S&P 500, Dow Hit Records Right After Open | Live Stock

Kevin Travers joined discussion · Nov 25, 2024 23:00

S&P 500, Dow Hit Records Right After Open | Live Stock

Good morning, traders. Happy Monday, November 25th. The Thanksgiving holiday week started out with a slow climb to all-time S&P 500 and Dow Jones Industrial Average numbers.

You won't make it through the day without these animal spirits and news stories moving the market:

$Super Micro Computer (SMCI.US)$ and $Moderna (MRNA.US)$ were leading the S&P 500 to records by percentage gain without much news of their own to contribute to the party.

$Bath & Body Works (BBWI.US)$ climbed 17% after the retailer raised its forward full-year earnings outlook after better results than expected Monday morning. It expects adjusted earnings of $3.15 to $3.28 per share for fiscal 2024, up from its prior projections of $3.06 to $3.26, with a sales decline of 1.7% to 2.5%, compared to a 2% to 4% decline previously expected.

$Macy's (M.US)$ fell more than 4% Monday morning after the big box store said it would delay its earnings report due Tuesday after the firm discovered an employee hid $132M-$154M in delivery expenses since 2021. The firm also said Macy’s said its third-quarter sales fell 2.4% to $4.74 billion.

Within industry sectors, Semiconductors fell following a 3% drop from $NVIDIA (NVDA.US)$, falling more by percentage than after the firm's earnings report last week. It was the lowest decliner on the Dow Jones.

$Crude Oil Futures(APR5) (CLmain.US)$ fell after there was no large-scale battle over the weekend, thank god. $Bitcoin (BTC.CC)$ came back from a kiss away from 100k. Treasury yields both fell in reaction to Trump's Friday Treasury pick- Scott Bessent, a Hedge Fund manager for Key Square Group LP. Bloomberg Businessweek reported that global currencies are climbing in value while the U.S. dollar fell, as investors hedge a Trump economy that will hurt more than it helps.

Just past 10:38 am ET the $S&P 500 Index (.SPX.US)$ traded +0.47%, hitting over 6020 an hour ago, an intraday record. The $Dow Jones Industrial Average (.DJI.US)$ climbed 1.00% and hit a record 44,815, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.46%.

In macroeconomic news this week, keep an eye out for PCE inflation numbers on Wednesday, the day before the market closes for a feast.

Check out for retail earnings this week from stocks like Dicks Sporting Goods, Best Buy, Burlington, and Dell.

Over the weekend, investors said they were making moves before the end of the year, watching growth stocks in AI and Semiconductors. One trader said they used ChatGPT with instructions to act like the wolf of Wall Street for trading advice. Let's hope they watch the end of that movie where the 'wolf' sold out his friends after insider trading.

Traders, what do you think? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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