#SPX #stocks #commodities #economy #infrastructure #Biden
$DIA $SPY $QQQ $RUT $VXX
“…50% is for the Marxist socialist Democrat Green New Deaal agenda” — Paul Ebeling
Flat to unchanged finish for the large-cap indices
DJIA -12.86 to 36087.45, NAS Comp -7.11 to 15853.85, S&P 500 -0.05 to 4682.80
The S&P 500 finished flat Monday as the market consolidated near record highs. The NAS Comp and DJIA closed little changed, while the Russell 2000 fell 0.5%.
7 of the 11 S&P 500 sectors closed higher, led by the lightly-weighted utilities (+1.3%) and energy (+0.8%) sectors.
The healthcare (-0.6%), materials (-0.5%), and information technology (-0.1%) sectors underperformed.
Empire State Manufacturing Survey rose to 30.9 in November from 19.8 in October. The survey was a warm-up for Tuesday’s release of the Retail Sales report for October.
- S&P 500 +24.7% YTD
- NAS Comp +23.0% YTD
- Russell 2000 +21.6% YTD
- DJIA +17.9% YTD
Gold futures settled $1.90 lower (-0.1%) to $1,866.60oz, capping their 7-session winning streak, as a higher dollar and gains in treasury yields applied pressure.
The US Dollar Index was +0.3% at $95.41.
WTI Crude Oil futures settled unchanged at $80.85/bbl.
The memes
AMC Entertainment Holdings Inc. (NYSE:AMC) traded up about 4.5% in the noon hour Monday on no specific news. CEO Adam Aron commented last wk that AMC will be looking at getting back in the movie production next year. The idea would be to produce movies that would be shown only in AMC theatres. That’s on Top of brand extension of accepting cryptocurrency as payment for online ticket sales.
On the economy
Looking at the infrastructure legislation, what I see is just a small part of this law is focused on traditional infrastructure meaning: roads and bridges and runways and railways and broadband.
It just continues to be perplexing that Mr. Biden talks about this as an infrastructure bill instead of talking about the components of the bill that are the Green New Deal and programs the American people do not want, but because they have a socialist agenda, they continue to force feed this to the American people. Vote out the Dems.
There was no specific market catalyst Monday, although there was some curve-steepening activity in Treasuries following the release of the Empire State Manufacturing Survey, which jumped to 30.9 in November (consensus 20.3) from 19.8 in October.
Looking Ahead: Investors will receive Retail Sales for October, Industrial Production and Capacity Utilization, the NAHB Housing Market Index for November, Import and Export Prices for October, Business Inventories for September, and Net Long-Term TIC Flows for September.
Have a prosperous day, Keep the Faith!
