Archives of “November 28, 2020” day

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US employment and Fed’s Powell highlight next weeks events and releases

  
  Analysis

The highlighted events and economic releases for next week’s trading:

The RBA rate decision, Fed’s Powell testimony and the US employment report highlight the events and economic releases in the new trading week.
Monday:
  • China Manufacturing PMI. 8 PM ET Sunday/0100 GMT.  Estimate 51.7 vs 51.4 last
  • OPEC meeting all day
  • Chicago PMI.  9:45 AM ET/1445 GMT.  Est. 59.0 vs 61.1 last month
  • US Pending Home sales.  10 AM ET/1500 GMT.  Est 1.5% vs -2.2% last month
Tuesday
  • RBA interest rate decision.   10 PM ET Monday/0330 GMT.  Est 0.10% unchanged
  • UK Final Manufacturing PMI. 4:30 AM ET/0930 GMT. Est 55.2 vs 55.2 preliminary
  • Canada GDP month-to-month for September. 8:30 AM ET/1330 GMT. Estimate 0.9% vs. 1.2% last month. Quarterly GDP annualized 47.6% vs. -38.7% in the 2nd quarter. GDP year on year -2.9% vs. -3.8%
  • Fed chair Powell testifies on Capitol Hill. 10 AM ET/1500 GMT
  • ISM manufacturing PMI for November. 10 AM ET/1500 GMT. Estimate 58.0 vs. 59.3 last.
  • ECB’s Lagarde speaks. 12 PM ET/1700 GMT
Wednesday
  • RBA Gov. Lowe speaks.  7 PM ET/1200 GMT.
  • Australian GDP QoQ. 7:30 PM ET/1230 GMT.  Estimate 2.4% vs. -7.0% last month. Year on year -4.5% vs. -6.3%
  • ADP employment change for November. 8:15 AM ET/1315 GMT. Estimate 420 K vs. 365K last month
  • Fed chair Powell testifies on Capitol Hill. 10 AM ET/1500 GMT
Thursday
  • US initial jobless claims. 8:30 AM ET/1330 GMT. 768K vs. 778K
  • US ISM services PMI . 10 AM ET/1500 GMT. Estimate 56.0 vs. 56 16 last month

Friday

  • Canada employment change. 8:30 AM ET/1330 GMT. Net change in employment 20.0 K vs. 83.6 K last month. Unemployment rate a .9% vs. a .9% last month.
  • US employment statistics for November. 8:30 AM ET 1330 GMT. Nonfarm payroll 500 K vs. 638K last month. Unemployment rate 6.8% vs. 6.9% last month. Average hourly earnings 0.1%.

US Court of Appeals: Trump campaign claims have no merit

  
Analysis, Politics

Appeals process continues to not do well

The US federal appeals court rejects the Trump campaign motion for an injunction pending appeal in Pennsylvania case.
  • US Court of Appeals for the Third Circuit says Trump campaign claims have no merit
  • Court says Trump campaign did not make specific allegation or provide proof in Pennsylvania election case

Earlier today, Pres. Trump tweeted the following.

Appeals process continues to not do well_

NASDAQ/S&P close at record high levels

  
Analysis, US Market

Major indices close higher on shortened post Thanksgiving trading session

The major indices are closing higher with each posting weekly gains.

  • 4 day win streak for NASDAQ
  • NASDAQ closes at record highs
  • S&P index close at a record level
  • Dow industrial average on track for its best month since 1987
  • The S&P index close at a record level
  • The NASDAQ has had a 45 record closes in 2020
A look at the final numbers shows:
  • S&P index rose 8.76 points or 0.24% at 3638.39
  • NASDAQ index closed up 111.44 points or 0.92% at 12205.24
  • Dow industrial average rose and 37.9 points or 0.13% at 29910.32
For the trading week, the NASDAQ index led the major indices.
  • S&P index, +1.58%
  • Dow industrial average +1.45%
  • NASDAQ index +2.53%
If you look at the small cap Russell 2000, it had the biggest gain amongst broad market indices. It rose by 3.92%
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