• Stocks Mixed as Post-Election Rally Cools Down

  • Nov 14 2024
  • Length: 4 mins
  • Podcast

Stocks Mixed as Post-Election Rally Cools Down

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  • Summary

  • ## Major Index Performance
    - **Dow Jones Industrial Average**: Down 15 points, or less than 0.1%, as of midday trading. However, it closed the previous day up 0.1% at 43,958.19[2][3].
    - **S&P 500**: Down 0.1% in midday trading, but still near its all-time high set on Monday. It closed the previous day up 1.39 points at 5,985.38[2][3].
    - **NASDAQ Composite**: Down 0.2% in midday trading. It closed the previous day down 0.3% at 19,230.72[2][3].

    ## Key Factors Driving Today's Market Direction
    - The post-election rally is showing signs of cooling down[1][3].
    - Federal Reserve Chairman Jerome Powell signaled caution on rate cuts, which may have impacted market sentiment[1].
    - October CPI data was in line with expectations, with a 0.2% increase, which did not significantly alter market expectations[2].

    ## Notable Sector Performance
    - **Top Gainers**:
    - Consumer Discretionary Select Sector SPDR (XLY) advanced 0.9%
    - Real Estate Select Sector SPDR (XLRE) advanced 0.8%
    - Energy Select Sector SPDR (XLE) advanced 0.8%[2].
    - **Top Decliners**:
    - Three out of 11 broad sectors of the S&P 500 ended in negative territory, though specific sectors are not detailed[2].

    ## Market Highlights
    - **Most Actively Traded Stocks**: No specific details available for today, but notable movers include Walt Disney Co., up 7.8% after strong quarterly profits, and Tapestry, up 12.7% after terminating its merger with Capri[3].
    - **Biggest Percentage Gainers and Losers**:
    - Griffon Corp. jumped 18.2% and Arcos Dorados Holdings Inc. jumped 2.4% due to strong earnings reports[2].
    - **Significant Market-Moving News Events**:
    - Walt Disney Co.'s strong quarterly profits and Tapestry's merger termination[3].
    - **Important Economic Data Releases and Their Impact**:
    - October CPI increased 0.2%, in line with expectations, and core CPI increased 0.3%. This data supported an 83% probability of a 25 basis-point rate cut in December[2].

    ## Technical Analysis
    - **Current Market Trend**: The market is showing signs of uncertainty and cooling down after the post-election rally[1][3].
    - **Key Support and Resistance Levels**: Not specified in the sources.
    - **Trading Volume Analysis**: A total of 16.49 billion shares were traded on Wednesday, higher than the last 20-session average of 13.46 billion[2].
    - **VIX Movement and Implications**: The CBOE Volatility Index (VIX) was down 6.7% to 14.02, indicating reduced volatility[2].

    ## Forward-Looking Elements
    - **Pre-market Futures Indication**: Not available in the sources.
    - **Key Events to Watch for Tomorrow**: No specific events mentioned.
    - **Important Upcoming Earnings Releases**: Third-quarter earnings results are ongoing, with notable releases from companies like Griffon Corp. and Arcos Dorados Holdings Inc.[2].
    - **Potential Market Catalysts**: The expectation of a potential 25 basis-point rate cut in December, as indicated by the CME FedWatch tool, could be a significant market catalyst[2].
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