Scott Olson/Getty Images News
Major market averages trade mixed on Thursday morning with the market poised to cement its biggest monthly gains this year.
Early on and the Dow (DJI) advanced by 0.5% thanks to a big post-earnings price jump from Salesforce (CRM). At the same time the S&P 500 (SP500) was -0.1% and the Nasdaq Composite (COMP.IND) was -0.2%.
Going into the last day of November, the S&P 500 (SP500) is up 8.5%, the best performance since July 2022. The Nasdaq (COMP.IND) is up 11% and the Dow (DJI) is up 7.2%.
The 10-year Treasury yield (US10Y) rose 8 basis points to 4.34%. The 2-year yield (US2Y) was up 5 basis points to 4.70%. That’s the lowest level since July.
“Bloomberg’s global bond aggregate is currently on course for its best month since December 2008, and the US bond aggregate is on course for its best month since May 1985,” Deutsche Bank’s Jim Reid said.
October personal spending and income numbers arrived with both coming in at 0.2% M/M.
That report also came with the Fed’s favorite inflation gauge. The core PCE price index advanced 3.5% Y/Y in October, matching the consensus and cooling from 3.7% in September.
Six months ago the annual rate was 4.8% and the three-month 4.7%, “confirming that the underlying disinflationary process is now quite advanced, despite the brief surge in oil prices over the summer,” Pantheon Macro’s Ian Shepherdson said.
At the same time, weekly initial jobless claims rose by 7K to 218K, compared with the forecasted 219K level.
Shortly, the Chicago PMI for November is out. The forecast is for a rise to 45.4. And October pending home sales hit shortly after that with expectations for a 2% decline.
Source link
