Summary Of the Markets Today:
- The Dow closed down 129 points or 0.29%,
- Nasdaq closed up 186 points or 0.97%,
- S&P 500 closed up 15 points or 0.24%,
- Gold $2,661 down $20.30 or 0.76%,
- WTI crude oil settled at $68 down $0.07 or 0.1%,
- 10-year U.S. Treasury 4.192 down 0.002 points or 0.048%,
- USD index $106.38 up $0.64 or 0.60%,
- Bitcoin $95,563 down $1,727 or 1.78%, (24 Hours)
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The Nasdaq and S&P 500 closed at record highs on Monday. The Dow Jones Industrial Average slipped from its recent peak. Tech stocks led the gains, with Apple reaching new highs and Tesla shares rising over 3%. Investors are anticipating the November jobs report on Friday, which could influence the Federal Reserve’s decision on interest rate cuts. Federal Reserve Governor Christopher Waller indicated he’s leaning towards supporting another rate cut at the December FOMC meeting, barring any upside surprises in inflation data. The S&P 500 and Dow are entering December on a strong note, having ended November with their best monthly gains in a year. Year-to-date, the S&P 500 is up over 25%, while the Dow has gained nearly 20%. In individual stocks, Stellantis shares fell after CEO Carlos Tavares suddenly resigned and Intel stock pared earlier gains following the announcement of CEO Pat Gelsinger’s retirement. The dollar strengthened as investors assessed President-elect Trump’s latest tariff threat against BRICS countries. Trump warned of 100% tariffs if these nations move away from the US dollar, raising concerns about potential trade conflicts.
Click here to read our current Economic Forecast – December 2024 Economic Forecast: Insignificant Improvement And Still Indicating a Weak Economy
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Construction spending during October 2024 was 5.0% above October 2023 – down from 5.3% the previous month. Spending on private construction increased from 4.5% to 5.1% year-over-year. Public construction spending declined significantly from 8.0% year-over-year to 4.5%. Although construction remains a bright spot in today’s economy, it is slowly losing its shine.
The Institute for Supply Management’s Manufacturing PMI® registered 48.4% in November 2024, 1.9 percentage points higher compared to the 46.5 percent recorded in October. The New Orders Index returned to expansion, albeit weakly, after seven months of contraction, registering 50.4 percent, 3.3 percentage points higher than the 47.1 percent recorded in October. For the last two years, manufacturing has been in a recession in the U.S.
Here is a summary of headlines we are reading today:
- Panama Delists 6 Flagged Ships over UK Russia Sanctions
- Trump’s Tariff Threats Trigger Surge in Chinese Exports
- U.S.-Based Semiconductor Company Tied to Russian Military Supply Chain
- This Forgotten Metal Could be The No.1 Commodity Play of 2025
- U.S. Enters Winter with Highest Natural Gas Stocks in Eight Years
- Is Trump Going To Turn The Screw On Iran’s Key Criminal Accomplice Iraq?
