Dow rose 71, but decliners over advancers 5-4 & NAZ added only 3. The MLP index fell 1+ to the 257s, another low, & the REIT index was off a fraction to 361. Junk bond funds did little & Treasuries edged lower. Oil dropped 1+ to the 57s (more below) & gold climbed 6 to 1294.
AMJ (Alerian MLP Index tracking fund)
Most US stocks advanced while the $ weakened as investor focus returned to the American economy& tax legislation at the beginning of a week packed with potential market catalysts. The S&P 500 pushed toward a fresh record as investors gear up for a busy week, with Pres Trump scheduled to address Senate Reps tomorrow ahead of a potential vote on a tax overhaul. Fed Chair Janet Yellen testifies before the congressional Joint Economic Committee & the confirmation hearing for her nominated successor, Jerome Powell, begins. Adding to the mix are data on US GDP, prices & jobs. The Stoxx Europe 600 Index edged lower as defensive sectors such as real estate & utilities outperformed cyclical shares. The € rose & core European bonds gained as Germany moved closer to forming a new gov. South Africa’s rand halted a slide, cutting the country's local-currency debt to junk on Fri. Oil slipped from a 2-year high before OPEC meets on Thurs. Meanwhile, nickel led a slump in industrial metals, with copper declining for the first time in 7 sessions. Precious metals had a better day, with gold & platinum rising.
US purchases of new homes unexpectedly advanced in broad fashion last month, reaching the strongest pace in a decade & offering an encouraging signal for residential construction, according to gov data. Single-family home sales rose 6.2% M/M to 685K annualized pace (est 627K), the highest since Oct 2007, a revised 645K rate. Purchases in the South increased for a 3rd month, to the fastest pace in 10 years. Median sales price increased 3.3% Y/Y to $312K. The supply of homes at current sales rate fell to 4.9 months, the smallest since Jul 2016, from 5.2 months & 282K new houses were on market at end of Oct. Th. South region continued to recover from a pair of hurricanes. Purchases in other areas of the country, including a 17.9% surge in the Midwest, also climbed. The number of properties sold in which construction hadn't yet started reached the highest level since 2007, signaling residential construction will accelerate in coming months. New-home sales, tabulated when contracts get signed, account for about 10% of the market. They're considered a timelier barometer than purchases of previously owned homes, which are calculated when contracts close & are reported by the National Association of Realtors. The number of homes sold but not yet started rose to 247K in Oct from 184K & another 221K dwellings sold were already under construction.
U.S. New-Home Sales Unexpectedly Rise to Highest in a Decade
Oil slipped from the highest close in more than 2 years after US drillers expanded operations while OPEC & Russia prepare to discuss longer supply curbs. Futures slid 1.2% after rising 1.6% Fri to the highest since Jun 2015. OPEC & Russia, partners in the oil-cuts deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to leers. In the US, drillers targeting crude added 9 rigs last week. Oil has advanced about 23% since the start of Sep on speculation OPEC & its allies will prolong output reductions to drain a global glut. Russia had been hesitating over agreeing to extend cuts at the Nov 30 OPEC meeting because the current deal doesn't expire until the end of Mar. West Texas Intermediate for Jan delivery was at $58.26 a barrel, down 69¢. after prices gained 93¢ to $58.95 on Fri, capping a 4.2% weekly advance.
Traders are extending stock market gains. However there is a lot of nervousness, especially regarding the Senate's ability to pass tax reform & then fund the gov for the rest of the fiscal year. Market breadth is negative & gold is rising. This will be a telling week for stocks to see if the market rally will be continued.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 57.73 | -1.22 | -2.1% |
| GC=F | Gold | 1,293.50 | +6.20 | +0.5% |
Most US stocks advanced while the $ weakened as investor focus returned to the American economy& tax legislation at the beginning of a week packed with potential market catalysts. The S&P 500 pushed toward a fresh record as investors gear up for a busy week, with Pres Trump scheduled to address Senate Reps tomorrow ahead of a potential vote on a tax overhaul. Fed Chair Janet Yellen testifies before the congressional Joint Economic Committee & the confirmation hearing for her nominated successor, Jerome Powell, begins. Adding to the mix are data on US GDP, prices & jobs. The Stoxx Europe 600 Index edged lower as defensive sectors such as real estate & utilities outperformed cyclical shares. The € rose & core European bonds gained as Germany moved closer to forming a new gov. South Africa’s rand halted a slide, cutting the country's local-currency debt to junk on Fri. Oil slipped from a 2-year high before OPEC meets on Thurs. Meanwhile, nickel led a slump in industrial metals, with copper declining for the first time in 7 sessions. Precious metals had a better day, with gold & platinum rising.
U.S. Stocks Edge Higher as Dollar, Crude Retreat: Markets Wrap
US purchases of new homes unexpectedly advanced in broad fashion last month, reaching the strongest pace in a decade & offering an encouraging signal for residential construction, according to gov data. Single-family home sales rose 6.2% M/M to 685K annualized pace (est 627K), the highest since Oct 2007, a revised 645K rate. Purchases in the South increased for a 3rd month, to the fastest pace in 10 years. Median sales price increased 3.3% Y/Y to $312K. The supply of homes at current sales rate fell to 4.9 months, the smallest since Jul 2016, from 5.2 months & 282K new houses were on market at end of Oct. Th. South region continued to recover from a pair of hurricanes. Purchases in other areas of the country, including a 17.9% surge in the Midwest, also climbed. The number of properties sold in which construction hadn't yet started reached the highest level since 2007, signaling residential construction will accelerate in coming months. New-home sales, tabulated when contracts get signed, account for about 10% of the market. They're considered a timelier barometer than purchases of previously owned homes, which are calculated when contracts close & are reported by the National Association of Realtors. The number of homes sold but not yet started rose to 247K in Oct from 184K & another 221K dwellings sold were already under construction.
U.S. New-Home Sales Unexpectedly Rise to Highest in a Decade
Oil slipped from the highest close in more than 2 years after US drillers expanded operations while OPEC & Russia prepare to discuss longer supply curbs. Futures slid 1.2% after rising 1.6% Fri to the highest since Jun 2015. OPEC & Russia, partners in the oil-cuts deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to leers. In the US, drillers targeting crude added 9 rigs last week. Oil has advanced about 23% since the start of Sep on speculation OPEC & its allies will prolong output reductions to drain a global glut. Russia had been hesitating over agreeing to extend cuts at the Nov 30 OPEC meeting because the current deal doesn't expire until the end of Mar. West Texas Intermediate for Jan delivery was at $58.26 a barrel, down 69¢. after prices gained 93¢ to $58.95 on Fri, capping a 4.2% weekly advance.
Traders are extending stock market gains. However there is a lot of nervousness, especially regarding the Senate's ability to pass tax reform & then fund the gov for the rest of the fiscal year. Market breadth is negative & gold is rising. This will be a telling week for stocks to see if the market rally will be continued.
Dow Jones Industrials
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