S&P 500 Marks All-time Highs, Democrats Stumble Over Their Shady BBB Notions

#stocks #SP500 #Democrats #BBB #economy #memes #politics #commodities #cryptos #inflation #DAO

$DIA $SPY $QQQ $RUT $VXX $USO $GLD $USD $DXY $GME $KNIGHTSUSD

DJIA +95.83 at 36398.21, NAS Comp -89.54 to 15781.71, S&P 500 -4.84 to 4786.35

Tuesday, the S&P 500 decreased 0.1% on after setting an intraday record high above the 4800 early in the day. The NAS Comp (-0.6%) and Russell 2000 (-0.7%) underperformed, while the DJIA (+0.3%) rose modestly.

Entering the session, the S&P 500 was up 4.9% over the last 4 sessions, while the NAS Comp and Russell 2000 were up 6.0% over the same frame on this low-volume day. 

7 of the 11 S&P 500 sectors closed in Green with the utilities sector (+0.9%) claiming the Top spot with a 0.9% gainer. The information technology sector (-0.6%) slipped into the laggard position with a 0.6% decliner.

  • S&P 500 +27.4% YTD
  • NAS Comp +22.5% YTD
  • DJIA +18.9% YTD
  • Russell 2000 +13.8% YTD

Key Commodities

WTI Crude Oil futures settled higher by 0.6%, or $0.45 at $76.01/bbl, Gold futures settled $2.10 higher (+0.1%) at $1,810.90/oz, and the US Dollar Index is up about +0.1% to $96.22.

The Memes

With a gain of just over 2%, GameStop Corp. (NYSE:GME) is among the small number of meme stocks on our list that posted gains Tuesday. The company had no specific news, but it did put up a banner on the homepage of its NFT website encouraging applicants to sign up to be a creator on the GameStop NFT Marketplace.

GameStop stock is currently trading at $148.74 in a 52-wk range of $17.08 to $483.00. Tuesday’s trading volume was about 1.3-M/shares Vs it daily average of 2.38-M/shares.

The Cryptos

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  • KNIGHTS is the Token controlling The Knightsbridge DAO
  • The Knightsbridge DAO taking Digitization on the road to mass adoption.
  • Creating a bridge that connects the Metaverse and the various Chains and Markets.
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The US economy

The S&P Case-Shiller Home Price Index increased 18.4% yr/yr in October following a 19.1% yr/yr increase in September.  

The FHFA Housing Price Index increased 1.1% m/m in October following a 0.9% increase in September.

Looking Ahead: Investors will receive Pending Home Sales for November, the wkly MBA Mortgage Applications Index, and the Advance November reports for Intl Trade in Goods, Retail Inventories, and Wholesale Inventories Wednesday

Politics

The use of accounting trickery to obscure Mr. Biden’s pipe dream true cost is nothing new on Capitol Hill. But in BBB’s case, the magnitude of the Democrats’ deception is without peer.

The bill would touch just about every sector of the US economy, from healthcare to the environment.

During a period of immense economic anxiety and persistent inflation, the last thing Americans need is a coordinated effort by elected officials to secretly explode the deficit.

Have a happy, prosperous Christmas week, Keep the Faith!

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