- Traders Become More Bullish on European Diesel as Winter Arrives
- Gazprom Hits Maximum Capacity of Pipeline Gas Flows to China
- Europe’s Gas Storage Plummets at Fastest Pace in 8 Years
- Europe’s Gas Storage Plummets at Fastest Pace in 8 Years
- Norway Pauses Deep Sea Mining Plans
- Fed Governor Waller says he is ‘leaning toward’ a December rate cut, but worries about inflation
- Trump Warns Hamas Of “Hell To Pay” If Hostages Aren’t Freed Before Inauguration
- US Bitcoin Reserve Is Possible, But Not Without Downsides
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. | |
 |
Panama Delists 6 Flagged Ships over UK Russia SanctionsPanama will cancel the registration of six ships sailing under its flag after they were sanctioned by the UK last week. The delisting comes after Panama’s maritime authority in October pledged to penalize vessels sanctioned by the U.S., European Union, UK and United Nations. Moscow continues to export large volumes of crude despite sanctions by the West. “Safeguarding the prestige of our flag is a top priority for this administration. The state has a fundamental responsibility to protect the integrity of the Panamanian ship registry,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Panama-Delists-6-Flagged-Ships-over-UK-Russia-Sanctions.html |
|
Trump’s Tariff Threats Trigger Surge in Chinese ExportsAnticipating that President-elect Donald Trump will fulfill his promise of a 25% tariff on all imports from Mexico and Canada and an additional 10% tariff on imports from China, importers are frontloading freight before the tariff wall takes effect in less than two months. Bloomberg reports that international cargo flights out of the world’s second-largest economy are ramping up to new records in the weeks after the presidential election. According to the Ministry of Transport data, there were 3,485 international cargo flights in or out of… Read more at: https://oilprice.com/Energy/Energy-General/Trumps-Tariff-Threats-Trigger-Surge-in-Chinese-Exports.html |
|
U.S.-Based Semiconductor Company Tied to Russian Military Supply ChainA Chinese company that owns a California manufacturing plant has sent hundreds of shipments of restricted dual-use electronics to Russia since the Kremlin’s invasion of Ukraine, including to sanctioned companies with ties to the Russian military. At least one component manufactured by the company, Yangzhou Yangjie Electronic Technology Company Limited, was found in a Russian weapons guidance system recovered from the battlefield in Ukraine, according to a public database maintained by the Ukrainian military. Yangjie Technology, located in Yangzhou… Read more at: https://oilprice.com/Geopolitics/International/US-Based-Semiconductor-Company-Tied-to-Russian-Military-Supply-Chain.html |
|
Trafigura Oil Bribery Court Case Opens In SwitzerlandOil and commodities trading powerhouse Trafigura Group and three other defendants went on trial on Monday in Switzerland’s top criminal court over allegations of bribery. According to Reuters, Trafigura has been charged for failing to take all reasonable measures to prevent payment of more than $5 million in bribes to an Angolan oil official in exchange for oil and shipping contracts more than a decade ago. Trafigura said that its former parent company, Trafigura Beheer BV (TBBV), will defend itself, “TBBV’s anti-bribery and anti-corruption controls… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trafigura-Oil-Bribery-Court-Case-Opens-In-Switzerland.html |
|
Crypto’s Complex Journey in Central AsiaCryptocurrency ownership is gaining popularity across Central Asia and the Caucasus, according to a report prepared by a group of financial services companies. Uzbekistan has the highest adoption rate for crypto assets in the regions and ranks 33rd globally. The Russian-language report, titled Digital Assets in Central Asia and the Caucasus, shows that almost 1.5 percent of Uzbekistan’s population, or roughly 512,000 individuals, owns cryptocurrency. The 15 licensed cryptocurrency exchanges and outlets operating in Uzbekistan handled over… Read more at: https://oilprice.com/Finance/the-Markets/Cryptos-Complex-Journey-in-Central-Asia.html |
|
This Forgotten Metal Could be The No.1 Commodity Play of 2025More than 100 years ago, a ship left a Nova Scotia harbor carrying a precious cargo that few today would recognize as valuable. The crew, full of optimism, was bound for Wales hoping that the metal they carried would lead them to riches. Unfortunately, they never made it. A German U-boat lurking in the cold Atlantic waters fired a torpedo and the ship went down, sinking to the ocean floor along with its mysterious cargo. At the time, the metal seemed unimportant, but its true value wasn’t fully realized until later. Fast forward to today… Read more at: https://oilprice.com/Metals/Commodities/This-Forgotten-Metal-Could-be-The-No1-Commodity-Play-of-2025.html |
