Daily global market review

During today's trading session, major indices closed near their session highs, registering gains ranging from 0.5% to 1.1%. The market saw notable contributions from mega-cap stocks, a surge in enthusiasm for artificial intelligence (AI), a positive reception to the $16 billion 20-year bond auction, and sustained buying activity in a seasonally robust period. Microsoft (MSFT) led the charge with a 2.1% increase, fueled by news of hiring OpenAI's former CEO Sam Altman to head its AI team. Similarly, AI chip leader NVIDIA (NVDA) experienced a 2.3% gain ahead of its earnings report after Tuesday's market close. Semiconductor stocks, buoyed by this momentum, formed a significant leadership group, with the Vanguard Mega Cap Growth ETF (MGK) rising by 1.2%, and the PHLX Semiconductor Index surging by 1.5%.

The Invesco S&P 500 Equal Weight ETF (RSP) posted a modest gain of 0.4%, while the market-cap weighted S&P 500 recorded a 0.7% rise. Trading volume was slightly below average, as the holiday week commenced, with the stock market set to close on Thursday for Thanksgiving and end early at 1:00 p.m. ET on Friday. Among the S&P 500 sectors, two closed with slight declines, while nine finished higher. The information technology (+1.5%) and communication services (+1.1%) sectors led the gains, driven by the strength of their respective mega-cap constituents. The utilities sector saw a modest decline of 0.3%.

Despite a continued rebound in WTI crude oil futures (+2.4% to $77.84/bbl), the energy sector underperformed, gaining only 0.1%. Treasuries mostly ended higher following the $16 billion 20-year bond auction, with the 2-year yield remaining unchanged at 4.90%, and the 10-year note yield falling by two basis points to 4.42%. Notably, Kohl's (KSS) and Best Buy (BBY) trailed the day's market action, anticipating their quarterly results before Tuesday's market open. Today's economic data revealed a 0.8% decline in October's Leading Indicators, slightly below the consensus forecast of -0.7%. Overall, the market exhibited strength in mega-cap stocks, light participation ahead of the Thanksgiving holiday, oil price rebounds, and sustained buying activity during a seasonally robust period.

In the financial markets, the Dow Jones Industrial Average in the United States closed at 35,151.04, reflecting a positive change of +203.76 points, equivalent to a percentage increase of 0.58%. Similarly, the S&P 500 exhibited gains, closing at 4,547.38 with a change of +33.36 points, or a percentage increase of 0.74%. The NASDAQ also experienced positive momentum, concluding at 14,284.53, up by +159.05 points, representing a percentage increase of 1.13%. In contrast, the VIX, a measure of market volatility, decreased by 0.39 points, or 2.83%, closing at 13.41. The Russell 2000 in the United States reported a change of +9.32 points, reflecting a 0.52% increase, closing at 1,807.08. Moving to Canada, the S&P/TSX Composite and S&P/TSX 60 closed at 20,243.38 (+67.61 points, 0.34%) and 1,220.90 (+2.97 points, 0.24%), respectively. In Brazil, the BOVESPA index closed at 125,896.17, up by +1,122.96 points, or 0.90%. Turning to Chile, the S&P IPSA exhibited a positive change of +70.66 points, or 1.22%, closing at 5,841.76. The S&P/BMV IPC in Mexico remained unchanged at 52,685.10. In Europe, the STOXX Europe 50, STOXX Europe 600, FTSE 250, and FTSE 100 reported various changes, with the DAX in Germany experiencing a slight decrease of -17.83 points, or 0.11%, closing at 15,901.33. Italy's FTSE MIB and France's CAC 40 closed at 29,541.90 (+43.47 points, 0.15%) and 7,246.93 (+13.02 points, 0.18%), respectively. The SMI in Switzerland exhibited a modest change of +2.90 points, or 0.03%, closing at 10,740.27.

In the Asian markets, Japan's Nikkei 225 closed at 33,388.03 with a change of -197.17 points, representing a percentage decrease of 0.59%. Conversely, the Hang Seng in Hong Kong experienced a positive change of +323.88 points, or 1.86%, closing at 17,778.07. China's Shanghai Composite and Shenzhen Composite closed at 3,068.32 (+13.95 points, 0.46%) and 10,022.70 (+43.01 points, 0.43%), respectively. Australia's S&P/ASX 200 remained unchanged at 7,058.40, while South Korea's KOSPI closed at 2,491.20, reflecting a positive change of +21.35 points, or 0.86%. Taiwan's SE closed at 17,210.47, with a slight change of +1.52 points, or 0.01%. Lastly, in India, the Bombay Sensex closed at 65,655.15 with a change of -139.58 points, equivalent to a percentage decrease of 0.21%.

