The start of the week on Monday, November 11, 2024, will set the tone as investors focus on a mix of economic data and early-week earnings. Investors may start the week cautiously as they await inflation data and the tail end of earnings season. Markets will likely see moderate activity as traders position themselves in anticipation of key midweek data releases.
KEY INDICATORS
Anticipation for U.S. CPI Data
Investors will be gearing up for the U.S. Consumer Price Index (CPI) report due midweek. This inflation data will be critical in shaping expectations around Federal Reserve policy, particularly if there are surprises in core inflation. Early-week market sentiment may reflect anticipation of these numbers, with interest-rate-sensitive sectors showing volatility.
European Market Sentiment Ahead of Data
In Europe, investors are preparing for Eurozone economic data on GDP and inflation later in the week. Any early commentary from the European Central Bank on potential policy adjustments may set the tone for European markets, particularly in sectors impacted by inflation, such as consumer goods and utilities.
Energy Markets and Oil Prices
With continued geopolitical uncertainties, oil prices remain sensitive. Any new developments affecting global oil supply could drive energy stocks and influence broader market sentiment, especially as winter demand picks up in key regions.
US Stock Market
Dow tops 44,000 for first time, S&P 500 closes at record high to cap election week rally. The stock market climbed to another round of records on Friday, as the Dow and S&P 500 wrapped up their best week in a year after Donald Trump’s election win.
The Dow Jones Industrial Average rose 259.65 points, or 0.59%, to close at 43,988.99.
The blue chip average traded above 44,000 for the first time ever during the session.
The S&P 500 gained 0.38% to close at 5,995.54, after briefly trading above 6,000 for its own milestone.
The tech-heavy Nasdaq Composite lagged, up just 0.09% to 19,286.78, but set an intraday record high as well.
All three averages finished the week at record closing levels.
UPCOMING MARKET EVENTS
Economical indicators on the various markets that could be impacted today by the events scheduled to come.
MARKET MOVERS
NAS100
Possible long preference
Long positions above 21160.34 with targets at 21224.51 & 21312.20 in extension.
Alternative scenario
Below 21078.14 look for further downside with 20992.13 & 20892.60 as targets.
The RSI is above its neutrality area at 50%.
DJ30
Possible long preference
Long positions above 44264.54 with targets at 44343.13 & 44421.72in extension.
Alternative scenario
Below 44139.09 look for further downside with 44077.01 & 44008.40 as targets.
The RSI calls for a newupleg.
SP500
Possible long indication
Long positions above 6032.03 with targets at 6049.46 & 6070.62 in extension.
Alternative scenario
Below 6008.79 look for further downside with 5996.17 & 5974.37 as targets.
The RSI advocates for further upside.
TODAY’S NEWS HEADLINES
Gold extends decline while investors await U.S. data and Fed comments
Gold prices fell for a second straight session on Monday, while investors prepared for U.S. economic data and comments from Federal Reserve officials this week for more clarity on the future direction of U.S. interest rates.
Spot gold dropped 0.5% to $2,669.22 per ounce, as of 0306 GMT. U.S.
Gold futures fell 0.7% to $2,675.90.
Spot silver fell 0.4% to $31.17 per ounce,
Platinum rose 0.3% to $971.11,
Palladium added 0.5% to $993.74.
Dollar braces for U.S. inflation data and several Fed speakers
The dollar started in a cautious mood on Monday as markets braced for U.S. inflation data and a throng of Federal Reserve speakers this week, while the yuan nursed a hangover from Beijing’s latest underwhelming stimulus package.
The dollar stood at 7.1970 yuan, having jumped 0.7% on Friday, and looks set to again test the 7.2000 barrier.
The dollar was up 0.1% on the yen at 152.90, having been dragged off last week’s top of 154.70 by the risk of Japanese intervention.
The dollar index was a fraction firmer at 105.00, after gaining 0.6% last week mainly against the euro.
Oil slips as U.S. storm threat eases, with China stimulus disappointing
Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No. 2 oil consumer.
Brent crude futures dropped 19 cents, or 0.3%, to $73.68 a barrel by 0104 GMT
U.S. West Texas Intermediate crude futures were at $70.13 a barrel, down 25 cents, or 0.4%.
