Daily global market review

The market extended its positive momentum following yesterday's rally, with the Russell 2000 leading the gains by surging 2.7%. Meanwhile, the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average posted more modest increases at 0.2%, 0.3%, and 0.4%, respectively, as mega-cap constituents exhibited relative weakness. In the early afternoon, all three major indices experienced a brief dip below yesterday's closing levels, with no specific catalyst identified for the move. Analysts suggest this might be linked to concerns of overbought conditions in the short term. Despite the temporary dip, many stocks rebounded from session lows. Notably, the Invesco S&P 500 Equal Weight ETF (RSP) initially showed a 0.8% gain at its low but closed with a 1.4% increase.

Among the S&P 500 sectors, six out of eleven registered gains of at least 0.9%. The energy sector outperformed with a 2.9% gain, aligning with rising oil prices at $71.61 per barrel, up 3.1%, partly influenced by a weaker dollar. Conversely, the consumer staples (-1.5%) and utilities (-1.3%) sectors saw the most significant declines. The positive market sentiment was a continuation of the post-FOMC surge from yesterday, driven by a perceived dovish stance from the Federal Reserve and Fed Chair Powell. As a result, expectations for rate cuts have increased, with the fed funds futures market now pricing in six rate cuts for 2024, with the first potentially coming in March.

In global markets, other central banks, including the ECB, Bank of England, Swiss National Bank, and Hong Kong Monetary Authority, followed the Fed's lead by leaving their respective rates unchanged. However, ECB President Lagarde and officials from other banks indicated a greater distance from rate cuts after Fed Chair Powell revealed FOMC discussions on potential rate cuts.

Heavy trading volume at both the NYSE and Nasdaq was attributed in part to positioning ahead of a significant quarterly options and futures expiration. The fear of missing out on further gains during this seasonally strong period also contributed to increased market participation.

Simultaneously, the Treasury market continued its rally, with the 2-year note yield falling six basis points to 4.40%, and the 10-year note yield declining nine basis points to 3.93%, providing additional support for stocks.

In economic data, the weekly initial jobless claims came in at 202K, below the consensus of 222K. Retail sales for November increased by 0.3%, beating the consensus of -0.1%, and retail sales excluding auto rose by 0.2%. Export and import prices, as well as business inventories for October, were also reported in line with expectations. Overall, the economic data reaffirms a positive outlook, supporting the notion of a soft landing as consumer spending on goods remains robust.

The latest market data reveals diverse movements across global stock indices. In the United States, the Dow recorded a price of 37,248.35, marking a change of +158.11 and a 0.43% increase. Similarly, the S&P 500 exhibited a positive shift, reaching 4,719.55 with a change of +12.46 and a 0.26% increase, while the NASDAQ saw a slight increase to 14,761.56, representing a change of +27.59 and a 0.19% rise. The VIX in the United States stood at 12.19, reflecting a change of +0.12 and a 0.99% increase. In Canada, the S&P/TSX Composite recorded a price of 20,778.80, with a change of +149.35 and a 0.72% increase, while the S&P/TSX 60 rose to 1,253.69 with a change of +8.11, indicating a 0.65% increase. In Brazil, the BOVESPA reached 130,842.09, showing a change of +1,377.01 and a 1.06% increase. In Chile, the S&P IPSA marked a positive change of +126.18, reaching 6,146.59 with a 2.10% increase. Mexico's S&P/BMV IPC experienced a notable change of +1,868.56, reaching 57,036.42 and a 3.39% increase.

In Europe, the STOXX Europe 50 displayed a marginal change of -2.92, reaching 4,071.85 with a 0.07% increase. Conversely, the STOXX Europe 600 rose to 476.57 with a change of +4.11, indicating an 0.87% increase. In the United Kingdom, the FTSE 250 marked a substantial rise, reaching 19,256.96 with a change of +561.20, reflecting a 3.00% increase, while the FTSE 100 recorded a change of +100.54, reaching 7,648.98 and a 1.33% increase. In Germany, the DAX experienced a marginal decline of -13.82, reaching 16,752.23 with a 0.08% decrease. Italy's FTSE MIB saw a positive change of +63.37, reaching 30,359.06 with a 0.21% increase, and in France, the CAC 40 exhibited a change of +44.63, reaching 7,575.85 with a 0.59% increase. Switzerland's SMI marked a slight change of +21.04, reaching 11,209.95 with a 0.19% increase.

In the Asia-Pacific region, the Nikkei 225 in Japan recorded a change of -240.10, reaching 32,686.25 with a 0.73% decrease. Hong Kong's Hang Seng exhibited a positive shift, reaching 16,402.19 with a change of +173.44 and a 1.07% increase. The Shanghai Composite in China marked a slight decline of -9.78, reaching 2,958.99 with a 0.33% decrease, while the Shenzhen Composite saw a change of -58.65, reaching 9,417.97 with a 0.62% decrease. Australia's S&P/ASX 200 experienced a notable increase, reaching 7,377.90 with a change of +120.10, reflecting a 1.65% rise. In South Korea, the KOSPI rose to 2,544.18 with a change of +33.52, indicating a 1.34% increase. Taiwan's Taiwan SE recorded a positive change of +184.18, reaching 17,653.11 with a 1.05% increase. Lastly, India's Bombay Sensex marked a substantial change of +929.60, reaching 70,514.20 with a 1.34% increase.

As of December 14th, the BSE MidCap index concluded at 36,223.86, marking a +1.06% increase and a gain of 381.62 points. Throughout the day, the index experienced fluctuations, with the high and low reported at 36,264.23 and 36,024.04. Simultaneously, the BSE Sensex recorded a closing value of 70,514.20, indicating a +1.34% increase and a gain of 929.60 points, with the high and low reported at 70,602.89 and 70,110.75.

