Housing starts & permits unexpectedly jum in October despite homebuilder sentiment slump. Both permits and starts rose MoM in October, +1.1% MoM and +1.9% MoM respectively (vs -1.4% MoM and -0.6% MoM expected respectively).
US Treasury yields slipped further this morning as markets tried to gauge if the Federal Reserve's recent campaign of interest rate hikes has reached its peak following a week of soft inflation data. Treasury ETF TLT is up 0.20% while 10 year Treasury yield TNX is down to 4.439%.
Semiconductor equipment maker Applied Material (AMAT) delivers Q4 beat but reported DOJ investigation weighs. Stock is down nearly 8%. Alibaba (BABA) is down nearly 3% after it shelved a planned IPO for its cloud unit, citing the impact of US curbs on chip exports to China.
Bitcoin (BTC) and other cryptocurrencies slipped yesterday as the wait for a regulatory decision on hotly anticipated crypto funds streched on , though traders remained bullish that the latest rally in digital assets will continue. Bitcoin is strading at 36280, retreating from its recent high of $38,000 . Bitcoin has rallied by more than 30% in a matter of weeks. Its resistance is $38,000 while support is at $35,000. Traders remain firmly bullish on Bitcoin's momentum and see more gains ahead.
Major stock indexes are trading mix today with Russell 2000 up over 1% while Dow, S&P 500 and Nasdaq all trading flat line. After continuous rises since end of October, major market indexes has been consolidating gains, and they have been consolidating for the third day in a bullish way. It sure looks like there are more gains ahead. The year end rally is on. The key levels for the S&P 500 are resistance 4541 and support 4450.
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