Major indices are trading higher across the board, with the Nasdaq Composite having a clear lead. Investors are awaiting comments from Fed Chair Powell at 1:40 P.M ET today.

The Ten-Year Treasury Yield (TNX) fell 2.4 basis points (bps) and fell below 4.20%.

Four of eleven sectors are in the green, with Technology (XLK) coming out ahead of the pack. Gains from Salesforce (CRM) are helping Technology (XLK) today as the company sparked enthusiasm with the CEO’s optimistic comments about Agentforce AI system. Energy (XLE) is by far the biggest loser, down 2.61%.

On the economic front, November ISM Services PMI fell to 52.1 from 56 last month and below estimates of 55.5.

Other Notable Points:

• Ease of business activity was 53.7 vs prior reading of 57.2
• Supplier deliveries were 49.5 vs prior reading of 56.4
• New orders were 53.7 vs prior reading of 57.4
• Employment was 51.5 vs prior reading of 53
• Inventories were 45.9 vs prior reading of 56.4

October factory orders rose 0.2% m/m, in line with estimates, and above last month’s decline of 0.2%.

Other Notable Points:

• Durable goods rose 0.3%
• Non-durable goods grew 0.1%
• Transportation equipment increased 0.5%
• Machinery grew 0.5%
• Electrical Equipment gained 1.3%

November ADP payrolls came at +146k, missing consensus of 150k, while October results were revised lower to +184k, from +233k. Manufacturing was the only industry with a net loss, while education and health services saw the largest gain.

Comments

What will Microstrategy be worth when BTC hits $50000. It gets featured on talking head shows when it hits a high. Let's look at a 5yr or 7yr chart. It's so volatile. Dave on 12/4/2024 2:22:25 PM

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