In the SmallCap category, the BSE SmallCap index closed at 41,841.93, showing a +0.62% increase and a gain of 258.16 points. The index exhibited fluctuations, with the high and low reported at 41,983.61 and 41,824.13. The India VIX, reflecting market volatility, witnessed a +2.11% increase, closing at 12.3200, with the high and low recorded at 12.5125 and 11.0000.

Moving on to NSE indices, the NIFTY Midcap 100 index concluded at 45,534.30, showing a +1.31% increase and a gain of 587.00 points. The index fluctuated between the high of 45,587.00 and the low of 45,221.45. Similarly, the NIFTY Smallcap 100 closed at 14,780.90, marking a +0.85% increase with a gain of 124.35 points, and the high and low were noted at 14,856.55 and 14,771.20. Additionally, the Nifty smallcap 50 index recorded a closing value of 6,880.45, indicating a +0.98% increase and a gain of 66.70 points, with the high and low reported at 6,907.30 and 6,868.45.

Among the broader market indices, the Nifty 100 exhibited a significant increase, closing at 21,364.30, reflecting a +1.25% gain and an increase of 264.70 points. The index moved between the high of 21,392.75 and the low of 21,252.70. The Nifty 200 recorded a closing value of 11,520.35, showing a +1.26% increase with a gain of 143.65 points, and fluctuated between the high of 11,535.10 and the low of 11,461.45. Additionally, the Nifty 50 concluded at 21,182.70, marking a +1.23% increase and a gain of 256.35 points, with the high and low reported at 21,210.90 and 21,074.45.

In the international context, the Nifty 50 USD index experienced a +1.32% increase, closing at 8,807.98, with no significant fluctuations during the day. Meanwhile, the Nifty 50 Value 20 index ended at 11,216.15, showing a +1.45% increase and a gain of 160.40 points, fluctuating between the high of 11,233.30 and the low of 11,126.75.

The broader Nifty 500 index concluded at 18,973.85, marking a +1.19% increase and a gain of 222.40 points, with the high and low at 18,996.25 and 18,893.75. Moving to the midcap segment, the Nifty Midcap 150 closed at 16,813.75, reflecting a +1.11% increase and a gain of 184.20 points, with the high and low reported at 16,832.25 and 16,724.10. Additionally, the Nifty Midcap 50 ended the day at 13,000.70, showing a +1.44% increase and a gain of 185.15 points, fluctuating between the high of 13,023.35 and the low of 12,890.40.

In the category of Nifty Next 50, the index concluded at 51,925.45, marking a +1.27% increase and a gain of 651.95 points, with the high and low reported at 52,004.70 and 51,540.75. The Nifty Smallcap 250 recorded a closing value of 13,722.75, showing a +0.78% increase and a gain of 106.05 points, with the high and low at 13,775.15 and 13,716.85.

Shifting to BSE indices, the S&P BSE ALLCAP closed at 8,730.39, reflecting a +1.14% increase and a gain of 98.32 points, with fluctuations between the high of 8,739.14 and the low of 8,697.54. The S&P BSE-100 concluded at 21,840.31, indicating a +1.21% increase and a gain of 261.66 points, with the high and low reported at 21,865.25 and 21,736.00. The S&P BSE-200 closed at 9,415.43, showing a +1.25% increase and a gain of 116.68 points, fluctuating between the high of 9,425.98 and the low of 9,369.93. Lastly, the S&P BSE-500 ended at 29,999.07, marking a +1.19% increase and a gain of 352.88 points, with the high and low at 30,030.31 and 29,872.35.

