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Daily U.S. Market Update
November 29, 2023 at 1:30 p.m. EDT
Michael P. Reinking, CFA
Sr. Market Strategist
This morning, yields extended to the downside as investors continued to digest Waller’s comments (which really didn’t break to much new ground) and following some better-than-expected overnight global inflation data. 2yr yields are down >5bps again testing the 200d ma at 4.66%, a level we have been above since May. Equity markets gapped higher at the open with the S&P 500 taking out the recent highs and trading within 0.5% of the YTD high before pulling back as it approached 4,600. The index has faded but is holding on to modest gains. If you concluded that we just remain on that treadmill that I just mentioned that would seem to make logical sense, however, what’s actually happening is a little different. We are seeing a rotation within the market and an expansion of breadth, the equal weight version of the S&P 500 is holding most of the early gains up ~0.75%. The mega-cap tech names which have outperformed throughout most of this year were the first to turn lower. Other areas of the market that have been shunned throughout the year are leading to the upside. The Russell 2k is outperforming up >1% helped by strength in the financial sector especially regional banks (KRE +3%). However, it failed to clear the mid-November high (~1,830) this morning before giving up about half the gains. The index has been consolidating just below its 200d ma for the past couple weeks clearing this level would be a positive step from a technical perspective (see Chart).
Low-priced stocks account for the most market volume since February 2021
U.S. equity market intra-day volume by price
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