On November 20th, diverse movements were observed in Indian stock market indices. The BSE MidCap index noted a -0.06% change, closing at 33,361.52, with a high of 33,526.65 and a low of 33,312.75. The BSE Sensex experienced a -0.21% decline, concluding at 65,655.15, reaching a high of 65,844.01 and a low of 65,547.80. On the other hand, the BSE SmallCap index displayed a +0.39% increase, ending at 39,751.33, with a high of 39,863.26 and a low of 39,684.08. The India VIX, reflecting market volatility, registered a +2.71% change, closing at 12.1475, with a high of 12.6700 and a low of 11.2000 on November 20th. Additionally, the NIFTY Midcap 100 index experienced a +0.11% change, concluding at 41,856.45, touching a high of 42,011.10 and a low of 41,774.50. The NIFTY Smallcap 100 segment recorded a minor -0.07% decline, closing at 13,872.80, with a high of 13,970.20 and a low of 13,830.50. The Nifty Smallcap 50 index showed a +0.13% change, concluding at 6,464.30, reaching a high of 6,503.70 and touching a low of 6,428.15. Conversely, the Nifty 100 index demonstrated a -0.22% change, closing at 19,730.70, with a high of 19,795.10 and a low of 19,715.15 on November 20th. Similarly, the Nifty 200 ended the day at 10,631.80, with a high of 10,666.80 and a low of 10,622.45, reflecting a minor -0.17% change and a decrease of 17.70 points. On the other hand, the Nifty 50 index posted a -0.19% change, closing at 19,694.00, with a high of 19,756.45 and a low of 19,670.50 on November 20th. The Nifty 50 USD recorded a -0.29% change, closing at 8,186.56, on November 20th, with no high-low range specified. Similarly, the Nifty 50 Value 20 showed a negligible +-0.01% change, ending at 10,547.35, with a high of 10,595.65 and a low of 10,535.65. The Nifty 500 index closed at 17,573.65, showing a -0.15% change, with a high of 17,636.40 and a low of 17,556.10 on November 20th. In the midcap segment, the Nifty Midcap 150 displayed a +0.02% change, concluding at 15,589.70, with a high of 15,654.40 and a low of 15,562.80. The Nifty Midcap 50 showed a +0.12% change, ending the day at 11,919.80, with a high of 11,961.65 and a low of 11,901.50. Conversely, the Nifty Next 50 displayed a -0.26% change, closing at 46,716.90, with a high of 46,948.55 and a low of 46,640.45 on November 20th. The Nifty Smallcap 250 index showed a +0.04% change, closing at 12,981.50, with a high of 13,051.25 and a low of 12,952.60. The S&P BSE ALLCAP recorded a -0.09% change, closing at 8,103.20, with a high of 8,130.38 and a low of 8,096.17. The S&P BSE-100 index experienced a minor -0.20% change, ending at 20,268.31, with a high of 20,335.30 and a low of 20,253.92. Similarly, the S&P BSE-200 displayed a minor -0.19% change, concluding at 8,700.21, with a high of 8,730.55 and a low of 8,694.20. Finally, the S&P BSE-500 closed at 27,803.07, reflecting a -0.14% change, with a high of 27,897.67 and a low of 27,779.56 on November 20th.