• CCCC (C4 Therapeutics, Inc.): CCCC's stock price is currently at $5.01, reflecting a decrease of $0.50, equivalent to a 9.07% decline, with a trading volume of 162 million shares and a 52-week range between $1.06 and $9.41.
• TSLA (Tesla, Inc.): Tesla's stock is priced at $251.05, exhibiting a positive change of $11.76, representing a 4.91% increase, with a trading volume of 160 million shares and a 52-week range spanning from $101.81 to $299.29.
• F (Ford Motor Company): Ford's current stock price is $12.08, showing a rise of $0.84, or a 7.47% increase, along with a trading volume of 109 million shares and a 52-week range between $9.63 and $15.42.
• BAC (Bank of America Corp): Bank of America's stock is valued at $33.94, marking an increase of $1.90, equivalent to a 5.93% rise, with a trading volume of 107 million shares and a 52-week range spanning from $24.96 to $37.00.
• PFE (Pfizer Inc.): Pfizer's stock price stands at $26.13, indicating a decrease of $0.53, or a 1.99% decline, with a trading volume of 101 million shares and a 52-week range between $25.76 and $54.93.
• NIO (NIO Inc. Sponsored ADR Class A): NIO's stock is currently priced at $7.86, reflecting an increase of $0.43, equivalent to a 5.79% rise, with a trading volume of 94 million shares and a 52-week range between $7.00 and $16.18.
• SOFI (SoFi Technologies Inc): SoFi's stock is valued at $9.47, showing a rise of $0.53, or a 5.93% increase, with a trading volume of 93 million shares and a 52-week range between $4.24 and $11.70.
• LCID (Lucid Group, Inc.): Lucid Group's stock is currently at $5.14, reflecting an increase of $0.65, equivalent to a 14.48% rise, with a trading volume of 92 million shares and a 52-week range spanning from $3.62 to $17.81.
• RIVN (Rivian Automotive, Inc. Class A): Rivian Automotive's stock is priced at $22.43, showing a positive change of $2.75, representing a 13.97% increase, with a trading volume of 83 million shares and a 52-week range between $11.68 and $28.06.
• AMD (Advanced Micro Devices, Inc.): AMD's stock is valued at $138.00, indicating a slight decrease of $0.19, or a 0.14% decline, with a trading volume of 76 million shares and a 52-week range between $60.05 and $141.82.
• INHD (Inno Holdings, Inc.): Inno Holdings' stock is currently valued at $13.87, exhibiting a positive change of $9.87, equivalent to a remarkable 246.75% increase, with a trading volume of 2 million shares and a 52-week range between $5.25 and $19.21.
• ALRN (Aileron Therapeutics, Inc.): Aileron Therapeutics' stock is priced at $5.37, showing an increase of $2.88, representing a significant 115.66% rise, with a trading volume of 2 million shares and a 52-week range between $1.01 and $5.49.
• TPIC (TPI Composites, Inc.): TPI Composites' stock is currently at $3.71, reflecting a positive change of $1.57, or a 73.36% increase, with a trading volume of 28 million shares and a 52-week range between $1.63 and $14.80.
• XBP (XBP Europe Holdings Inc.): XBP Europe Holdings' stock is valued at $8.48, indicating an increase of $2.81, equivalent to a 49.56% rise, with a trading volume of 4 million shares and a 52-week range between $5.65 and $47.40.
• STTK (Shattuck Labs, Inc.): Shattuck Labs' stock is currently priced at $6.96, reflecting an increase of $2.10, or a 43.21% rise, with a trading volume of 22 million shares and a 52-week range between $1.33 and $7.50.
• CDXS (Codexis, Inc.): Codexis' stock is valued at $2.95, showing an increase of $0.86, or a 41.15% rise, with a trading volume of 6 million shares and a 52-week range between $1.45 and $6.98.
• XOS (Xos, Inc.): Xos, Inc.'s stock is priced at $8.41, reflecting an increase of $2.44, equivalent to a 40.87% rise, with a trading volume of 149,000 shares and a 52-week range between $5.50 and $35.70.
• CPHC (Canterbury Park Holding Corp): Canterbury Park Holding Corp's stock is currently at $19.59, showing a positive change of $5.32, representing a 37.28% increase, with a trading volume of 33,000 shares and a 52-week range between $14.27 and $31.60.
• IMMX (Immix Biopharma, Inc.): Immix Biopharma's stock is valued at $5.68, indicating an increase of $1.51, or a 36.21% rise, with a trading volume of 2 million shares and a 52-week range between $1.40 and $5.97.
• TLSI (TriSalus Life Sciences, Inc.): TriSalus Life Sciences' stock is priced at $7.95, reflecting an increase of $2.00, equivalent to a 33.61% rise, with a trading volume of 1 million shares and a 52-week range between $3.32 and $16.24.
• RPHM (Reneo Pharmaceuticals Inc): Reneo Pharmaceuticals Inc's stock is currently valued at $1.34, indicating a decrease of $6.41, equivalent to a substantial 82.71% decline, with a trading volume of 26 million shares and a 52-week range between $0.98 and $11.29.
• ASYS (Amtech Systems, Inc.): Amtech Systems, Inc.'s stock is priced at $4.10, reflecting a decrease of $1.89, or a 31.55% reduction, with a trading volume of 2 million shares and a 52-week range between $4.05 and $11.98.
• MYND (Mynd.ai, Inc. Sponsored ADR Class A): Mynd.ai, Inc.'s stock is currently at $3.99, showing a decrease of $1.79, representing a 30.97% decline, with a trading volume of 179,000 shares and a 52-week range between $2.46 and $14.20.
• PRSR (Prospector Capital Corp. Class A): Prospector Capital Corp.'s Class A stock is valued at $5.17, indicating a decrease of $2.25, equivalent to a 30.32% decline, with a trading volume of 107,000 shares and a 52-week range between $4.76 and $11.20.
• CPTN (Cepton, Inc.): Cepton, Inc.'s stock is currently at $2.92, reflecting a decrease of $1.05, or a 26.45% decline, with a trading volume of 336,000 shares and a 52-week range between $2.38 and $14.40.
• MOTS (Motus GI Holdings, Inc.): Motus GI Holdings, Inc.'s stock is priced at $2.73, showing a decrease of $0.73, equivalent to a 21.10% reduction, with a trading volume of 190,000 shares and a 52-week range between $2.58 and $23.40.
• RGS (Regis Corporation): Regis Corporation's stock is currently at $7.35, indicating a decrease of $1.96, representing a 21.05% decline, with a trading volume of 91,000 shares and a 52-week range between $6.05 and $37.00.
• QSG (Quantasing Group Ltd. ADR): Quantasing Group Ltd.'s ADR stock is valued at $1.67, reflecting a decrease of $0.38, or an 18.54% reduction, with a trading volume of 255,000 shares and a 52-week range between $1.41 and $28.99.
• INTS (Intensity Therapeutics, Inc.): Intensity Therapeutics, Inc.'s stock is currently at $8.06, showing a decrease of $1.82, equivalent to an 18.42% reduction, with a trading volume of 310,000 shares and a 52-week range between $2.01 and $11.44.
• APLS (Apellis Pharmaceuticals, Inc.): Apellis Pharmaceuticals, Inc.'s stock is priced at $52.18, indicating a decrease of $10.70, representing a 17.02% decline, with a trading volume of 15 million shares and a 52-week range between $19.83 and $94.75.

In the realm of cryptocurrencies, the Nasdaq Crypto Index closed at 2,365.75 with a marginal increase of 10.61 points, reflecting a 0.45% change. Bitcoin registered at 42,979.00, showing a minor uptick of 63.00 points, equivalent to a 0.15% change. Ether, another prominent cryptocurrency, recorded a value of 2,298.70, experiencing a gain of 39.90 points, representing a 1.77% change. Conversely, Litecoin exhibited a slight decrease, closing at 72.83 with a change of -0.33 points and a 0.45% reduction. XRP showed a positive shift, reaching 0.64 with a change of 0.01 points, indicating a 1.33% increase. These figures were last updated on December 14 at 5:04:32 PM Eastern Time.

