The story of yesterday's session was the move in the 10-year bond yield (TNX). There is some downside resistance here, but the most significant test comes at 4.0%.

Lower bond yields lifted Real Estate (XLRE) to the top spot among S&P 500 sectors.

Advancers

Super Micro Computer (SMCI) continues to stage a remarkable rebound, and given the hit to Nvidia (NVDA), the action was even more impressive. There was some bottom fishing in Enphase (ENPH) and Ulta Beauty (ULTA), but homebuilders enjoyed lower bond yields.

Heat Map

The weakness in oil and oil-related stocks stands out the most.

The Little Engine That Could

The iShares Russell 2000 ETF (IWM) broke out, and it looks great.

If you feel like you missed the move in the Russell 2000, check out how much potential room there is on the upside.

The First Salvo

President-elect Trump posted on Truth Social that he would impose an additional 10% tariff on goods from China and 25% on all products from Mexico and Canada.

Santa Claus to the rescue:

There will be lots of Economic Data to be released today:

Today’s Session

Trump’s tariff salvo sent world leaders scurrying, with Trudeau reaching out quickly.  Equity futures turned higher after futures slipped last night.

One thing is clear – financial media headlines over the next four years will be like walking through a field of landmines.

Ignore them as much as possible.

Lots of retail results this morning, we are crunching numbers. Happy to say, Dick’s (DKS) posted solid results and is trading higher.

Comments

Trudeau is an enemy of the American people, and freedom loving Canadians. An excellent target for regime change. Michael Supplee on 11/26/2024 10:52:25 AM

I consider Trudeau an enemy of Canadians as well. He is a nepo politician who has always worked for the Establishment. CP Charles Payne on 11/26/2024 11:00:39 AM

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