Summary Of the Markets Today:
- The Dow closed down 11 points or 0.16%,
- Nasdaq closed down 0.07%,
- S&P 500 closed down 0.20%,
- Gold $2014 up $11.20,
- WTI crude oil settled at $75 down $0.53,
- 10-year U.S. Treasury 3.385% down 0.099 points,
- USD index $103.22 down $0.18,
- Bitcoin $36,856 down $605
Click here to read our Economic Forecast for November 2023
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Sales of new single‐family houses in October 2023 were 17.7% above October 2022. The median sales price of new houses sold in October 2023 was $409,300. The average sales price was $487,000. The seasonally adjusted estimate of new houses for sale at the end of October was 439,000. This represents a supply of 7.8 months at the current sales rate.
The Dallas Fed’s Texas Manufacturing Outlook Survey production index, a key measure of state manufacturing conditions, fell 12 points to -7.2. The new orders index has been negative for 18 months and dropped from -8.8 to -20.5 in November. The capacity utilization index returned to negative territory, falling from 5.4 to -10.1. Manufacturing across the U.S. remains in a recession.
Here is a summary of headlines we are reading today:
- Chevron’s Kazakh Oil Output Hit in Raging Black Sea Storm
- OPEC Source Tells Reuters Bigger Cuts A Likely Option
- Why Gasoline Prices Fall Almost Every Year Between August and November
- Houthi Tanker Seizures Could Reignite the War Premium in Oil Markets
- China Issues Additional Fuel Import Quotas
- Rates may have hit their peak. How to get the biggest bang out of cash heading into 2024
- S&P 500 to reach record 5,100 next year, fueled by bumper corporate profits
- Guess Which Automaker Has “Absurdly High Inventory Levels”
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Does the Natural Gas Industry Have a Future?The natural gas industry’s domestic sales pattern over the past two decades makes one wonder whether the industry has much of a future. Okay, sales volume has gone up, at a slow pace, but most of that growth is due to increasing sales to wholesale electric power generators. The rest of the market has shown barely any growth. Table 1 shows annual rates of growth for major customer classifications as well as an estimate of the growth in propane usage. The table calculates growth using both compound annual and average annual growth rates. Either… Read more at: https://oilprice.com/Energy/Natural-Gas/Does-the-Natural-Gas-Industry-Have-a-Future.html |
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The World’s Top 50 Importing NationsIn 2022, global imports climbed to $25.6 trillion in value, or about the size of the U.S. GDP. As an engine of growth, global trade broadens consumer choices and can lower the cost of goods. For businesses, it can improve the quality of inputs and strengthen competitiveness. In the graphic below, Visual Capitalist’s Dorothy Neufeld and Christina Kostandi show the 50 largest importers, with data from the World Trade Organization. Which Countries Import the Most Goods? With $3.4 trillion in imports in 2022, the… Read more at: https://oilprice.com/Energy/Energy-General/The-Worlds-Top-50-Importing-Nations.html |
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Chevron’s Kazakh Oil Output Hit in Raging Black Sea StormCrude oil loadings at key Black Sea ports in Russia and Ukraine continue to be halted amid a raging storm that has left an estimated two million people without power, according to Agence France Presse. Hurricane level winds, massive snowfall and heavy rain shut down electricity lines and led to major flooding. Train transport along the Russian Black Sea coast has also been halted after tracks fell into the sea. The regional storm has affected the Caspian Pipeline Consortium (CPC) oil terminal on Russia’s portion of the Black Sea,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevrons-Kazakh-Oil-Output-Hit-in-Raging-Black-Sea-Storm.html |
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A Global Rush for Uranium Could Harm the UK’s Nuclear Power AmbitionsThe global rush for uranium, and the consequential price spike, could pose a major headache for the UK’s nuclear power ambitions. Nuclear power currently provides about 10 percent of the world’s electricity. And, despite this relatively small market share, – fossil fuels account for 61 percent and renewables 29 percent – nuclear energy, and by extension uranium production, is big business. Over the last week, the price of Uranium concentrate – commonly known as U308 or yellowcake – has risen to a 15-year… Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/A-Global-Rush-for-Uranium-Could-Harm-the-UKs-Nuclear-Power-Ambitions.html |