• Tesla, Inc. (TSLA) is presently valued at 235.60, experiencing a positive shift of +1.30 or a 0.55% increase. The trading volume for TSLA stands at 116 million shares, and its 52-week range is between 101.81 and 299.29.
• Palantir Technologies Inc. Class A (PLTR) is priced at 21.34, reflecting a change of +0.85 or a 4.15% increase. PLTR's trading volume is 89 million shares, and it has a 52-week range spanning from 5.92 to 21.60.
• NIO Inc. Sponsored ADR Class A (NIO) is currently valued at 7.80, with a change of +0.41 or a 5.55% increase. The trading volume for NIO is 62 million shares, and its 52-week range lies between 7.00 and 16.18.
• Marathon Digital Holdings Inc (MARA) is priced at 10.64, reflecting a change of +0.64 or a 6.40% increase. MARA's trading volume is 55 million shares, and its 52-week range spans from 3.11 to 19.88.
• Microsoft Corporation (MSFT) is presently priced at 377.44, showing a positive change of +7.59 or a 2.05% increase. The trading volume for MSFT is 51 million shares, and its 52-week range is between 219.35 and 378.87.
• ChargePoint Holdings, Inc. Class A (CHPT) is valued at 2.12, with a change of +0.10 or a 4.95% increase. The trading volume for CHPT is 50 million shares, and its 52-week range is between 1.95 and 13.65.
• Apple Inc. (AAPL) currently stands at 191.45, reflecting a change of +1.76 or a 0.93% increase. AAPL's trading volume is 46 million shares, and its 52-week range spans from 124.17 to 198.23.
• Intel Corporation (INTC) is priced at 44.74, showing a change of +0.93 or a 2.12% increase. The trading volume for INTC is 44 million shares, and its 52-week range is between 24.73 and 44.93.
• Bank of America Corp (BAC) is valued at 30.01, with a change of +0.03 or a 0.10% increase. BAC's trading volume is 44 million shares, and its 52-week range spans from 24.96 to 37.87.
• Ford Motor Company (F) is currently priced at 10.34, reflecting a change of +0.07 or a 0.68% increase. The trading volume for F is 44 million shares, and its 52-week range is between 9.63 and 15.42.
• MIRA Pharmaceuticals, Inc. (MIRA) is currently valued at 4.65, reflecting a positive change of +1.33 or a 40.06% increase. The trading volume for MIRA is 4 million shares, and its 52-week range is between 1.33 and 7.98.
• YPF SA Sponsored ADR Class D (YPF) is priced at 15.01, showing a change of +4.28 or a 39.89% increase. The trading volume for YPF is 24 million shares, and its 52-week range spans from 6.79 to 16.19.
• Safety Shot, Inc. (SHOT) is valued at 4.29, reflecting a change of +1.11 or a 34.91% increase. The trading volume for SHOT is 23 million shares, and its 52-week range is between 0.26 and 4.73.
• Jin Medical International Ltd. (ZJYL) is currently priced at 17.00, showing a change of +4.38 or a 34.71% increase. The trading volume for ZJYL is 80,000 shares, and its 52-week range spans from 4.84 to 29.82.
• Fortress Biotech, Inc. (FBIO) is priced at 2.80, reflecting a change of +0.71 or a 33.97% increase. The trading volume for FBIO is 5 million shares, and its 52-week range is between 1.24 and 17.40.
• Blackboxstocks Inc. (BLBX) is currently valued at 3.35, showing a change of +0.82 or a 32.41% increase. The trading volume for BLBX is 36,000 shares, and its 52-week range spans from 1.04 to 9.50.
• BM Technologies, Inc. Class A (BMTX) is priced at 3.12, reflecting a change of +0.76 or a 32.20% increase. The trading volume for BMTX is 402,000 shares, and its 52-week range is between 1.41 and 6.14.
• HireRight Holdings Corp (HRT) is currently priced at 13.25, showing a change of +3.20 or a 31.84% increase. The trading volume for HRT is 1 million shares, and its 52-week range spans from 8.50 to 13.42.
• TherapeuticsMD, Inc. (TXMD) is valued at 2.92, reflecting a change of +0.65 or a 28.63% increase. The trading volume for TXMD is 94,000 shares, and its 52-week range is between 1.95 and 7.18.
• Soluna Holdings, Inc. (SLNH) is currently priced at 3.60, showing a change of +0.79 or a 28.11% increase. The trading volume for SLNH is 87,000 shares, and its 52-week range spans from 2.09 to 22.96.
• Safe and Green Development Corporation (SGD) is currently valued at 2.83, experiencing a negative change of -1.38 or a 32.78% decrease. The trading volume for SGD is 5 million shares, and its 52-week range is between 0.38 and 10.46.
• Plus Therapeutics, Inc. (PSTV) is priced at 1.90, showing a negative change of -0.73 or a 27.76% decrease. The trading volume for PSTV is 566,000 shares, and its 52-week range spans from 0.97 to 7.35.
• reAlpha Tech Corp. (AIRE) is currently valued at 7.19, reflecting a negative change of -2.20 or a 23.43% decrease. The trading volume for AIRE is 2 million shares, and its 52-week range is between 4.05 and 575.41.
• Jeffs' Brands Ltd. (JFBR) is priced at 2.19, showing a negative change of -0.56 or a 20.36% decrease. The trading volume for JFBR is 43,000 shares, and its 52-week range spans from 2.11 to 16.52.
• Infobird Co Limited (IFBD) is currently priced at 1.65, reflecting a negative change of -0.37 or an 18.32% decrease. The trading volume for IFBD is 351,000 shares, and its 52-week range is between 1.47 and 170.00.
• 2seventy Bio, Inc. (TSVT) is valued at 1.74, showing a negative change of -0.39 or an 18.31% decrease. The trading volume for TSVT is 8 million shares, and its 52-week range is between 1.65 and 16.39.
• Syntec Optics Holdings, Inc. Class A (OPTX) is currently priced at 7.43, reflecting a negative change of -1.53 or a 17.08% decrease. The trading volume for OPTX is 883,000 shares, and its 52-week range is between 3.65 and 19.50.
• MedAvail Holdings, Inc. (MDVL) is priced at 2.30, showing a negative change of -0.46 or a 16.67% decrease. The trading volume for MDVL is 11,000 shares, and its 52-week range spans from 2.01 to 34.50.
• Mural Oncology Plc (MURA) is currently valued at 4.14, reflecting a negative change of -0.80 or a 16.19% decrease. The trading volume for MURA is 2 million shares, and its 52-week range is between 3.40 and 17.00.
• DDC Enterprise Ltd. (DDC) is priced at 5.21, showing a negative change of -1.00 or a 16.10% decrease. The trading volume for DDC is 337,000 shares, and its 52-week range is between 5.03 and 8.50.