|
U.S. Enters Winter with Highest Natural Gas Stocks in Eight YearsU.S. natural gas inventories are higher than average for this time of the year as America has entered the proper winter heating season with stocks at their highest level since 2016, the Energy Information Administration (EIA) said on Monday. Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to estimates based on data from EIA’s Weekly Natural Gas Storage Report. The 2024/2025 winter heating season has now started with the most natural gas since 2016… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Enters-Winter-with-Highest-Natural-Gas-Stocks-in-Eight-Years.html |
|
Is Trump Going To Turn The Screw On Iran’s Key Criminal Accomplice Iraq?For years, internationally-sanctioned Iran has used non-internationally-sanctioned Iraq as a front through which it can move whatever it wants wherever it wants whenever it wants to. This includes its sanctioned oil and gas, sanctioned funds, and sanctioned goods and people. This has been enabled by a succession of U.S. governments that granted Iraq waiver after waiver to continue to import Iranian energy which Iraq needs because its own endemically corrupt oil and gas sector has eaten away its ability to meet its own power requirements. The U.S.’s… Read more at: https://oilprice.com/Energy/Energy-General/Is-Trump-Going-To-Turn-The-Screw-On-Irans-Key-Criminal-Accomplice-Iraq.html |
|
Azeri Gas Flows Launch to Slovakia as Ukraine Gas Transit Set to ExpireOn December 1, Azerbaijan’s state oil company, SOCAR, started supplying natural gas to Slovakia’s Slovenský plynárenský priemysel (SPP), the country’s largest state-owned energy operator. This comes just a month after SPP signed a short-term pilot contract to buy natural gas from Azerbaijan as it prepares for a possible halt to Russian supplies via Ukraine. Last year, Ukraine signaled it has no intention to renew a five-year pipeline transit agreement to supply natural gas to EU countries when it expires on… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Azeri-Gas-Flows-Launch-to-Slovakia-as-Ukraine-Gas-Transit-Set-to-Expire.html |
|
Traders Become More Bullish on European Diesel as Winter ArrivesHedge funds and other portfolio managers have been slashing their bearish bets on the European ICE gasoil futures amid falling temperatures and rising natural gas prices in Europe. In the week to November 26, money managers reduced – once again – their short positions on the gasoil futures traded on the ICE, according to data from the exchange quoted by Bloomberg. In ICE gasoil futures, speculators raised their net long position, or the bullish bets, by 3,421 lots to 23,239 lots as of November 26, the weekly report from the exchange… Read more at: https://oilprice.com/Energy/Energy-General/Traders-Become-More-Bullish-on-European-Diesel-as-Winter-Arrives.html |
|
Gazprom Hits Maximum Capacity of Pipeline Gas Flows to ChinaGazprom’s natural gas flows via the Power of Siberia pipeline to China have reached full capacity of 38 billion cubic meters annually, the Russian gas giant said on Monday. Gazprom started sending gas to China via the Power of Siberia pipeline at the end of 2019, and flows have now reached the maximum design capacity. “We see demand for Russian gas on the growing Chinese market and the important role that Russian gas plays in the stable energy supply of China’s economy,” Gazprom chief executive Alexei Miller said in a statement… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Hits-Maximum-Capacity-of-Pipeline-Gas-Flows-to-China.html |
|
Europe’s Gas Storage Plummets at Fastest Pace in 8 YearsEurope’s gas inventories have depleted at the fastest rate for eight years, as the region has experienced repeated bouts of colder-than-normal temperatures and low wind speeds since the start of the winter heating season. Combined inventories in underground storage across the European Union and the United Kingdom dropped by 83 terawatt-hours (TWh) between the official start of winter on October 1 and November 26. Stocks have fallen more than four times faster than the average over the last ten years, and by the most for any year since 2016,… Read more at: https://oilprice.com/Energy/Natural-Gas/Europes-Gas-Storage-Plummets-at-Fastest-Pace-in-8-Years.html |
|