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OPEC Source Tells Reuters Bigger Cuts A Likely OptionAn OPEC+ source told Reuters on Monday that the expanded cartel is considering bigger oil output cuts during its November 30 meeting, which was originally delayed for four days over a production quota dispute between OPEC leaders and African nations. The unnamed OPEC+ source told Reuters he expected an option for a “collective further reduction” in oil production during the next meeting. The source’s comments echo similar comments made earlier in November suggesting that additional cuts would be considered. Last… Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Source-Tells-Reuters-Bigger-Cuts-A-Likely-Option.html |
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Is the Self-Driving Taxi Revolution Slowing Down?Commuter delays, safety concerns, and limited levels of automation are some of the criticisms facing the self-driving taxi industry. After several companies launched pilot schemes over the last couple of years, many have found themselves facing more challenges than anticipated on the road to automated driving. Since the launch of driverless taxi pilot projects in San Francisco there have been a wide variety of complaints about the new vehicles on the roads. They have been blamed for creating more traffic, misjudging hazards – and therefore… Read more at: https://oilprice.com/Energy/Energy-General/Is-the-Self-Driving-Taxi-Revolution-Slowing-Down.html |
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Shell’s Giant Prelude LNG Could Restart Next WeekIndustry sources and shipping statistics cited by Reuters indicate that Shell (SHEL.L) is expected to resume exports next month at its Prelude liquefied natural gas (LNG) project offshore Australia, where significant maintenance is almost finished, with operations likely to resume next week. While huge stockpiles have constrained buying so far this year, the timing of the massive floating facility’s resumption to operations is likely to coincide with peak consumption in major countries, like China and Europe, as winter in the northern hemisphere… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shells-Giant-Prelude-LNG-Could-Restart-Next-Week.html |
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Why Gasoline Prices Fall Almost Every Year Between August and NovemberGasoline prices are on the way down, and I am seeing a lot of chatter from people who are convinced this is political. After all, we are headed into an election year, and lower gasoline prices certainly help politicians get reelected. But that’s not why prices are falling. Right now, oil prices are falling, and that certainly helps. The underlying price of oil is the single largest factor that drives gasoline prices, but there is a seasonal factor behind the changes in gasoline prices. In fact, gasoline prices fall almost every year between… Read more at: https://oilprice.com/Energy/Energy-General/Why-Gasoline-Prices-Fall-Almost-Every-Year-Between-August-and-November.html |
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OPEC Slams IEA over ‘Moment of Truth’ for OilDays after the International Energy Agency (IEA) said that the oil and gas industry faces “a moment of truth” in choosing between fueling climate change and becoming a part of the solution, OPEC criticized the agency for vilifying the industry and for playing down energy security and affordability. Last week, the IEA published a report saying that a “moment of truth” is coming for the oil and gas industry as most companies are watching the energy transition from the sidelines, with oil and gas producers accounting for only… Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Slams-IEA-over-Moment-of-Truth-for-Oil.html |
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China’s Coal Boom Undermines Its Clean Energy SuccessChina’s remarkable achievements in renewable capacity rollout are overshadowed by the country’s continued coal capacity expansion, which steers it off track to meet its climate targets, a new report showed on Monday. “Currently, progress on clean energy deployment is undermined by continued coal capacity expansion and a rapid growth of energy consumption,” the Centre for Research on Energy and Clean Air (CREA) and the Heinrich Böll Foundation said in their annual outlook report on China’s climate target… Read more at: https://oilprice.com/Energy/Energy-General/Chinas-Coal-Boom-Undermines-Its-Clean-Energy-Success.html |
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Mozambique Endorses $80-Billion Energy Transition StrategyMozambique has approved an energy transition strategy worth $80 billion, seeking to raise funding from wealthy nations to boost the share of renewables and reduce fossil fuels use in its energy mix. The detailed plan will be unveiled by President Filipe Nyusi at the COP28 climate summit in Dubai later this week, Mozambique said in a statement to Bloomberg. The first measures of the strategy through 2050 include adding 2 gigawatts (GW) of hydropower generation capacity by 2030 and bolstering and expanding the grid to accommodate more renewable energy… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mozambique-Endorses-80-Billion-Energy-Transition-Strategy.html |
