see increased market volatility.
• Oil Prices: Crude oil prices have fallen to their lowest since July, influenced by geopolitical factors and weaker import data from China. The recent decline in oil prices is expected to be favorable for the upcoming U.S. CPI report, as higher energy costs have contributed to the rise in headline CPI. The energy sector in the stock market has been directly impacted, shedding over 4% this week and over 8% since the start of the fourth quarter.
• Federal Reserve Policy: Futures markets currently do not anticipate any additional policy-rate hikes from the Federal Reserve, and they expect rate cuts to commence in the second half of 2024. The Fed's economic projections from September suggest one final rate hike in 2023 before potential cuts in 2024. Fed Chair Powell's recent commentary acknowledged the impact of higher long-term bond yields on financial conditions, indicating a more balanced approach. The decision to leave the fed funds target range unchanged at 5.25% - 5.5% aligns with a potential shift towards a more accommodative stance if economic conditions warrant it.
• Bank of Canada's Possible Actions: The Bank of Canada (BoC) left the policy rate unchanged, and with signs of stagnating economic activity and decelerating inflation, the BoC could consider policy-rate cuts in 2024. This aligns with the broader trend of central banks considering more accommodative measures in response to economic indicators.