In the cryptocurrency market, the Nasdaq Crypto Index closed at 2,062.73, showing an increase of +49.05 points or a percentage change of 2.44%. Bitcoin concluded at 37,317.00, reflecting a decrease of -139.00 points, equivalent to a 0.37% reduction. Ether experienced a positive change, closing at 2,019.50 with an increase of +4.90 points, or 0.24%. Conversely, Litecoin reported a decrease of -1.82 points, or 2.58%, closing at 68.77, while XRP decreased to 0.61, down by -0.02 points or 3.13%. The data is current as of November 20 at 4:19:51 PM ET.

In the currency market, the Euro to US Dollar exchange rate closed at 1.0944, exhibiting a positive change of 0.33%. The British Pound to US Dollar exchange rate increased to 1.2507, up by 0.43%. The US Dollar to Canadian Dollar exchange rate closed at 1.3727, with a slight increase of 0.08%. The US Dollar to Swiss Franc exchange rate decreased to 0.8850, down by 0.07%. The US Dollar to Japanese Yen exchange rate concluded at 148.3550, showing a decrease of 0.87%.

Turning to bonds and rates, the yield for the 3 Month Treasury closed at 5.220%, with a yield change of -0.005. The 2 Year Treasury yield was 4.892%, reflecting a yield change of -0.009. Similarly, the 5 Year Treasury yield closed at 4.442%, with a yield change of -0.009. The 10 Year Treasury yield was 4.416%, showing a decrease of -0.023, while the 30 Year Treasury yield closed at 4.565%, with a yield change of -0.031.

In the current market overview, various commodity indices and energy prices are displayed along with their respective changes and percentages. The Bloomberg Commodity Index (BCOMTR) increased by 1.86 points or 0.80% to reach 234.36, while the UBS Bloomberg CMCI (CMCITR) rose by 15.19 points or 1.00% to reach 1,540.02. The Reuters/Jefferies CRB (CRYTR) increased by 3.53 points or 1.14% to reach 314.21, and the Rogers International (RICIGLTR) grew by 33.07 points or 0.89% to reach 3,763.54.