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Houthi Tanker Seizures Could Reignite the War Premium in Oil MarketsThe risk premium for oil prices resulting from the ongoing Israel-Hamas War has not risen as dramatically as it did after Russia invaded Ukraine on 24 February 2022. This has largely been due to the exceptional job done by the U.S. in preventing a widening out of the conflict across the region, which would almost certainly produce a massive spike in oil and gas prices. Part of the U.S.’s success has been down to extremely deft diplomatic efforts across the Middle East, spearheaded by Secretary of State, Antony Blinken, involving the use of… Read more at: https://oilprice.com/Energy/Energy-General/Houthi-Tanker-Seizures-Could-Reignite-the-War-Premium-in-Oil-Markets.html |
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India Looks to Triple Underground Coal Mining ProductionOne of the world’s top coal producers and users, India, aims to triple its coal production from underground mines as it seeks to meet energy demand with what it says is a more “eco-friendly” way to produce coal than opencast mines, a senior Indian official has told the Financial Times. Earlier this month, India’s Ministry of Coal said that it aims to produce 100 million tons of coal from underground mines by 2030 as part of a plan to stop coal imports by 2025-2026. Coal production from underground mines will be further… Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Looks-to-Triple-Underground-Coal-Mining-Production.html |
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China Issues Additional Fuel Import QuotasChina has given private refiners an additional quota to import fuel oil this year, the Chinese Ministry of Commerce said in a notice on Monday quoted by Reuters. The additional import quota for a total of 3 million metric tons of fuel oil raises the overall quota for the fuel allowed to be imported this year to 19.2 million tons, per Reuters estimates. Early this month, authorities in the province home to most of China’s independent refiners were said to have asked the central government to allocate additional quotas for fuel oil imports… Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Issues-Additional-Fuel-Import-Quotas.html |
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Saudi Arabia and Italy Discuss Investments in Oil, Gas, and Mining SectorsItaly and Saudi Arabia discussed on Monday possible partnerships and joint investments in the oil and gas and mining sectors, Italian Industry Minister Adolfo Urso said after meeting with Saudi officials in Riyadh. Italy and Saudi Arabia discussed potential partnerships and joint investments in the energy sector, especially in critical raw materials, in Italy, Saudi Arabia, and third countries, such as those in Africa, Urso said in a statement on Monday after meeting with Khalid Al Salem, President of the Royal Commission for Jubail… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-and-Italy-Discuss-Investments-in-Oil-Gas-and-Mining-Sectors.html |
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These regional banks are at greatest risk of being taken over by rivals, according to KBWRegional banks are weighed down by concerns over the impact of new rules and the risk of a recession on loan losses, particularly in commercial real estate. Read more at: https://www.cnbc.com/2023/11/27/zions-comerica-first-horizon-regional-bank-takeover-risk.html |
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Dow closes lower Monday as four-week rally takes a break: Live updatesStocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October. Read more at: https://www.cnbc.com/2023/11/26/stock-market-today-live-updates.html |
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Billionaire Ken Langone to meet with Nikki Haley in NY as he weighs backing her in 2024Home Depot co-founder, billionaire Ken Langone plans to meet with Nikki Haley next week in New York, as he weighs stepping up support for her presidential run. Read more at: https://www.cnbc.com/2023/11/27/ken-langone-to-meet-with-nikki-haley-as-he-considers-support.html |
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iRobot shares plunge 19% after EU warns Amazon deal ‘may restrict competition’The European Commission said it found that Amazon may have the ability to prevent or degrade iRobot rivals’ access to its online site. Read more at: https://www.cnbc.com/2023/11/27/irobot-irbt-drops-18percent-after-eu-warns-amazon-deal-may-hurt-competition.html |
