“By nominating Jerome Powell for a 2nd term as Fed Chairman, Mr. Biden made it clear, the moderate Dems dominate the progressives“– Paul Ebeling
DJIA +17.27 at 35619.25, NAS Comp -202.68 to 15854.77, S&P -15.02 to 4682.94
Monday, the S&P 500 advanced 1.0% after Mr. Biden announced he will nominate Jerome Powell for a 2nd term as Fed Chairman and nominate Lael Brainard for Vice Chairperson of the Board of Governors.
The US benchmark index hit a record high, and faded to – 0.3% on profit taking into the close.
- S&P 500 +24.7% YTD
- NAS Comp +23.0% YTD
- Russell 2000 +23.0% YTD
- DJIA +16.4% YTD
WTI Crude Oil futures rose 0.9%, or $0.66, at $76.77/bbl, the US Dollar Index rose 0.5% to 96.53 and Gold futures settled $45.30 lower (-2.4%) to $1,806.30/oz.
The United States is expected to announce a loan of Crude Oil from its emergency stockpile Tuesday as part of a plan made with major Asian energy consumers to lower energy prices/
The move is designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand.
Global banking powerhouse Citi is hiring 100 people to beef up its blockchain and digital assets division, according to a person familiar with the bank’s plans.
Citi has also made Puneet Singhvi head of digital assets for the ICG (institutional clients group) at Citi as of 1 December, Mr. Singhvi was head of blockchain and digital assets for Citi’s Global Markets team.
Bitcoin traded lower Monday after buyers failed to sustain a weekend rally toward $60,000. The cryptocurrency is trading at $56,987.89 at press time and is down 0.82% over the past 24 hrs.
GBITS (GBITUSD) is trading at $501.23543 avter mark an all-time high intraday at $573.57351.
Monday’s winners: Camber Energy Inc. (NYSEAMERICAN:CEI) led the pack. The company received a letter from the NYSE American exchange last Friday, granting the company’s request for another delay to filing required annual and Quarterly reports. Camber was supposed to file the reports on 19 November, but has been given an extension to 17 December. CEI finished Monday at 1.45 on 217-M.shares
Electric vehicle maker Canoo Inc. (NASDAQ:GOEV) was the other winner, as Editor-in-Chief John Jannarone of IPO Edge said last week that investors looking to place a bet on EVs “should consider lesser-known companies, especially Canoo Inc., whose skateboard-and-top hat model gives it flexibility to offer both recreational and commercial vehicles with minimal added costs.” GOEV finished Monday at 11.43 on 22.5-M/shares exchanged.
- Existing home sales increased 0.8% m/m in October to a seasonally adjusted annual rate of 6.34-M. Total sales in October were down 5.8% from a yr ago.
- The Key takeaway from the report is that prices remain high as inventory remains tight, slowing sales growth in the existing home market as affordability pressures build for prospective buyers.
Looking Ahead: Investors will receive the preliminary IHS Markit Manufacturing and Services PMIs for November Tuesday
Mr. Biden renominated Fed Chairman Powell for a 2nd term as the head of the central bank. A clear sign that his administration is protecting itself from a stock market swoon.
Mr. Powell will now face the Senate Banking Committee for approval before facing the full Senate for approval.
Have a healthy, happy, prosperous Thanksgiving holiday week, Keep the Faith!