In the currency market, exchange rates fluctuated. The Euro to US Dollar rate closed at 1.0996, reflecting a change of 0.01 points and a 1.09% increase. The British Pound to US Dollar rate stood at 1.2766, with a change of 0.01 points and a 1.15% increase. The US Dollar to Canadian Dollar rate closed at 1.3409, showing a decrease of 0.01 points and a 0.78% reduction. The US Dollar to Swiss Franc rate recorded at 0.8675, reflecting a negligible change of 0.00 points and a 0.42% increase. The US Dollar to Japanese Yen rate stood at 141.8690, with a change of -0.98 points and a 0.69% decrease. These currency rates were last updated on December 14 at 5:04:21 PM Eastern Time.

Moving to bonds and rates, various Treasury yields witnessed changes. The 3 Month Treasury yield closed at 5.230%, showing a slight increase of 0.005 points. The 2 Year Treasury yield experienced a decrease, settling at 4.394% with a change of -0.042 points. Similarly, the 5 Year Treasury yield recorded a reduction, closing at 3.904% with a change of -0.078 points. The 10 Year Treasury yield closed at 3.920%, reflecting a decrease of -0.101 points. Lastly, the 30 Year Treasury yield experienced a decline, closing at 4.037% with a change of -0.139 points.

In the latest market update, various commodity indices and energy prices exhibited notable movements. The Bloomberg Commodity Index (BCOMTR:IND) saw an increase of 2.28%, reaching a value of 225.81, with a high of 226.15 and a low of 223.03 as of 3:49 PM (EST). The UBS Bloomberg CMCI (CMCITR:IND) rose by 2.00%, recording a value of 1,490.88 at 4:19 PM, while the Reuters/Jefferies CRB (CRYTR:IND) experienced a marginal decline of 0.41%, settling at 294.12 by 4:39 PM. The Rogers International Index (RICIGLTR:IND) displayed a positive change of 2.30%, closing at 3,619.67 at 2:30 PM. In contrast, the S&P GSCI (SPGSCITR:IND) observed a modest increase of 0.45%, reaching 3,258.11 on December 13, 2023.

Turning to energy markets, WTI Crude Oil (CL1:COM) climbed 3.12% to USD 71.64 per barrel, and Brent Crude (CO1:COM) increased by 3.18% to USD 76.62 per barrel, both for January and February 2024 contracts, respectively. RBOB Gasoline (XB1:COM) surged by 4.73%, standing at 212.06 US cents per gallon, and Natural Gas (NG1:COM) rose by 3.34%, reaching USD 2.41 per MMBtu, both for January 2024 contracts. Heating Oil (HO1:COM) experienced a 1.70% increase, settling at 259.15 US cents per gallon for January 2024.

In the realm of precious and industrial metals, Gold (GC1:COM) on the Comex rose by 2.65%, closing at USD 2,050.30 per troy ounce for the February 2024 contract. Silver (SI1:COM) recorded a substantial increase of 6.65%, reaching USD 24.45 per troy ounce for the March 2024 contract. Copper (HG1:COM) on the Comex increased by 2.26%, settling at 387.30 US cents per pound for the March 2024 contract. Platinum Spot (XPTUSD:CUR) also saw a rise of 2.47%, closing at USD 961.94 per troy ounce.

In the agriculture sector, Corn (C 1:COM) on the CBOT showed a marginal increase of 0.10%, settling at USD 480.00 per bushel for the March 2024 contract, and Wheat (W 1:COM) rose by 1.86%, closing at USD 616.50 per bushel for the same contract and date. Cocoa (CC1:COM) on ICE increased by 0.28%, reaching USD 4,267.00 per metric ton for the March 2024 contract. Cotton #2 (CT1:COM) experienced a slight decline of 0.46%, closing at 80.81 US cents per pound for the March 2024 contract. Live Cattle (LC1:COM) on CME saw a modest increase of 0.31%, settling at 167.75 US cents per pound for the February 2024 contract.

Tomorrow's economic data release schedule includes several key indicators. At 8:30 AM EST, the Empire State Manufacturing Index, with a medium impact, is anticipated to show a change from the previous value to a forecasted figure. At 9:15 AM EST, high-impact data on Industrial Production will be unveiled, covering Industrial Production month-over-month (M/M), Manufacturing Output M/M, and Capacity Utilization Rate. The previous readings for these metrics will be followed by forecasts. The 9:45 AM EST slot will feature the PMI Composite Flash, encompassing the Services Index, Manufacturing Index, and Composite Index, all with a medium impact. The previous values for these indices will be presented alongside forecasted figures. Finally, at 1:00 PM EST, the low-impact Baker Hughes Rig Count for the U.S., Gulf of Mexico, North America, and Canada will be disclosed. The prior counts for these regions will be provided, with no forecasts available.

