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Tuesday Market Finally Slows Down, Takes a Post Veterans Day Breather | Live Stock
Good morning, traders. Happy Tuesday, November 12. Indexes are pulling back after all three hit all-time closing highs.
My name is Kevin Travers; here is the news about animal spirits moving markets today.
$Shopify (SHOP.US)$ shares climbed 25% after the Canadian e-commerce firm posted Q3 revenue grew more than expected and showed top-line forward guidance for the holiday season.
$Tyson Foods (TSN.US)$ climbed 8%-14% after the firm reported adjusted EPS of 92C, 23C over expectations. The chicken seller pulled revenue of $13.5B, $200M above estimates. It was the highest-advancing stock on the S&P 500.
Look for $Spotify Technology (SPOT.US)$ $Occidental Petroleum (OXY.US)$, $Maplebear (CART.US)$ and $CAVA Group (CAVA.US)$ earnings Tuesday night and Disney and Cisco later this week.
Within industries, Tyson Foods leads the Farm Products industrial group higher, as tracked by moomoo.
$Crude Oil Futures(MAY5) (CLmain.US)$ fell slightly, near year lows of $65/barrel.
$Bitcoin (BTC.CC)$ finally fell back 3%, after hitting $89.9k, Gold and silver fell $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market was pulling back Tuesday, with every index falling below all-time highs.
Just past 11:13 am ET the $S&P 500 Index (.SPX.US)$ fell 0.23%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.36%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.15%.
Monday night, Minneapolis Fed President Kashkari said the data in the next six weeks will tell whether the Fed should cut rates in December. He will also speak more later in the day on Tuesday.
Speaking Tuesday, Fed Governor of New York Waller talked mostly about payment infrastructure and the role of government in new technology, but he did not mention monetary policy much.
In macroeconomics this week, look for Fed speakers finally taking to the airwaves to talk about monetary policy, a week after cutting rates by 25 bps. Powell will speak on Thursday. Also, watch for Producer Price Index inflation numbers on Thursday and Consumer Price Index inflation numbers on Wednesday.
Yesterday, users watched and balked at the record-high Bitcoin prices. Some said it was finally reaching its top, others said there was more to go!
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!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
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