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Rates may have hit their peak. How to get the biggest bang out of cash heading into 2024Don’t settle for meager yields on your savings. Read more at: https://www.cnbc.com/2023/11/27/if-rates-have-peaked-how-to-get-the-biggest-bang-from-cash-in-2024.html |
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This exchange is expanding its short-term options portfolio as ‘zero-day’ bets boomNasdaq launched new short-term options on asset classes like oil and bonds that expire on Wednesdays. Read more at: https://www.cnbc.com/2023/11/27/this-exchange-is-expanding-its-short-term-options-portfolio-as-zero-day-bets-boom.html |
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Binance founder Changpeng Zhao ordered by judge to stay in U.S. ahead of prison sentencingA federal judge on Monday ordered Binance ex-CEO Changpeng Zhao to remain in the U.S. at least temporarily after his guilty plea last week Read more at: https://www.cnbc.com/2023/11/27/binance-founder-changpeng-zhao-has-to-stay-in-us-after-guilty-plea.html |
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Trump will be final defense witness at New York fraud trial, lawyer saysAttorneys for Donald Trump also argued that he is not to blame for threats received by Manhattan Supreme Court Judge Arthur Engoron and his principal law clerk. Read more at: https://www.cnbc.com/2023/11/27/trump-will-be-final-defense-witness-at-new-york-fraud-trial-lawyer-says.html |
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Vermont gunman fired as investment adviser weeks before arrest in Palestinian student shootingBurlington police charged Jason Eaton with shooting three Palestinian students near the University of Vermont. President Joe Biden was briefed about the attack. Read more at: https://www.cnbc.com/2023/11/26/three-palestinian-students-shot-near-the-university-of-vermont.html |
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ARK Invest sells more Grayscale Bitcoin Trust holdings as discount narrows: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. Kyla Curley, a partner at StoneTurn and a certified cryptocurrency forensic investigator, sits down with CNBC Crypto World to discuss advancements in U.S. crypto regulation. Read more at: https://www.cnbc.com/video/2023/11/27/ark-invest-sells-grayscale-bitcoin-trust-holdings-discount-narrows-crypto-world.html |
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Harrisburg, Pennsylvania is the No. 1 place to retire in America, recent study showsU.S. News and World Report ranked the best places to retire in the U.S. for 2024 out of 150 of the most populous metropolitan areas in the country. Read more at: https://www.cnbc.com/2023/11/27/us-news-and-world-report-best-places-retire-us-2024.html |
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Taylor Swift’s ‘Eras Tour’ concert film will be available to stream. Here’s when and whereThe film hit theaters on Oct. 12, and the singer revealed it will be available to stream on her birthday on Dec. 13. Read more at: https://www.cnbc.com/2023/11/27/taylor-swifts-eras-tour-concert-film-will-be-available-to-stream-heres-when-and-where.html |
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S&P 500 to reach record 5,100 next year, fueled by bumper corporate profits, BMO saysThe investment bank forecasts the S&P 500 will reach an all-time high of 5,100 in 2024. Read more at: https://www.cnbc.com/2023/11/27/sp-500-to-reach-5100-next-year-fueled-by-bumper-profits-bmo-says.html |
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Bonds & Bullion Shrug Off Black Friday Blues; Banks & Builders BruisedUgly home sales data and a dismal dip back into contraction for Texas manufacturing production continued the trend of disappointing macro data…
Source: Bloomberg Black Friday was ‘mixed’ according to reports.
No one really knows how the American consumer did over the weekend – choose your own adventure:
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Guess Which Automaker Has “Absurdly High Inventory Levels”“CarDealershipGuy,” on social media platform X, posted Cox Automotive data that shows “Dodge, Chrysler & Ram have absurdly high inventory levels right now…” Dodge leads all brands with a vehicle supply for 186 days, the highest in the industry. Following Dodge, Chrysler has a supply for 135 days, then Ram with 129 days, Jeep with 123 days, and Lincoln with a supply lasting 120 days.
The increasing vehicle inventory at Dodge may be attributed to a shift in consumer preferences, or the impact of higher interest rates and elevated prices exacerbating the affordability crisis. |
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China Seeks More Clinics To Cope With Surge Of Respiratory Illnesses In ChildrenAuthored by Dorothy Li via The Epoch Times (emphasis ours), China’s top health body urged hospitals nationwide to extend service hours and set up more clinics, as the recent increase in respiratory illnesses drew global concerns.
