Financial Advisers News
Monday, June 5, 2023
  • Market Overview
    Stock market today: Live updates

    Stock market today: Live updates

    Britain to join CPTPP in biggest trade deal since Brexit

    Britain to join CPTPP in biggest trade deal since Brexit

    Most Adani shares continue losses; founder loses $28 billion in month

    Most Adani shares continue losses; founder loses $28 billion in month

    Russia-Ukraine war updates for Nov.30, 2022

    Russia-Ukraine war updates for Nov.30, 2022

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Young disgruntled workers are flocking to Reddit. Here’s why

    Young disgruntled workers are flocking to Reddit. Here’s why

    FTX CEO Sam Bankman-Fried denies crypto exchange fraud

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    Trenches, endless mud and death: the Battle of Bakhmut

    Trenches, endless mud and death: the Battle of Bakhmut

  • Stock Markets
    Purdue Pharma can protect Sackler owners in opioid bankruptcy, court rules By Reuters

    Purdue Pharma can protect Sackler owners in opioid bankruptcy, court rules By Reuters

    Global money market funds see strong demand for fifth week in a row By Reuters

    Global money market funds see strong demand for fifth week in a row By Reuters

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Rondure Global Advisors Q3 2022 Commentary

    Rondure Global Advisors Q3 2022 Commentary

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Macro Headwinds To Keep Pressure On Copper Prices

    Macro Headwinds To Keep Pressure On Copper Prices

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    Meta executive says holiday sales were earlier and bigger this year By Reuters

  • Analysis Forex
    Russians Relearn Black-Market Tricks to Get Their Money Out

    Russians Relearn Black-Market Tricks to Get Their Money Out

    JD.com's Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs

    JD.com's Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs

    Pension Investments in Private Credit Hit Eight-Year High

    Pension Investments in Private Credit Hit Eight-Year High

    Most Viewed Business News Articles, Top News Articles

    Most Viewed Business News Articles, Top News Articles

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Inequality in Society Drives Stock-Market Performance

    Inequality in Society Drives Stock-Market Performance

    Being a Cheap Date Is Suddenly a Major Plus

    Being a Cheap Date Is Suddenly a Major Plus

  • Economy
    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Goldilocks and the three bears By Reuters

    Goldilocks and the three bears By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    Indonesia November inflation cools further but stays above target By Reuters

    U.S. appeals court rejects Biden’s bid to revive student debt plan By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    IMF strategy chief heads to China, to focus on speeding up debt treatments By Reuters

    Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

    European shares jump on Powell’s speech, China relief By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    Philippines central bank ready to adjust policy settings amid resilient economy By Reuters

    China factory, services activities slide to 7-month lows on COVID curbs By Reuters

    Zambia on track for debt restructuring next quarter -finance minister By Reuters

  • Cryptocurrency
    Bulls Rally LDO Price to a 7-Day High, Will Bullish Momentum Persist? By CoinEdition

    Bulls Rally LDO Price to a 7-Day High, Will Bullish Momentum Persist? By CoinEdition

    Here’s how the crypto industry is using artificial intelligence By Cointelegraph

    Here’s how the crypto industry is using artificial intelligence By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

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    Over 3,000 New UNI Addresses Following NFT Aggregator Launch By CoinEdition

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

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    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    FTX Token caused downfall, but tech still revolutionary By Cointelegraph

    Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more… By Cointelegraph

  • Forex
    Yen firms on policymaker meeting, dollar swings after debt deal By Reuters

    Yen firms on policymaker meeting, dollar swings after debt deal By Reuters

    Dollar edges higher, but set for weak quarter ahead of key inflation data By Investing.com

    Dollar edges higher, but set for weak quarter ahead of key inflation data By Investing.com

    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

  • Commodities
    Explainer-Why is OPEC+ cutting oil output? By Reuters

    Explainer-Why is OPEC+ cutting oil output? By Reuters

    Oil dips, set for monthly drop, ahead of key U.S. inflation data By Reuters

    Oil dips, set for monthly drop, ahead of key U.S. inflation data By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    Exclusive: China to allow home quarantine for some infected with COVID

    EU defends gas price cap proposal after country criticism By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

  • Bonds
  • More
    • Analysis Cryptocurrency
    • Economic Indicators
      Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

      US consumer confidence dips in May

      Eurozone inflation slows by more than expected in March By Investing.com

      Eurozone inflation slows by more than expected in March By Investing.com

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Investors need a different playbook for 2023

      Investors need a different playbook for 2023

      Fed hints at less aggressive rate increase

      Fed hints at less aggressive rate increase

      FirstFT: EU and US turn up the heat on Elon Musk

      FirstFT: EU and US turn up the heat on Elon Musk

      Jay Powell is no dove

      Jay Powell is no dove

      Emerging market stocks and bonds stage powerful rebound rally

      Emerging market stocks and bonds stage powerful rebound rally

      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

      India’s jobless rate rises to three-month high of 8% in Nov

    • Analysis Stock Markets
    • Crypto News
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  • Market Overview
    Stock market today: Live updates

