Stocks soar as Trump seals a second term, Fed cuts rates, and oil steadies: Here’s what’s lighting up the markets this week ??
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*Figures correct as of 11 November, 2024
Last week was a wild one! With Donald Trump clinching a second term, markets roared back to life: the Dow, S&P 500, and NASDAQ all surged, hitting record highs, while the mid-cap-focused Russell 2000 also jumped, just shy of its own peak from 2021.?
Trump's promises of regulatory cuts and import tariffs sent ripples of excitement through the domestic sector, while the VIX took a nosedive, hitting lows not seen since August.
NVIDIA made a splash, stepping into the Dow and booting out Intel just ahead of its earnings on the 20th of November.?
This change is set to shake up the index, as NVIDIA comes in at an all-time high around $150, while Intel, down near $26, was at its lowest price-weighted influence.
Bond yields relaxed a bit, with the Fed cutting rates by 25 basis points on Thursday as anticipated.?
Fed Chair Jerome Powell expressed confidence in the economy, though he called the U.S. fiscal path unsustainable, confirming he’ll stay through 2026.?
Traders are betting on another cut next year, though probabilities are swinging.?
Powell maintains that the Fed will stay “data-dependent” in its approach – especially with those real estate loans ready to reset at much higher rates next year.
Crude oil keeps its cool ???
Despite the market mania, crude oil stayed calm following Trump’s win. Light Crude has shown a slow but steady incline, with prices climbing above $72.50. However, resistance around $72 has kept prices from taking off.?
With China's October crude imports dipping and Trump’s expected boost to domestic production, it’ll take a major catalyst to push crude significantly higher.?
The daily MACD is signalling some upside momentum, but it's looking cautious for now.
Economic calendar: Busy week ahead! ??
This week kicks off with market closures in the U.S., France, and Canada for Veterans, Armistice, and Remembrance Day. Tuesday sees Japan’s Machine Tool Orders, UK job and wage stats, and the Eurozone ZEW Economic Sentiment reports.?
Wednesday is packed with Australia’s Wage Price Index, Eurozone Industrial Production, and U.S. CPI data.
Thursday brings another wave, including UK GDP figures, Eurozone employment and GDP updates, and U.S. PPI, Unemployment Claims, and Crude Inventories.?
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Friday rounds out the week with key data from China, UK Retail Sales, and the U.S. Empire State Manufacturing Index.?
It's a big week ahead, so stay on your toes!
This week’s key earnings (subject to change) ??
Monday
Tuesday
Wednesday
Thursday
Friday
Let’s make this week one to remember! ??
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