Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: US stocks build on gains in light trading week

Stocks closed higher over a quiet holiday-shortened trading week (US markets were closed on Thursday due to the Thanksgiving holiday and closed early Friday). The big event of the week was Nvidia Q3 results.  The stock fell despite the company beating earnings and revenue estimates as it issued cautious guidance because of export restrictions to China. Nvidia’s weakness was reflected in the underperformance of the Nasdaq over the week though growth stocks outperformed value stocks overall. On the Macro side, durable goods orders dropped 5.4% in October, which is the second-biggest decline since April 2020. Slowing growth signals and dwindling inflation fears may have contributed to strong demand for a USD 16 billion auction of 20-year U.S. Treasury bonds on Monday. The healthy bid-to-cover ratio drove down the 10-year yield to an intraday low of 4.37% on Wednesday—its lowest level in over two months. Yields rallied to close the week higher on Friday, however. In Europe, the STOXX Europe 600 Index ended the week 0.9% higher. Japan stocks returns were muted over the week while stocks in China retreated as news that Beijing may introduce fresh stimulus measures for the property sector was not enough to offset broader economic woes. The dollar ended lower for the 3rd week of the last 4, at 3-month lows. Spot Gold prices jumped back above $2000. Oil prices ended the week very marginally higher (after 4 weeks down in a row). Bitcoin broke out to a new cycle high, near $38,500.


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