📆 Tuesday, November 19
► European stocks slipped with the Stoxx Europe 600 down 1%, as investors are concerned about further escalations in the Russia-Ukraine along further cautious sentiment about Trump’s cabinet appointments. The decline reflects a pause in the broader rally seen in recent sessions (although the Trump boost was anyways very short-lived for stocks in Europe and Asia and quickly turned to headwinds instead), with sectors like financials and industrials underperforming. Eurozone inflation confirmed preliminary data and was reported at 2.0% in-line with expectations.
► US stock futures also fell, following Monday’s surprise rally (not for us – we had expected the rally and traded it excellently) driven by technology stocks. The S&P 500 and Nasdaq are around 0.3% lower in early trading, following gains of 0.4% and 0.7%, respectively, in the prior session. Optimism around Tesla’s 5.6% jump on reports of regulatory easing for self-driving vehicles contributed to tech sector strength. Treasury yields declined, reflecting investor confidence in the Fed’s measured approach to rate cuts but likely even more by today's flight to safety as the Russia-Ukraine war rattles traders. Market participants are closely watching Trump’s transition plans, including key cabinet picks, which are expected to shape fiscal and regulatory policies. Focus will also be on earnings report (including retail giants Walmart and Lowe's) that will be released before today's NYSE opening. Lowe's already reported with a solid growth in same store sales.
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