• Continued Market Momentum: The data suggests that stocks and bonds are likely to maintain their upward momentum. The Dow Jones experienced a significant rally, with the Russell 2000 outperforming the S&P 500. The positive trend is attributed to a dovish Federal Reserve meeting and outlook, with expectations of nearly six rate cuts by the Federal Reserve in 2024. The 10-year Treasury yield is anticipated to remain lower, contributing to the strong performance in both stocks and bonds. While some volatility is expected, the overall momentum is likely to continue into the year-end.
• Central Bank Decisions: The Federal Reserve, Bank of England, and European Central Bank are expected to maintain their current interest rates. The Federal Reserve's decision to keep the benchmark fed funds rate steady at 5.25% - 5.5% reflects a stance influenced by moderate inflation and a resilient labor market. The Fed's economic projections indicate the possibility of three rate cuts next year, a signal markets have anticipated, expecting up to six cuts. The Bank of England and European Central Bank, although holding rates steady, acknowledge economic weakening, with markets anticipating over 1.0% in rate cuts in 2024 to support slowing economic growth.
• Performance of Interest-Rate-Sensitive Assets: The data suggests that interest-rate-sensitive parts of the market are likely to see increased performance. Sectors such as utilities and real estate in the S&P 500 have been top performers due to lower bond yields. Small-cap stocks, with a higher proportion of floating-rate debt, are expected to benefit from lower interest rates, contributing to their outperformance. High-quality dividend stocks have also demonstrated higher movement than the broader S&P 500, supporting the broader market leadership shift beyond large-cap technology. This trend is expected to persist, indicating a potential broadening of market leadership throughout 2024.

Previous update:

Today, the market experienced a notable rally, with the Dow Jones Industrial Average surging over 500 points to achieve a new record high, closing at +1.4%. Simultaneously, the S&P 500 closed above 4,700, reaching its highest level since January 2022, also with a +1.4% gain. Despite initial cautious trading, prompted by the November Producer Price Index showing welcome disinflation, market participants displayed reserved conviction as they awaited the Federal Open Market Committee's (FOMC) latest policy decision.

Market sentiment shifted positively when it was revealed that the FOMC voted unanimously to maintain the target range for the fed funds rate at 5.25-5.50%. This decision was accompanied by an updated Summary of Economic Projections, indicating an improved growth outlook for 2023, a lowered inflation outlook for 2023 and 2024, and a median estimate of three rate cuts in 2024 compared to the prior estimate of two. During the press conference, Fed Chair Powell acknowledged discussions within the FOMC about the appropriate timing to dial back its policy restraint.

Both stocks and bonds demonstrated robust responses to these developments, indicating that market participants believed the Fed was aligning more closely with a more optimistic rate-cut view. The 2-year note yield, sensitive to changes in the fed funds rate, dropped 28 basis points to 4.46%, while the 10-year note yield sank 18 basis points to 4.02%.

As a result, market participants adjusted their rate-cut expectations, with the probability of a 25 basis points rate cut at the March FOMC meeting jumping to 74.4% from 48.5%. The rally encompassed various sectors, with small-cap stocks, as represented by the Russell 2000, outperforming and rising by 3.5%. Mega-cap stocks lagged, as seen in the 1.1% increase in the Vanguard Mega Cap Growth ETF (MGK) and the 2.1% gain in the equal-weighted S&P 500.

All 11 S&P 500 sectors registered gains ranging from 0.7% in communication services to 3.7% in utilities.

In terms of economic data, the weekly MBA Mortgage Applications Index showed a 7.4% increase, and the November Producer Price Index reported 0.0%, in line with the consensus. Notably, the index for processed goods for intermediate demand remained unchanged, supporting the continued disinflation view.

Treasury yields moved sharply lower, contributing to a fear of missing out on further gains during a seasonally strong period for the market. In terms of market indicators, the NYSE saw advances of 2491 and declines of 304, with a volume of 1.3 billion. The Nasdaq recorded advances of 3302 and declines of 1039, with a volume of 6.8 billion.

Industry-wise, Information Technology, Utilities, Communication Services, and Real Estate demonstrated strength, while no specific weaknesses were observed. The market responded to an improved economic outlook, lower inflation projections, and indications of potential future rate cuts, as well as reacting to a better-than-expected November PPI report.

In the United States, the stock market saw positive movements, with the Dow Jones reaching 37,090.24, marking a substantial increase of +512.30 points or +1.40%. The S&P 500 climbed to 4,707.09, reflecting a gain of +63.39 points or +1.37%, while the NASDAQ rose to 14,733.96, showing an increase of +200.57 points or +1.38%. The VIX recorded at 12.13 showed a slight rise of +0.06 points or +0.50%. Notably, the Russell 2000, representing small-cap stocks, experienced a significant surge, closing at 1,947.51 with a remarkable gain of +66.24 points or +3.52%.

In Canada, positive trends were observed with the S&P/TSX Composite rising to 20,629.45, reflecting an increase of +395.61 points or +1.96%, and the S&P/TSX 60 climbing to 1,245.58, showing a gain of +21.53 points or +1.76%. In Brazil, the BOVESPA rose to 129,185.91, exhibiting an increase of +2,782.88 points or +2.20%. Chile's S&P IPSA closed at 6,020.41, reflecting a gain of +106.91 points or +1.81%, and in Mexico, the S&P/BMV IPC reached 55,188.11, with a positive change of +748.99 points or +1.38%.

Moving to Europe, various indices demonstrated mixed results. The STOXX Europe 50 recorded a minor increase, reaching 4,074.77 with a change of +2.35 points or +0.06%, while the STOXX Europe 600 showed a slight decrease of -0.26 points or -0.06%, closing at 472.46. In the United Kingdom, the FTSE 250 increased to 18,695.76, reflecting a gain of +33.64 points or +0.18%, and the FTSE 100 climbed to 7,548.44, showing a positive change of +5.67 points or +0.08%. Germany's DAX experienced a marginal decline of -25.69 points or -0.15%, closing at 16,766.05. Italy's FTSE MIB and France's CAC 40 both exhibited slight decreases of -46.46 points or -0.15% and -12.33 points or -0.16%, respectively. In Switzerland, the SMI closed at 11,188.91, with a positive change of +37.69 points or +0.34%.

