Hello readers!
As we approach the end of November, the stock market has been experiencing a strong rally. Major indexes are on track for their strongest monthly performances in over a year. However, futures are pointing to a modestly lower open today. But don't worry, there's still plenty to be optimistic about!
📰 Wall Street Thinks Rate Cuts Are a Matter of Time
One reason for the recent upsurge in stocks is the belief that rate cuts are on the horizon. According to bond reporter Sam Goldfarb, investors are betting on the Federal Reserve cutting rates in the near future. Interest-rate futures indicate a roughly 60% chance of a quarter-of-a-percentage point rate cut by May 2024. This has boosted investor confidence and contributed to the market's positive performance.
🔎 Stocks to Watch
- Crown Castle (CCI): Activist Elliott Investment Management plans to push for change at the owner of wireless towers after amassing a stake of over $2 billion.
- Nvidia (NVDA): Shares in the semiconductor giant slipped premarket. They fell 1.9% on Friday after news that the launch of a new AI chip destined for China will be delayed.
- Zscaler (ZS): This cybersecurity company is due to post earnings after markets close. Keep an eye on their performance.
Earnings reports later this week include Hewlett Packard Enterprise (HPE) on Tuesday, and Salesforce (CRM) and Foot Locker (FL) on Wednesday. These reports will provide further insights into the market's direction.
🔥 Market Insights from Goldman Sachs
Looking for expert analysis and insights into the market? Check out Goldman Sachs' weekly podcast, where their economists, financial analysts, and investors discuss the key market drivers. It's a great way to stay informed and understand the dynamic market environment.
📈 Charting the Markets
- Stocks and bonds have surged in November, and some analysts believe there is still more room for growth.
- A happy holiday shopping season might not be as cheery for lenders, as explained by Telis Demos for Heard on the Street.
- A healthcare hiring boom is offsetting weaker job growth in other sectors, boosting the industry's chances of skirting a recession. This trend is expected to continue as the aging population and COVID-19 fuel worker shortages and increased healthcare needs.
That's all for now, folks! Stay tuned for more updates and remember to stay positive in the ever-changing world of the stock market. Happy investing!
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