Oil Producers Block Binding UN Treaty to Curb PlasticsA small group of major oil-producing countries, including the leaders of the OPEC+ alliance – Saudi Arabia and Russia – have blocked a United Nations-backed summit from agreeing on a binding treaty to put limits on the production and use of plastics. To address plastics pollution, the UN convened a summit in Busan, South Korea, where delegates have been discussing the idea of a plastics treaty since November 25. The UN has said that the talks would be “essential” to deal with plastics pollution, but these talks and the summit… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Producers-Block-Binding-UN-Treaty-to-Curb-Plastics.html |
|
Galp Confirms Quality Light Oil Discovery Offshore NamibiaNamibia’s offshore has yielded quality discovery as the African country continues to be an exploration hotspot for international companies. Portugal’s Galp has just successfully drilled and logged the Mopane-1A appraisal well in block PEL83, encountering light oil and gas-condensate in high-quality reservoir-bearing sands. The findings of this third appraisal well are “once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO2 and no H2S concentrations,”… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Galp-Confirms-Quality-Light-Oil-Discovery-Offshore-Namibia.html |
|
Norway Pauses Deep Sea Mining PlansNorway’s cabinet is scrapping a licensing round for deep sea minerals mining planned for 2025 as part of a deal with a small party backing the minority government to pass the country’s budget bill. The SV leftist and environmentalist party is not part of the ruling minority coalition, but the Labor government in Norway relies on it to pass legislation, including budget bills, in Parliament. Early this year, Norway’s Parliament agreed to allow Arctic seabed exploration to mine for critical minerals. Analyses by the Norwegian Offshore… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norway-Pauses-Deep-Sea-Mining-Plans.html |
|
Nasdaq jumps to new record to start December trading, S&P 500 inches higher: Live updatesStocks are coming off a big winning week and month. Read more at: https://www.cnbc.com/2024/12/01/stock-market-today-live-updates.html |
|
Art Cashin, New York Stock Exchange fixture for decades, dies at age 83Art Cashin was UBS’ director of floor operations at the NYSE and a man The Washington Post called “Wall Street’s version of Walter Cronkite.” Read more at: https://www.cnbc.com/2024/12/02/art-cashin-new-york-stock-exchange-fixture-for-decades-dies-at-age-83.html |
|
Fed Governor Waller says he is ‘leaning toward’ a December rate cut, but worries about inflationWaller cited recent data indicating that progress on inflation may be ‘stalling.’ Read more at: https://www.cnbc.com/2024/12/02/feds-waller-leaning-toward-a-rate-cut-but-worries-about-inflation-.html |
|
Intel CEO Pat Gelsinger ousted by board after disastrous performanceIntel announced Monday that CEO Pat Gelsinger has retired from the company, effective Dec. 1. Read more at: https://www.cnbc.com/2024/12/02/intel-ceo-pat-gelsinger-is-out.html |
|
Trump defense pick Pete Hegseth faces new media report on alleged alcohol abuse, sexual improprietyFormer Fox News host Pete Hegseth, the would-be secretary of Defense for President-elect Donald Trump, was eyed in 2017 for an alleged sexual assault. Read more at: https://www.cnbc.com/2024/12/02/trump-defense-pentagon-pete-hegseth-drinking-sex-finances-.html |
|
The war on woke: How a gay rights index once touted by Walmart and others became a conservative targetCorporations are pulling out of the Human Rights Campaign’s Corporate Equality Index just a few years after celebrating their contributions to LGBTQ+ inclusion. Read more at: https://www.cnbc.com/2024/12/02/the-war-on-woke-how-a-gay-rights-index-became-a-conservative-target.html |
|
Stellantis CEO Carlos Tavares resigns amid problems in U.S., falling salesStellantis CEO Carlos Tavares has unexpectedly resigned from the automaker amid increasingly “different views” between the executive and the board of directors. Read more at: https://www.cnbc.com/2024/12/01/stellantis-ceo-carlos-tavares-resigns.html |
|
Super Micro pops 30% after special committee finds no ‘evidence of misconduct’Shares of Super Micro Computer surged more than 30% after a special committee ruled it found “no evidence of misconduct” at the embattled AI server maker. Read more at: https://www.cnbc.com/2024/12/02/super-micro-computer-pops-14percent-after-special-committee-finds-no-evidence-of-misconduct.html |
|