    Stock market today: Live updates

    Britain to join CPTPP in biggest trade deal since Brexit

    Britain to join CPTPP in biggest trade deal since Brexit

    Most Adani shares continue losses; founder loses $28 billion in month

    Most Adani shares continue losses; founder loses $28 billion in month

    Russia-Ukraine war updates for Nov.30, 2022

    Russia-Ukraine war updates for Nov.30, 2022

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Young disgruntled workers are flocking to Reddit. Here’s why

    Young disgruntled workers are flocking to Reddit. Here’s why

    FTX CEO Sam Bankman-Fried denies crypto exchange fraud

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    Trenches, endless mud and death: the Battle of Bakhmut

    Trenches, endless mud and death: the Battle of Bakhmut

  • Stock Markets
    Purdue Pharma can protect Sackler owners in opioid bankruptcy, court rules By Reuters

    Purdue Pharma can protect Sackler owners in opioid bankruptcy, court rules By Reuters

    Global money market funds see strong demand for fifth week in a row By Reuters

    Global money market funds see strong demand for fifth week in a row By Reuters

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Rondure Global Advisors Q3 2022 Commentary

    Rondure Global Advisors Q3 2022 Commentary

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Macro Headwinds To Keep Pressure On Copper Prices

    Macro Headwinds To Keep Pressure On Copper Prices

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    Meta executive says holiday sales were earlier and bigger this year By Reuters

  • Analysis Forex
    Russians Relearn Black-Market Tricks to Get Their Money Out

    Russians Relearn Black-Market Tricks to Get Their Money Out

    JD.com's Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs

    JD.com's Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs

    Pension Investments in Private Credit Hit Eight-Year High

    Pension Investments in Private Credit Hit Eight-Year High

    Most Viewed Business News Articles, Top News Articles

    Most Viewed Business News Articles, Top News Articles

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Inequality in Society Drives Stock-Market Performance

    Inequality in Society Drives Stock-Market Performance

    Being a Cheap Date Is Suddenly a Major Plus

    Being a Cheap Date Is Suddenly a Major Plus

  • Economy
    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Goldilocks and the three bears By Reuters

    Goldilocks and the three bears By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    Indonesia November inflation cools further but stays above target By Reuters

    U.S. appeals court rejects Biden’s bid to revive student debt plan By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    IMF strategy chief heads to China, to focus on speeding up debt treatments By Reuters

    Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

    European shares jump on Powell’s speech, China relief By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    Philippines central bank ready to adjust policy settings amid resilient economy By Reuters

    China factory, services activities slide to 7-month lows on COVID curbs By Reuters

    Zambia on track for debt restructuring next quarter -finance minister By Reuters

  • Cryptocurrency
    Bulls Rally LDO Price to a 7-Day High, Will Bullish Momentum Persist? By CoinEdition

    Bulls Rally LDO Price to a 7-Day High, Will Bullish Momentum Persist? By CoinEdition

    Here’s how the crypto industry is using artificial intelligence By Cointelegraph

    Here’s how the crypto industry is using artificial intelligence By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    Over 3,000 New UNI Addresses Following NFT Aggregator Launch By CoinEdition

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    FTX Token caused downfall, but tech still revolutionary By Cointelegraph

    Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more… By Cointelegraph

  • Forex
    Yen firms on policymaker meeting, dollar swings after debt deal By Reuters

    Yen firms on policymaker meeting, dollar swings after debt deal By Reuters

    Dollar edges higher, but set for weak quarter ahead of key inflation data By Investing.com

    Dollar edges higher, but set for weak quarter ahead of key inflation data By Investing.com

    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

  • Commodities
    Explainer-Why is OPEC+ cutting oil output? By Reuters

    Explainer-Why is OPEC+ cutting oil output? By Reuters

    Oil dips, set for monthly drop, ahead of key U.S. inflation data By Reuters

    Oil dips, set for monthly drop, ahead of key U.S. inflation data By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    Exclusive: China to allow home quarantine for some infected with COVID

    EU defends gas price cap proposal after country criticism By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

  • Bonds
  • More
    • Analysis Cryptocurrency
    • Economic Indicators
      Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

      US consumer confidence dips in May

      Eurozone inflation slows by more than expected in March By Investing.com

      Eurozone inflation slows by more than expected in March By Investing.com

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Investors need a different playbook for 2023

      Investors need a different playbook for 2023

      Fed hints at less aggressive rate increase

      Fed hints at less aggressive rate increase

      FirstFT: EU and US turn up the heat on Elon Musk

      FirstFT: EU and US turn up the heat on Elon Musk

      Jay Powell is no dove

      Jay Powell is no dove

      Emerging market stocks and bonds stage powerful rebound rally

      Emerging market stocks and bonds stage powerful rebound rally

      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

      India’s jobless rate rises to three-month high of 8% in Nov

    • Analysis Stock Markets
    • Crypto News
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Home Market Overview

China Concerns Ease Slightly, But Is it Too Soon for the Market to Exhale?