In the Asian markets, Japan's Nikkei 225 increased to 32,926.35, with a gain of +82.65 points or +0.25%. Hong Kong's Hang Seng showed a decrease of -145.75 points or -0.89%, closing at 16,228.75, while China's Shanghai Composite and Shenzhen Composite experienced declines of -34.68 points or -1.15% and -148.64 points or -1.54%, respectively. Australia's S&P/ASX 200 rose to 7,257.80, reflecting an increase of +22.50 points or +0.31%. South Korea's KOSPI decreased to 2,510.66, showing a decline of -24.61 points or -0.97%. In Taiwan, the Taiwan SE closed at 17,468.93, with a positive change of +18.30 points or +0.10%. Lastly, India's Bombay Sensex increased to 69,584.60, with a gain of +33.57 points or +0.05%.

As of December 13th, the BSE MidCap index concluded at 35,842.24, registering a +1.06% increase and a gain of 375.88 points. Throughout the day, the index experienced fluctuations, with the high and low reported at 35,878.11 and 35,449.91. Simultaneously, the BSE Sensex recorded a closing value of 69,584.60, indicating a +0.05% increase and a gain of 33.57 points, with the high and low reported at 69,657.93 and 69,100.56.

In the SmallCap category, the BSE SmallCap index closed at 41,583.77, marking a +0.73% increase and a gain of 299.76 points. The index exhibited fluctuations, with the high and low reported at 41,618.93 and 41,255.68. The India VIX, reflecting market volatility, witnessed a -5.09% decrease, closing at 12.0650, with the high and low recorded at 12.8175 and 11.5400.

Moving on to NSE indices, the NIFTY Midcap 100 index concluded at 44,947.30, showing a +0.88% increase and a gain of 391.55 points. The index fluctuated between the high of 44,997.55 and the low of 44,465.95. Similarly, the NIFTY Smallcap 100 closed at 14,656.55, marking a +0.87% increase with a gain of 127.10 points, and the high and low were noted at 14,668.55 and 14,528.75. Additionally, the Nifty smallcap 50 index recorded a closing value of 6,813.75, indicating a +0.89% increase and a gain of 59.85 points, with the high and low reported at 6,819.25 and 6,738.60.

Among the broader market indices, the Nifty 100 exhibited a slight increase, closing at 21,099.60, reflecting a +0.20% gain and an increase of 41.35 points. The index moved between the high of 21,122.15 and the low of 20,930.25. The Nifty 200 recorded a closing value of 11,376.70, showing a +0.30% increase with a gain of 34.15 points, and fluctuated between the high of 11,388.70 and the low of 11,282.60. Additionally, the Nifty 50 concluded at 20,926.35, marking a +0.10% increase and a gain of 19.95 points, with the high and low reported at 20,950.00 and 20,769.50.

In the international context, the Nifty 50 USD index experienced a +0.07% increase, closing at 8,693.58, with no significant fluctuations during the day. Meanwhile, the Nifty 50 Value 20 index ended at 11,055.75, showing a -0.12% decrease and a loss of 13.45 points, fluctuating between the high of 11,087.05 and the low of 10,961.10.

The broader Nifty 500 index concluded at 18,751.45, marking a +0.35% increase and a gain of 64.65 points, with the high and low at 18,770.45 and 18,601.50. Moving to the midcap segment, the Nifty Midcap 150 closed at 16,629.55, reflecting a +0.84% increase and a gain of 139.05 points, with the high and low reported at 16,647.90 and 16,457.95. Additionally, the Nifty Midcap 50 ended the day at 12,815.55, showing a +1.31% increase and a gain of 165.20 points, fluctuating between the high of 12,827.20 and the low of 12,657.70.

In the category of Nifty Next 50, the index concluded at 51,273.50, marking a +0.91% increase and a gain of 460.30 points, with the high and low reported at 51,321.60 and 50,687.45. The Nifty Smallcap 250 recorded a closing value of 13,616.70, showing a +0.64% increase and a gain of 87.10 points, with the high and low at 13,626.30 and 13,513.55.

Shifting to BSE indices, the S&P BSE ALLCAP closed at 8,632.07, reflecting a +0.38% increase and a gain of 32.98 points, with fluctuations between the high of 8,640.21 and the low of 8,563.51. The S&P BSE-100 concluded at 21,578.65, indicating a +0.23% increase and a gain of 48.55 points, with the high and low reported at 21,600.24 and 21,408.29. The S&P BSE-200 closed at 9,298.75, showing a +0.29% increase and a gain of 27.29 points, fluctuating between the high of 9,308.02 and the low of 9,222.15. Lastly, the S&P BSE-500 ended at 29,646.19, marking a +0.33% increase and a gain of 98.95 points, with the high and low at 29,674.28 and 29,409.52.

