S&P 500, NAS Comp at Record Highs, Major Cryptos Stall, GBITS Eyes $500ea and Marks It

#stocks #cryptocurrencies #memes #commodities #economy #politics

$SPY $QQQ $RUT $DIA $VXX $GBITUSD $BTCUSD $ETHUSD $XRPUSD

DJIA -60.10 to 35870.95, NAS Comp +72.14 at 15993.72, S&P 500 +15.87 at 4704.54

Thursday, the S&P 500 (+0.3%) and NAS Comp (+0.5%) closed at record highs. The DJIA (-0.2%) and Russell 2000 (-0.6%) finished off a bit.

• S&P 500 +25.3% YTD

• NAS Comp +24.1% YTD

• Russell 2000 +19.7% YTD

• DJIA +17.2% YTD

Cryptocurrencies

The major cryptos off on profit taking. However, GBITUSD ignored the trend as it eyed $500ea marked it, GBiTS is currently trading at 507.85566.

Bitcoin declined toward a 3-wk lows Thursday around $56,000 before stabilizing near $58,000. BTC is down about 11% WTD, compared with a 14% drop in Ether over the same frame.

The Memes

Thursday, 3 of the meme stocks on our list traded down: Lucid Group (NASDAQ: LCID) was down sharply, as was Canoo (NASDAQ:GOEV), which traded down about 13.7%. Rivian Automotive (NASDAQ:RIVN) traded down another 15%, after dropping a like amount Wednesday. The declines were on profit-taking,

US Economic Data

• Initial jobless claims for the week ending November 13 decreased by 1,000 to 268,000, which was the lowest level since 14 March 2020. Continuing jobless claims for the week ending 6 November decreased by 129,000 to 2.080-M.The Key takeaway from the report is that the low level of initial claims should help set expectations for another nice pickup in hiring activity since it covers the wk in which the survey for the November Employment Situation Report was conducted.

• The Philadelphia Fed Index for November increased to 39.0 (consensus 22.0) from 23.8 in October.

• The Conference Board's Leading Economic Index for October increased 0.9% following a revised 0.1% increase (+0.2%) in September.

Looking Ahead: There is no economic data scheduled Friday.

Politics

A poll historically more favorable to Democrats has Mr. Biden's approval rating at just 36%.

The latest Quinnipiac Poll is so alarming for Democrats that Quinnipiac University Polling analyst Tim Malloy is sounding the alarm for the left ahead of the midterms.

Have a prosperous day, Keep the Faith!