President Biden pardons his son Hunter BidenThe decision, which was first reported by NBC News, is a reversal for the president, who repeatedly said he would not use his authority to pardon his son or commute his sentence. Read more at: https://www.cnbc.com/2024/12/02/president-biden-pardons-his-son-hunter-biden.html |
|
Ripple’s XRP surges towards $3 as investors anticipate crypto-friendly Congress: 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. On today’s show, Vance Spencer of Framework Ventures discusses his expectations for the crypto startup scene under a second Trump presidency. Read more at: https://www.cnbc.com/video/2024/12/02/ripple-xrp-surges-towards-three-investors-anticipate-crypto-friendly-congress-crypto-world.html |
|
Here’s what the rise of homeowners associations means for buyersHomeowners associations, or HOAs, are becoming more common. The biggest complaint among current owners is the cost, report finds. Read more at: https://www.cnbc.com/2024/12/02/heres-what-the-rise-of-homeowners-associations-means-for-buyers.html |
|
Streamer Kai Cenat earns millions, breaks Twitch subscriber record during 30-day livestreamKai Cenat, a 22-year-old live streamer, completed a so-called subathon on Saturday, streaming 24 hours a day for the entire 30 days of November. Read more at: https://www.cnbc.com/2024/12/02/kai-cenat-breaks-twitch-subscriber-record-during-30-day-livestream.html |
|
Latest U.S. strike on China’s chips hits semiconductor toolmakersThe United States on Monday launched its third crackdown in three years on China’s semiconductor industry. Read more at: https://www.cnbc.com/2024/12/02/latest-us-strike-on-chinas-chips-hits-semiconductor-toolmakers-reuters-reports.html |
|
The Democratic Diaspora: Liberals Seek Safe Spaces After Democracy Prevailed In 2024Authored by Jonathan Turley, Democrats who campaigned on the need for “joy” and “saving democracy” are strikingly unjoyful about the results of the democratic process in 2024. Read more at: https://www.zerohedge.com/political/democratic-diaspora-liberals-seek-safe-spaces-after-democracy-prevailed-2024 |
|
Trump Warns Hamas Of “Hell To Pay” If Hostages Aren’t Freed Before InaugurationIt’s no secret that President-elect Donald Trump is firmly in support of Israel, despite that after a year of Israeli war in Gaza the civilian death toll is in the multiple tens of thousands. Trump has stacked key national security positions with pro-Israel hawks. This is why it comes as no surprise that he’s already talking tough, threatening escalation if Hamas and Palestinian militants in Gaza don’t immediately free the remaining Israeli hostages. “Everybody is talking about the hostages who are being held so violently, inhumanely, and against the will of the entire World, in the Middle East – But it’s all talk, and no action!” Trump began a post on his Truth Social. He is warning that there will be “hell to pay” if Hamas doesn’t release the captives. “Please let this TRUTH serve to represent that if the hostages are not released prior to January 20, 2025, the date that I proudly assume Office as President of the United States, there will be ALL HELL TO PAY in the Middle East, and for those in charge who perpetrated these atrocities against Humanity,” Trump continued in the statement. Read more at: https://www.zerohedge.com/geopolitical/trump-warns-hamas-hell-pay-if-hostages-arent-freed-inauguration |
|
If Cash Is King, Is The King Dying?Authored by Gregory Copley via The Epoch Times, Much of the world is at a pivotal stage in the future of money. If the physical symbolism of cash is removed or diminished, so too is individual freedom and much of the inspiration for entrepreneurship.
Proposals to make cash entirely digital gives a new meaning to governments as “controllers of the currency”; it makes them controllers of the lives of individuals. Economists, politicians, and the avaricious tend to think that cold, hard cash – the physical kind – merely gets in the way of a deal which can be “interpreted” in many invisible currency forms, such as credits, promissory notes, and abstract assets. Nonetheless, it is currency which reflects the prestige and power – or lack of them – of a society. The bulk of the “value” or wealth of most societies today, however, is measured not … Read more at: https://www.zerohedge.com/geopolitical/if-cash-king-king-dying |
|
US Bitcoin Reserve Is Possible, But Not Without DownsidesAuthored by Stephen Katte via CoinTelegraph.com, During his 2024 election campaign, United States President-elect Donald Trump made many crypto-related promises, including establishing a “strategic Bitcoin stockpile.” The idea has since picked up steam both in the United States and abroad.
