Traders embrace Bessent

Trump taps hedge fund exec Bessent for Treasury Secretary, shoppers are 'Picky' heading into Black Friday, small/mid-caps stole the limelight last week, bond market halts brutal run as buyers pounce on 4.5% yields, and Elon Musk jokes about buying MSNBC with risqué meme: ‘Temptation’...

Author

Market Briefing
November 25, 2024

 

Good morning.

The Fast Five → Trump taps hedge fund exec for Treasury Secretary, shoppers are extra 'picky' heading into Black Friday, small/mid-caps stole the limelight last week, bond market halts brutal run as buyers pounce on 4.5% yields, and Elon jokes about buying MSNBC with risqué meme: ‘Temptation’…

Sunday’s Poll: What's your short-term outlook on the market?

🟩🟩🟩🟩🟩🟩 📈 BULLISH (81%)
🟨⬜️⬜️⬜️⬜️⬜️ 📉 BEARISH (19%)

Comments:
📈 "Tech rally will continue and trillions of cash on sidelines"
📈 “With the election over, people have MONEY AND MORE ON THE WAY. Plus, where else are you going to put your $'s?”
📉 “Volitivity from a shifting market and political instability”
📈 “Almost 60 days before Trump screws everything up. After that, there is no telling how badly he will screw it all up.”

Calendar: (all times ET) - Full calendar

  • Monday:
    none

  • Tuesday:
    Consumer confidence, 10:00 am
    New home sales, 10:00 am
    Minutes of Fed’s May FOMC meeting, 2:00 pm

Your 5-minute briefing for Monday, November 25:

BEFORE THE OPEN

As of market close 11/21/2024. Bitcoin as of 11/24/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 41.29% for Week of November 21 2024

Last week: 49.84%. Updates every Friday.

Market Wrap:

  • Futures rise to start Thanksgiving week: Dow +211 pts, S&P/Nasdaq +0.4%.

  • Last week: Dow +2% to record, S&P/Nasdaq +1.7%

  • Trump taps Scott Bessent for Treasury; viewed as market-friendly, but trade policy concerns linger.

  • Key data: Oct. PCE inflation, Fed minutes ahead of Thanksgiving.

  • Earnings: Macy’s, Nordstrom, Best Buy, CrowdStrike, Dell, Bath & Body Works.

EARNINGS

Here’s what we’re watching today. Full calendar »

  • Today: Bath & Body Works (BBWI)

  • Tuesday: Best Buy (BBY), CrowdStrike (CRWD), Kohl's (KSS), Macy's (M), Nordstrom (JWN), Zoom (ZM)

    • Abercrombie & Fitch (ANF) - earnings of $2.35 per share (+28.4% YoY) on $1.2 bln revenue (+11.4% YoY)

    • Dell (DELL) - earnings of $2.05 per share (+9% YoY) on revenue of $24.7 bln revenue (+11.1% YoY)

  • Wednesday: Kroger (KR)

  • Thursday: Happy Thanksgiving

HEADLINES

Bessent edged out Apollo CEO Marc Rowan, former Fed Governor Kevin Warsh, and others, ending a Wall Street waiting game.

Spending is key driver of US economy but shows signs of slowing as impact of past inflation lingers.

  • History is useless for Wall Street pros betting on stocks rally (more)

  • Stubborn US inflation set to reinforce Fed’s go-slow approach (more)

    • Fed survey finds inflation fading as a risk next to debt, trade wars (more)

  • Small- and mid-caps stole the limelight last week (more)

  • Credit is so hot that traders are building shorts (more)

  • Dollar falls as Treasury pick tempers Trump bets (more)

  • Oil holds at 2-week high as Russia, Iran tensions support prices (more)

  • State Street worries crypto rally is distracting gold investors (more)

  • Bond market halts brutal run as buyers pounce on 4.5% yields (more)

  • SEC obtained record financial remedies in fiscal 2024 (more)

  • China investors digest another letdown from Big Tech earnings (more)

  • Adani CFO says US charges linked to only one business contract (more)

FROM STANSBERRY RESEARCH

The Biggest Post-Election Market Shift Ever?

The market surged immediately after President Donald Trump clinched his second term...

The Dow Jones saw its largest single-day gain in two years...

Fannie Mae and Freddie Mac soared nearly 70% in a single day...

Cryptocurrencies surged more than 10%...

Tesla, one of the most beaten-down stocks of the year, leaped 15%...

And even major banks like JPMorgan and Bank of America climbed as much as 13%.

Mind you, this same former hedge fund manager eerily predicted this post-election market rally almost to a tee...

And he's called nearly every major market crash of the 21st century...

Now, he says we're seeing the beginning of a massive shift that's already underway in the U.S. stock market...

One that has nothing to do with politics or the new administration.

It could open historic opportunities for investors who know where to look... while decimating the portfolios of those who are caught off-guard.

He reveals everything in an exclusive presentation, right here - along with our No. 1 stock recommendation for this market shift, 100% free.

Allison Comotto
Senior Researcher, Stansberry Research

DEALFLOW

M+A | Investments

  • Amazon investing an additional $4M in AI firm Anthropic (more)

  • Honeywell sells face mask business in $1.3 bln cash deal (more)

  • Centerfield, a tech service provider for digital customer acquisition, acquired Brainjolt, a social commerce platform that curates and promotes products to its engaged audiences on Meta, Snap and TikTok (more)

  • Pep2Tango Therapeutics, a startup focused on weight loss therapies, received an investment from Versant Ventures (more)

  • KMS Technology, a provider of digital engineering, data and AI services, received an investment from Sunstone Partners (more)

  • Technosylva, a provider of catastrophic event simulation modeling, risk analysis, and operational response solutions, received a strategic growth investment from General Atlantic (more)

  • Empyrean Solutions, a provider of risk and performance management software for financial institutions, received an investment from Hg (more)

VC

  • Silfab Solar Inc., a photo-voltaic (“PV”) module manufacturer, raised $100M in funding (more)

  • Lightning AI, a creator of the PyTorch Lightning framework, raised $50M in funding (more)

  • TailorMed, a healthcare technology company, raised $40M in funding combining equity and debt (more)

  • Wordware, a full-stack operating system for AI development, raised $30M in Seed funding (more)

  • OneCell Diagnostics, a genomics-based precision oncology company, raised $16M in Series A Funding (more)

  • Grey Market Labs, a provider of cybersecurity solutions, secured $8M in Series A funding (more)

  • Stax.ai, a provider of workflow automation tools for retirement third-party administrators, raised $7M in funding (more)

  • OncoVerity, a company specializing in applying advanced bioinformatics to drug development, raised a Series A extension funding (more)

CRYPTO

  • Bitcoin’s rally stalls after nearing the historic $100,000 level (more)

  • Lutnick’s Cantor in talks with Tether about $2 bln Bitcoin lending project (more)

  • The case for altcoins and memes as bitcoin faces potential correction (more)

BULLISH BITES

🇺🇸 Inside Look: How tech bros bought ‘America’s most pro-crypto Congress ever’.

🤖  Ethics: OpenAI is funding research into ‘AI morality’.

☕️ Latte Lines: Can Starbucks fix long lines at its airport cafes?

⭐️ Big Hit: Elon Musk’s model mother sees celebrity take off in China.

DAILY SHARES

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