Moving on to energy prices, WTI Crude Oil (CL1:COM) rose by 1.71 USD/bbl. or 2.25% to reach 77.60, while Brent Crude (CO1:COM) increased by 1.49 USD/bbl. or 1.85%, reaching 82.10. RBOB Gasoline (XB1:COM) showed an increase of 3.83 USd/gal. or 1.75% to reach 222.28. Natural Gas (NG1:COM) experienced a decrease of 0.07 USD/MMBtu or 2.47%, closing at 2.89. Heating Oil (HO1:COM) rose by 7.55 USd/gal. or 2.72% to reach 284.80.

In the precious and industrial metals category, Gold (GC1:COM) decreased by 4.30 USD/t oz. or 0.22% to reach 1,980.40. Silver (SI1:COM) experienced a decrease of 0.34 USD/t oz. or 1.41%, reaching 23.86. Copper (HG1:COM) increased by 6.70 USd/lb. or 1.78% to reach 383.70, and Platinum Spot (XPTUSD:CUR) rose by 20.17 USD/t oz. or 2.23% to reach 922.89. The Gold Spot (XAUUSD:CUR) decreased by 3.43 USD/t oz. or 0.17%, closing at 1,977.39.

Lastly, in the agriculture sector, Corn (C 1:COM) increased by 2.25 USd/bu. or 0.46% to reach 487.50, while Wheat (W 1:COM) decreased by 4.00 USd/bu. or 0.69%, closing at 571.75. Cocoa (CC1:COM) showed a decrease of 57.00 USD/MT or 1.39%, reaching 4,051.00, and Cotton #2 (CT1:COM) decreased by 0.26 USd/lb. or 0.32%, reaching 81.25. Live Cattle (LC1:COM) experienced a decrease of 0.37 USd/lb. or 0.21%, closing at 176.43.

On Tuesday, November 21, 2023, the economic calendar highlights two significant releases. At 8:30 AM EST, the Chicago Fed National Activity Index, measured on a 3-Month Moving Average, will be disclosed, with a low impact. The second release at 10:00 AM EST includes data on Existing Home Sales, encompassing Year over Year and Month over Month metrics, as well as the Annual Rate. This release is considered to have a high impact on the market. The most recent update of this economic calendar occurred on November 20 at 4:00:49 PM ET.

• Stocks kick-off U.S. Thanksgiving week modestly higher – The U.S. stock markets were broadly higher on Monday, as the November rally continues heading into Thanksgiving. Markets in the U.S. will be closed on Thursday and will have a shortened trading day on Friday, closing at 1pm. The technology-heavy Nasdaq led the way higher on Monday morning, as Treasury yields were flat to up slightly. The 10-year U.S. Treasury yield, which had been over 5.0% earlier this year, is now around 4.47%, providing some support to equity and bond markets*. The Bloomberg U.S. Aggregate bond index, often considered a proxy for the broader U.S. bond market, is up over 3.0% in November, but remains modestly negative year-to-date in 2023*.
• All eyes turn to NVIDIA earnings on Tuesday – In a shortened trading week, perhaps the biggest catalyst of the week will come from the third-quarter earnings report of NVIDIA (NVDA), one of the mega-cap technology giants that has led the markets higher this year. Heading into earnings, NVDA stock is up 237% this year, bringing its total market capitalization to around $1.2 trillion, one of five companies that are valued at over $1 trillion in the S&P 500*. The expectation for third-quarter results remains lofty, with revenue growth expected to come in at $16.1 billion, up 170% from last year, and an earnings-per-share (EPS) forecast of $3.34, 475% growth from last year*. Analysts will be particularly focused on the results of the company's data-center business, which include sales of its artificial intelligence (AI) chips. In our view, generative AI is still in the early stages of a multiyear growth trend, and we would look at volatility in mega-cap technology stocks for opportunities to add investments in the space.
• Fed meeting minutes released on Tuesday – Investors will also digest the meeting minutes from the November FOMC meeting. This will offer some clarity on the Fed's decision to pause interest rate hikes for the second meeting in a row in November. In our view, the better trends in inflation and core inflation, combined with some early signs of softening in the broader economy, including cooling consumption, were key factors in the Fed's decision to remain on hold. Markets are now expecting the Fed to remain on-hold until mid-2024, at which time it may begin to cut interest rates*. We see the market's view as credible and would expect the Fed to remain on the sidelines. If inflation continues to moderate and the economy softens, we also expect the Fed to begin signaling rate cuts by the second quarter of 2024.