• CCCC (C4 Therapeutics, Inc.) is currently priced at 5.51, reflecting a positive change of +3.17 or 135.47%, with a trading volume of 221 million shares and a 52-week range between 1.06 and 9.41.
• PFE (Pfizer Inc.) shows a price of 26.66, experiencing a decrease of -1.92 or 6.72%, accompanied by a trading volume of 157 million shares and a 52-week range between 25.76 and 54.93.
• TSLA (Tesla, Inc.) is currently valued at 239.29, with a positive change of +2.28 or 0.96%, trading 145 million shares, and having a 52-week range of 101.81 to 299.29.
• SOFI (SoFi Technologies Inc) has a price of 8.94, reflecting a positive change of +0.99 or 12.45%, with a trading volume of 74 million shares and a 52-week range between 4.24 and 11.70.
• AMD (Advanced Micro Devices, Inc.) is priced at 138.19, showing a modest change of +0.58 or 0.42%, with a trading volume of 70 million shares and a 52-week range of 136.03 to 139.24.
• AAPL (Apple Inc.) has a current price of 197.96, reflecting a positive change of +3.25 or 1.67%, trading 68 million shares, and having a 52-week range between 124.17 and 198.23.
• F (Ford Motor Company) is priced at 11.24, with a slight positive change of +0.08 or 0.72%, trading 67 million shares, and having a 52-week range between 9.63 and 15.42.
• MARA (Marathon Digital Holdings Inc) shows a price of 16.76, reflecting a positive change of +1.87 or 12.56%, with a trading volume of 61 million shares and a 52-week range between 3.11 and 19.88.
• BAC (Bank of America Corp) is currently priced at 32.04, with a positive change of +1.30 or 4.23%, trading 58 million shares, and having a 52-week range between 30.63 and 32.13.
• STTK (Shattuck Labs, Inc.) is priced at 4.86, with a significant positive change of +2.75 or 130.33%, trading 57 million shares, and having a 52-week range between 1.33 and 5.42.
• VIEW (View Inc. Class A) is currently priced at 3.98, showing a positive change of +1.57 or 65.15%, with a trading volume of 7 million shares and a 52-week range between 0.62 and 95.40.
• SPRC (SciSparc Ltd.) has a price of 6.85, reflecting a positive change of +1.94 or 39.51%, with a trading volume of 6 million shares and a 52-week range between 2.80 and 34.58.
• ACAD (ACADIA Pharmaceuticals Inc.) is priced at 28.47, showing a substantial positive change of +7.30 or 34.48%, trading 14 million shares, and having a 52-week range between 14.80 and 33.99.
• IOAC (Innovative International Acquisition Corp. Class A) has a current price of 11.41, with a positive change of +2.91 or 34.24%, trading 80 thousand shares, and having a 52-week range between 7.42 and 14.75.
• CBUS (Cibus, Inc. Class A) is currently priced at 14.00, reflecting a positive change of +3.50 or 33.33%, with a trading volume of 216 thousand shares and a 52-week range between 6.60 and 38.85.
• CHSN (Chanson International Holding Class A) shows a price of 14.71, reflecting a positive change of +3.43 or 30.41%, with a trading volume of 3 million shares and a 52-week range between 1.04 and 18.65.
• GDC (GD Culture Group Limited) is priced at 2.94, showing a positive change of +0.65 or 28.17%, trading 584 thousand shares, and having a 52-week range between 1.80 and 44.00.
• MYNA (Mynaric AG Sponsored ADR) has a price of 5.95, reflecting a positive change of +1.15 or 23.86%, with a trading volume of 370 thousand shares and a 52-week range between 3.01 and 7.60.
• HYW (Hywin Holdings Ltd. Sponsored ADR) is currently priced at 3.38, reflecting a decrease of -2.37 or 41.22%, with a trading volume of 315 thousand shares and a 52-week range between 2.80 and 7.50.
• GTHX (G1 Therapeutics, Inc.) has a price of 2.41, showing a decrease of -1.32 or 35.39%, with a trading volume of 8 million shares and a 52-week range between 1.08 and 8.40.
• BRLI (Brilliant Acquisition Corporation) is priced at 6.65, showing a decrease of -3.62 or 35.25%, trading 95 thousand shares, and having a 52-week range between 6.00 and 15.38.
• ECDA (ECD Automotive Design, Inc.) has a current price of 1.91, with a decrease of -1.02 or 34.81%, trading 723 thousand shares, and having a 52-week range between 1.72 and 17.00.
• BLBX (Blackboxstocks Inc.) is currently priced at 2.88, reflecting a decrease of -0.98 or 25.32%, with a trading volume of 174 thousand shares and a 52-week range between 1.04 and 9.50.
• MYND (Mynd Inc. Sponsored ADR Class A) shows a price of 5.78, reflecting a decrease of -1.83 or 24.00%, with a trading volume of 41 thousand shares and a 52-week range between 5.35 and 9.64.
• SVFD (Save Foods, Inc.) is priced at 2.30, showing a decrease of -0.53 or 18.73%, trading 300 thousand shares, and having a 52-week range between 1.66 and 16.52.
• JG (Aurora Mobile Ltd. Sponsored ADR Class A) has a price of 2.04, with a decrease of -0.44 or 17.74%, trading 449 thousand shares, and having a 52-week range between 1.85 and 2.88.
• ADEX (Adit Edtech Acquisition Corp.) is currently priced at 4.23, reflecting a decrease of -0.84 or 16.57%, with a trading volume of 50 thousand shares and a 52-week range between 3.61 and 5.20.
• XBP (XBP Europe Holdings Inc.) shows a price of 5.94, reflecting a decrease of -1.13 or 15.98%, with a trading volume of 9 thousand shares and a 52-week range between 5.65 and 47.40.

In the overview of commodity markets, the Bloomberg Commodity Index (BCOMTR:IND) saw a slight increase, reaching 220.77 with a change of +0.12 points or +0.05%. The UBS Bloomberg CMCI (CMCITR:IND) rose to 1,461.72, reflecting a positive change of +0.96 points or +0.07%. The Reuters/Jefferies CRB (CRYTR:IND) remained unchanged at 294.12. The Rogers International Index (RICIGLTR:IND) increased by 16.55 points or +0.47%, and the S&P GSCI (SPGSCITR:IND) showed a decline of 63.70 points or -1.93% on 12/12/2023.

In the energy sector, WTI Crude Oil (CL1:COM) was priced at USD 69.81 per barrel, marking a gain of +1.20 or +1.75%. Brent Crude (CO1:COM) reached USD 74.60 per barrel, with an increase of +1.36 or +1.86%. RBOB Gasoline (XB1:COM) showed a rise of +5.16 or +2.61%, and Natural Gas (NG1:COM) increased by +0.03 or +1.47%. Heating Oil (HO1:COM) demonstrated a +4.81 gain or +1.92%.