November 30, 2022
in Market Overview
Here’s Why Wrapped Ethereum Isn’t in Trouble
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The risk-on pattern that dominated Wall Street ahead of Thanksgiving faces fresh challenges this week from China, the Fed, and a host of economic data. While China concerns appeared to ease a bit this morning as the country saw fewer new cases and loosened some restrictions, it’s too soon to say for sure if this ends the protests.

Much also depends on what Fed Chairman Jerome Powell says in his speech Wednesday and whether the jobs report Friday shows any sign of cooling in the labor market. However, when it comes to China or events in Ukraine, U.S. investors and even the Fed are powerless to do much more than watch.

That’s why the caution that crept in Monday may not fully dissipate right away even if these near-term China concerns ease appreciably and U.S. data feeds notions of a less hawkish Fed. Keep an eye on the , which was fairly tame yesterday even as it rebounded from multi-month lows. A flirtation with 25 would suggest the recent rally is flagging and might even summon comparisons to last summer’s market enthusiasm that so quickly blew away.

Defensive sectors outperformed growth yesterday, though every sector finished lower. A couple of hawkish speeches from Fed officials didn’t help, either.

On the positive side, stocks with exposure to China including Apple Inc (NASDAQ:), Walt Disney Company (NYSE:), Caterpillar Inc (NYSE:), and NVIDIA (NASDAQ:) perked up a bit early Tuesday, though none gained too much ground. These shares were under pressure Monday.

Morning Rush

  • The  fell 3 basis points to just under 3.67%, near last week’s low.
  • The  fell slightly to 106.4.
  • Cboe Volatility Index (VIX) futures eased toward 22.
  • rose 2% to $78.89.

The  could test technical support near 3,940 if it falls much further. The 100-day moving average of 3,918 is not far below that, and the psychological 3,900 level could be another test. Looking up, the 200-day moving average rests at 4,054, but last week’s intraday high of 4,034 may be a resistance point.

Data Dive

For the second early morning in a row, investors don’t have much data to pore over. The numbers outage ends shortly after today’s opening bell with the November Consumer Confidence report.

  • As we noted yesterday, consensus from Briefing.com is for a consumer confidence headline figure right on the 100.0 mark. That would be a slight retreat from 102.5 in October but still up solidly from summer lows. One thing to watch is one-year inflation expectations, which were 7% last month, up from 6.8% in September. Any change here could help pinpoint how much price pressure consumers feel.   
  • Things pick up with November’s Chicago PMI report on Wednesday morning. Though the report has a manufacturing component, it also surveys non-manufacturing firms. This means it offers a broad look at economic health in the nation’s third-largest metropolis. The patient hasn’t been so hale and hearty lately, and analysts expect tomorrow’s 10:45 a.m. ET report to show more of the same. The consensus headline estimate is 47.5, up slightly from 45.2 in October but still below 50, which could be welcomed if you’re a Fed official looking for signs of slowing economic growth.
  • And on that topic, nothing tells the full story of economic growth like the Gross Domestic Product (GDP). The government’s second estimate for Q3 GDP is due before the open Wednesday. Consensus is for growth of 2.7%, equal to the first estimate. A higher-than-expected estimate might drive ideas that the economy isn’t cooling down as quickly as the Fed would like. A lower number might also cause hand wringing among investors who could worry that it indicates a pending recession.
  • Soon after tomorrow’s open, we’ll also get the government’s Job Openings and Labor Turnover Survey, better known as the JOLTS Survey. Last time out, job openings of 10.7 million remained well above normal but were down slightly from summer peaks. Bullish investors would probably like to see this number continue falling to loosen up the tight labor market. When more workers compete for fewer jobs, that tends to keep wage pressure from boiling over and contributing to rising prices.

Looking back at Monday’s data, there wasn’t a lot to glean other than the November Dallas Fed Manufacturing Index results. It ticked up to -14.4 versus analysts’ average estimate of -21 and October’s -19.4, but new orders, shipments, hours worked, and delivery times all fell deeper into contractionary territory, Charles Schwab’s Managing Director and Chief Investment Strategist Liz Ann Sonders pointed out. She added that the report’s employment category fell to its lowest since July 2020. Last week, the Richmond Fed Manufacturing Index also saw a November decline.

Wednesday’s Q3 earnings calendar brings a couple of big tech names as it moves toward the end of the season. Synopsis (SNPS) and Salesforce (NYSE:) are expected to report that afternoon.

Thinking Cap

WTI Crude (/CL) rallied off 11-month lows yesterday amid rumors that OPEC and its allies would use next week’s meeting to trim production again. Futures rallied above $79 per barrel at times overnight after sinking below $74 early Monday.

This isn’t the first time that rumors about potential production cuts just happened to spread following a retreat in prices. We saw the same thing late September, the last time /CL dipped below $80 per barrel. Back then, /CL quickly rallied to $90 and above as OPEC and allies cut production by 2 million barrels per day.

U.S. supplies remain low, so the cartel does probably have the upper hand here in pushing up prices when it doesn’t like what it sees in the market. It can either jawbone or actually cut production. The next meeting is December 4, and it wouldn’t be surprising to see /CL prices look volatile between now and then.

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