Read more at: https://www.zerohedge.com/medical/china-seeks-more-clinics-cope-surge-respiratory-illnesses-children |
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Chris Christie Says Trump To Blame For Rising Antisemitism, IslamophobiaGOP Presidential Candidate Chris Christie says that Donald Trump, who’s been out of office nearly three years, is to blame for rising antisemitism and Islamophobia.
Yes, apparently tens of thousands protesters on college campuses and in major cities across the globe who oppose Israel’s actions in Gaza are taking direction from the former US President. “When you show intolerance toward everyone, which is what [Trump] does, you give permission as a leader for others to have their intolerance come out,” Christie told CNN’s Dana Bash during a Sunday interview. “Intolerance toward anyone encourages intolerance toward everyone.” “I believe Donald Trump’s intolerant language and conduct gives others permission to act the same,” Christie added.
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Bank boss concerned over UK growth outlookAndrew Bailey raises concerns over growth and rules out any early cut in interest rates. Read more at: https://www.bbc.co.uk/news/articles/cjrpzxpv90eo?at_medium=RSS&at_campaign=KARANGA |
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Cyber-attack leaves home sales in limboBuyers say they have been left hanging as a company that provides IT to law firms sees its services hit. Read more at: https://www.bbc.co.uk/news/business-67543838?at_medium=RSS&at_campaign=KARANGA |
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Eurostar Amsterdam-to-London services to be suspended for six monthsTrains will be suspended from next June because of renovation work at Amsterdam’s central station. Read more at: https://www.bbc.co.uk/news/world-europe-67544997?at_medium=RSS&at_campaign=KARANGA |
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Breakout Stocks: Trade setup for The New India Assurance, General Insurance and SPARC which hit 52-week highsStocks that were in focus include names like The New India Assurance Company rose 20%, General Insurance Corporation gained more than 16% and Sun Pharma Advanced Research Company (SPARC) closed with gains of nearly 6% to hit a fresh 52-week high on Friday. We have collated a list of three stocks that either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-trade-setup-for-the-new-india-assurance-general-insurance-and-sparc-which-hit-52-week-highs/articleshow/105537352.cms |
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Tata Technologies IPO share allotment expected Tuesday. Here’s how you can check statusThe company’s shares are expected to get listed on the exchanges on November 30. According to market sources, Tata Technologies is commanding a premium of Rs 412 in the unlisted market. Considering the upper price band of Rs 500, the stock is likely to debut with a premium of 82%. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/tata-technologies-ipo-share-allotment-expected-tuesday-heres-how-you-can-check-status/articleshow/105517066.cms |
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Gandhar Oil IPO share allotment likely on November 28. Here’s how you can check statusGandhar Oil is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end-industries. Its product suite comprised over 350 products primarily across the personal care, healthcare and performance oils, lubricants and process and insulating oils divisions under the Divyol brand. The company is India’s largest manufacturer of white oils by revenue in FY22, including domestic and overseas sales and is one of the top five players globally in terms of market share in CY21. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/gandhar-oil-ipo-share-allotment-likely-on-november-28-heres-how-you-can-check-status/articleshow/105537065.cms |
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Biden blasts Trump over revived push to kill Obamacare: ‘We won’t let these things happen’President Joe Biden on Monday hit back at Donald Trump, two days after the former president revived calls to eliminate the Affordable Care Act if he returns to the White House. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A2-895A79121E38%7D&siteid=rss&rss=1 |
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Bond Report: Treasury yields post biggest one-day declines in almost two weeksTreasury yields slipped by the most in almost two weeks on Monday. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A1-EE889DA661EF%7D&siteid=rss&rss=1 |
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Cannabis Watch: New York cannabis board OK’s settlement in licensing suit brought by veteransThe New York State Cannabis Control Board on Monday voted to approve a legal settlement that may soon clear the way for more than 400 legal cannabis licenses to move forward. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A2-82022064C085%7D&siteid=rss&rss=1 |
Children and their parents wait at an outpatient area at a children hospital in Beijing on Nov. 23, 2023. (Jade Gao/AFP via Getty Images)The message delivered at a Nov. 26 news conference held by the National Health Commission (NHC) came as domestic media reports show that long lines have f …