Moving to precious and industrial metals, Gold (GC1:COM) on the Comex was valued at USD 2,039.60 per troy ounce, indicating an uptick of +46.40 or +2.33%. Silver (SI1:COM) experienced a significant increase of +1.09 or +4.75%, reaching USD 24.11 per troy ounce. Copper (HG1:COM) showed a positive change of +5.10 or +1.35%, and Platinum Spot (XPTUSD:CUR) increased by +6.08 or +0.65%.

In agriculture, Corn (C 1:COM) declined by -5.25 or -1.08%, and Wheat (W 1:COM) dropped by -18.75 or -3.00%. Cocoa (CC1:COM) increased by +20.00 or +0.47%, while Cotton #2 (CT1:COM) rose by +0.13 or +0.16%. Live Cattle (LC1:COM) decreased by -1.07 or -0.64%.

In the realm of cryptocurrencies, the Nasdaq Crypto Index demonstrated a positive shift, reaching 2,343.62 with a change of +63.58 points or +2.79%. Bitcoin recorded a price of 42,801.00, marking a gain of +1,324.00 or +3.19%, while Ether stood at 2,254.60 with a change of +52.80 or +2.40%. Litecoin experienced a modest increase, closing at 73.27 with a change of +0.76 or +1.05%, and XRP reached 0.63, showing a slight gain of +0.01 or +1.17%. The data was last updated on Dec 13 at 4:47:19 PM ET.

Shifting to currency markets, the Euro/US Dollar exchange rate was at 1.0882, reflecting an increase of +0.01 or +0.82%. The British Pound/US Dollar exchange rate reached 1.2627, with a gain of +0.01 or +0.49%, while the US Dollar/Canadian Dollar exchange rate was at 1.3496, showing a decrease of -0.01 or -0.69%. Additionally, the US Dollar/Swiss Franc exchange rate stood at 0.8721, experiencing a marginal decrease of -0.39%, and the US Dollar/Japanese Yen exchange rate was at 142.9600, marking a decline of -2.50 or -1.72%.

In the Bonds & Rates segment, various Treasury yields exhibited changes. The 3-Month Treasury yield was at 5.240%, showing a decrease of -0.007. The 2-Year Treasury yield stood at 4.437%, marking a notable decrease of -0.281. Similarly, the 5-Year Treasury yield experienced a decline, reaching 3.976% with a change of -0.246. The 10-Year Treasury yield was at 4.022%, showing a decrease of -0.176, and the 30-Year Treasury yield stood at 4.181%, with a change of -0.126.

Tomorrow's economic data release includes several key indicators scheduled for 8:30 AM EST. The Import and Export Prices report will provide insights into the year-over-year and month-over-month changes in import and export prices, with a medium impact level. The previous figures stood at for export prices year-over-year, for import prices year-over-year, for import prices month-over-month, and for export prices month-over-month. Forecasts anticipate a shift in import prices month-over-month and a decline in export prices month-over-month.

Simultaneously at 8:30 AM EST, the Retail Sales report, considered a high-impact event, will reveal month-over-month changes in retail sales as well as ex-vehicles and gas. Previous figures showed a slight decrease in overall retail sales month-over-month, with ex-vehicles and gas and ex-vehicles both at. The forecast suggests a potential improvement, with an anticipated increase in retail sales month-over-month and no change in ex-vehicles and gas, while ex-vehicles may see a slight decline.

Another crucial release at 8:30 AM EST is the Jobless Claims report, with a high impact level. This report includes the 4-week moving average, initial claims level, and initial claims change. The previous figures were for the 4-week moving average, for initial claims level, and a change of in initial claims. The forecast anticipates a slight increase in initial claims.

At 10:00 AM EST, the Business Inventories report will be released, providing a month-over-month comparison with a medium impact level. The previous figure showed an increase, and the forecast suggests no change.

Finally, at 10:30 AM EST, the EIA Natural Gas Report will be unveiled, offering insights into week-over-week changes in natural gas inventories. The medium-impact event previously recorded a decrease of, with no forecast available for the upcoming release.

• Pfizer's Stock Performance: The data indicates that Pfizer's stock is currently down by about 9% due to disappointing 2024 guidance. Pfizer's stock may continue to face downward pressure in the short term as investors react to the lower-than-expected earnings per share projections.
• Global Monetary Policy Focus: Global monetary policy is in focus, with upcoming meetings of the Bank of England (BoE) and the European Central Bank (ECB). Market participants will closely monitor these central bank meetings for any signals or decisions that could impact financial markets.
• Oil Prices Stabilization: After a decline of over 3% in the previous day, oil prices are mentioned to be stabilizing around $69 per barrel. Oil prices may experience some stability in the near term, but continued monitoring is needed to assess the impact of ongoing market dynamics.
• FOMC Meeting and Interest Rate Decision: Markets are expecting the Fed to maintain its current interest rates. If the Fed indeed holds rates steady, attention will shift to the updated economic projections and comments from Fed Chair Powell during the press conference. Lower inflation expectations might be reflected in the Fed's projections, potentially influencing market expectations for future rate cuts.
• Inflation Trends: The producer price index (PPI) for November came in softer than expected, with both headline and core PPI showing lower year-over-year increases. This softer PPI reading may contribute to a narrative of moderating inflationary pressures, potentially influencing future consumer price index (CPI) and personal consumption expenditures (PCE) inflation readings.
• Fed's Stance on Inflation and Interest Rates: Despite moderating inflation, the Fed may continue to emphasize a commitment to achieving its 2% inflation target. Fed Chair Powell may communicate a willingness to keep policy rates higher for a more extended period to lower inflation, even if there are signs of moderating economic activity.