Markets take 2 steps forward 1 step back. Tesla hits new high ahead of Trump signaling plans to ease rules for self-driving cars. Palantir hits new high. Uranium, gold and aluminum stocks roar
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Markets take two steps forward one step back. That’s what it seems like markets are doing right now with the S&P500 slipping 1.3%, the Nasdaq down 2.2% on Friday with markets taking their foot off the gas awaiting Trump’s incoming policies that could push up inflation and erase hopes for US interest rate cuts.
The world is awaiting Nvidia $NVIDIA (NVDA.US)$ results this week that could move the market widely in either direction with Nvidia accounting for 7.2% of the S&P500. While comments from the Bank of Japan could put investors on edge, who are already watching the US dollar rise to its highest level since October 2023, while US bond yields are around 4.4%, their highest levels since May. But its not all doom and gloom. Banks stocks hit new record highs. Palantir $Palantir (PLTR.US)$ shares soared 11% higher after a large US pension increased its stake in the company.
So what do you need to watch today?
Australia’s market opened 0.4% down on Monday. It didn’t fall as much as the US. Why? Well Australian bond yields fell. And lower bond yields are good for Aussie tech stocks and property stocks and Miners. Plus commodity prices such as aluminum, copper, gold, wheat and beef are all higher.
Gold stocks are up the most on the ASX today with West African Resources $West African Resources Ltd (WAF.AU)$ and De Grey Mining $De Grey Mining Ltd (DEG.AU)$ up 4% each. While Capricorn Metals is up the most, 5% after upgrading its gold production of the year.
There are a couple of important key things to note about oil and EVs...
Oil markets are looking appear bearish. Crude oil prices fell 2.5% on Friday, and 4.8% down in five days. Further pressure could come for oil. Good for consumers. Not good for those hold oil stocks. Oil markets are bracing for a 1 million barrel per day surplus in 2025. The higher US dollar is pressuring down demand. And China is also buying less as it’s going full throttle on cleaner energy. 50% of world’s EVs are sold in China. Plus on at the weekend we learn future oil demand will fall as President elect Trump’s team is planning to ease rules for self-driving cars. Having cars drive without human control would directly benefit Elon Musk’s Tesla $Tesla (TSLA.US)$ but would also stoke up electric vehicle demand in general.
And here is a fun fact for you – it would also widen Musk’s lead as a billionaire. Musk is now worth US$313.3 billion. His wealth grew by US$6.8 billion on Friday after Tesla $Tesla (TSLA.US)$ shares rose 3.1% to US$320.83.
As for what else to keep an eye on? Watch aluminum stocks...such as South32, Rio Tinto and Alumina which could push sharply higher as China plans to scrap a tax sweetener that fueled exports out of the country. The news saw Aluminum prices jumped 5.3% on Friday.
Also watch Uranium companies as Russia limiting exports of enriched uranium to the US. Enriched uranium is needed for 19% of US power. Kind of a big deal. Expect Constellation Energy $Constellation Energy (CEG.US)$ Vistra $Vistra Energy (VST.US)$ Cameco and uranium ETFs such as URA $Global X Uranium ETF (URA.US)$ to catch bids. & Watch ASX uranium companies Paladin $PDN Deep Yellow $DYL and Boss Energy $BOE
Let’s end with a final thought. Remember November is traditionally the best month of the year for share market...
...with the S&P500 going up between 2.2% to 3.8% on average, over last 10 and 20 years in the month. Australia’ market has generally only risen between 0.5% and 1.8% on average in November. But this month, markets area already up 2.9% in the US. And 1.5% in Australia. So stocks are having a cracker. Remember markets go up over the long term. They don’t go up in a straight line. So if markets falls this week, adjusting for less company profits in 2025 as there could be less interest rates, consider that markets will eventually recover. There’s always a bull market somewhere.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Jessica Amir
Moomoo Official Market Strategist
moomoo, market strategist.
Seen/heard on Fox News Business, ABC, SBS, Reuters wires.
Investor/Trader.
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Shroomie : for months, you've been talking bad about tesla... It looks like the joke was on you
Jessica Amir OP Shroomie : How can you not be pro Musk when he is sending rockets to the moon to pioneer space travel. I trust you have read my pro Musk stance is all over X. I am not sure what you are referring to
Shroomie Jessica Amir OP : wrong person, i had you mixed up with someone else
Jessica Amir OP Shroomie : All good Shroomz. All good