While there has been plenty of talk, a clear roadmap and timeline for the implementation of a Bitcoin strategic reserve haven’t been hashed out by lawmakers yet. Speaking to Cointelegraph, Tim Ogilive, global head of institutional at crypto exchange Kraken, said at its core, establishing a strategic Bitcoin reserve is a “straightforward process.” Read more at: https://www.zerohedge.com/crypto/us-bitcoin-reserve-possible-not-without-downsides |
|
House prices surprise with fastest rise for two yearsThe price of a typical UK home rose by 3.7%, says Nationwide, despite “stretched” affordability. Read more at: https://www.bbc.com/news/articles/c0mvn4g3r3ko |
|
Typhoo Tea to be rescued by vape maker for £10mThe firm behind e-cigarette brand 88Vape will buy the tea business after it fell into administration. Read more at: https://www.bbc.com/news/articles/cre7dxdpj04o |
|
Stellantis boss abruptly quits in boardroom clashCarlos Tavares will leave immediately, days after announcing plans to close a Vauxhall plant in Luton Read more at: https://www.bbc.com/news/articles/cvgx5pe4r0xo |
|
Sebi orders finfluencer ‘Baap of Chart’ to refund fee collected from investorsCapital market regulator Sebi has barred Nasiruddin Ansari and associates, operators of the Baap of Chart platform, from accessing the securities market for providing unregistered investment advisory services. Sebi instructed them to refund Rs 17 crore to investors through an escrow account and publish notice in national newspapers. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-orders-finfluencer-baap-of-chart-to-refund-fee-collected-from-investors/articleshow/115907528.cms |
|
Top 6 high-performing equity MF schemes of CY24 and their winning picksIn today’s Mutual Fund Analysis, ETMarkets highlights the top six equity mutual fund schemes that have delivered over 40% growth in CY24 to date. Read more at: https://economictimes.indiatimes.com/markets/commodities/news/top-6-high-performing-equity-mf-schemes-of-cy24-and-their-winning-picks/slideshow/115901034.cms |
|
Sebi gives nod to Shriram Properties’ CMD Murali Malayappan for indirect acquisitionSebi’s exemption order on Monday stated that the indirect acquisition would not alter the control of Shriram Properties, with the promoter and promoter group retaining a 27.94% stake in the company post-acquisition. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-gives-nod-to-shriram-properties-cmd-murali-malayappan-for-indirect-acquisition/articleshow/115903872.cms |
|
This move by the stock market’s ‘fear gauge’ is historically bullish for the S&P 500Traders have been rushing in to buy stocks in the final hour of trading over the past two weeks, while a gauge of expected S&P 500 volatility has dropped sharply in the wake of the presidential election. Read more at: https://www.marketwatch.com/story/this-move-by-the-stock-markets-fear-gauge-is-historically-bullish-for-the-s-p-500-cca3fc2d?mod=mw_rss_topstories |
|
2- through 10-year yields finish higher after new Trump tariff threatMost U.S. government debt sold off on Monday, lifting 2- and 10-year yields off their October lows, after a new tariff threat from President-elect Donald Trump reignited worries over inflation. Read more at: https://www.marketwatch.com/story/bond-yields-rise-after-new-trump-tariff-threat-98accc5b?mod=mw_rss_topstories |
|
Why gold will likely beat stocks over the near termStocks and gold have produced nearly identical returns so far this year. Read more at: https://www.marketwatch.com/story/why-gold-will-likely-beat-stocks-over-the-near-term-f36f2648?mod=mw_rss_topstories |
