Upward Momentum May Lead To Initial Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 27 November 2020 11:57:11 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( ["All In" Buy Alert Issued for $10 Stock Update]( How to Tap Into the Most Powerful Income Stream in America... [Click Here for Details]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Friday, with stocks likely to move to the upside following the Thanksgiving Day holiday on Thursday. The markets may continue to benefit from recent upward momentum, which propelled the major averages to new record highs earlier this week. Optimism about a potential coronavirus vaccine has contributed to recent strength on Wall Street, although some questions have been raised about the efficacy of the vaccine being developed by Oxford University and AstraZeneca. AstraZeneca Pascal Soriot told Bloomberg the British pharmaceutical giant is likely to run a new global trial of the vaccine candidate. Nonetheless, overall trading activity is likely to be subdued in the shortened trading session, as many traders remain away from their desks following the holiday. A lack of major U.S. economic data may also keep traders on the sidelines ahead of the monthly jobs report due next week along with reports on manufacturing and service sector activity. Following the strong upward move seen on Tuesday, stocks turned in a mixed performance during trading on Wednesday. The Nasdaq climbed to a new record closing high, while the Dow and the S&P 500 gave back some ground. The major averages finished the day on opposite sides of the unchanged line. While the Nasdaq rose 57.62 points or 0.5 percent to 12,094.40, the Dow fell 173.77 points or 0.6 percent to 29,872.47 and the S&P 500 dipped 5.76 points or 0.2 percent to 3,629.65. The mixed performance on Wall Street came as traders seemed reluctant to make more significant moves amid uncertainty about the near-term outlook for the markets. Some traders looked to cash in on Tuesday?s gains, although recent upbeat coronavirus vaccine news kept selling pressure relatively subdued. Traders were also digesting a slew of U.S. economic data, with a report from the Labor Department showing fist-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 21st. The report said initial jobless claims climbed to 778,000, an increase of 30,000 from the previous week's revised level of 748,000. The increase surprised economists, who had expected jobless claims to drop to 730,000 from the 742,000 originally reported for the previous week. Meanwhile, new orders for U.S. manufactured durable goods increased by more than expected in the month of October, the Commerce Department revealed in a report. The Commerce Department said durable goods orders jumped by 1.3 percent in October after spiking by 2.1 percent in September. Economists had expected durable goods orders to climb by 0.9 percent. Excluding an increase in orders for transportation equipment, durable goods orders still surged up by 1.3 percent in October after jumping by 1.5 percent in September. Ex-transportation orders were expected to rise by 0.4 percent. A separate report released by the Commerce Department showed the spike in gross domestic product in the third quarter was unrevised from the initial estimate. The Commerce Department said GDP skyrocketed by an annual rate of 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. The unrevised reading on GDP matched economist estimates. Another report from the Commerce Department showed new home sales in the U.S. unexpectedly edged lower in the month of October. The Commerce Department said new home sales dipped by 0.3 percent to an annual rate of 999,000 in October after inching up by 0.1 percent to a revised rate of 1.002 million in September. Economists had expected new home sales to jump by 1.1 percent to a rate of 970,000 from the 959,000 originally reported for the previous month. The Commerce Department also released a report showing a decrease in U.S. personal income in the month of October. The report said personal income fell by 0.7 percent in October after climbing by a downwardly revised 0.7 percent in September. Economists had expected personal income to come in unchanged compared to the 0.9 percent increase originally reported for the previous month. Oil stocks moved sharply lower over the course of the session, resulting in a 2.2 percent slump by the NYSE Arca Oil Index. The index gave back ground after ending the previous session at a five-month closing high. The pullback by oil stocks came despite an increase by the price of crude oil. Considerable weakness was also visible among tobacco stocks, with the NYSE Arca Tobacco Index sliding by 1.7 percent. Chemical and banking stocks also saw notable weakness on the day, while gold stocks moved significantly higher amid an uptick by the price of the precious metal. --------------------------------------------------------------- [Man Who Predicted 2020 Gold Rally Issues New Call]( Gold expert explains why massive shift happening right now in the financial markets could create biggest opportunity in last 100 years. [Click here to know more.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( No major U.S. economic data is scheduled to be released today. --------------------------------------------------------------- --------------------------------------------------------------- Stocks in Focus Shares of Sage Therapeutics (SAGE) are moving higher in pre-market trading after the biopharmaceutical company announced a global collaboration and license agreement with Biogen (BIIB) to jointly develop and commercialize two of Sage?s treatments. Pfizer (PFE) may also be in focus after a senior official at Canada's drug regulator said the coronavirus vaccine the drug giant is developing along with BioNTech (BNTX) could receive Canadian approval in December. Meanwhile, entertainment giant Disney (DIS) revealed in an SEC filing that it has increased the number of workers it plans to lay off to 32,000 from the 28,000 announced in September. --------------------------------------------------------------- --------------------------------------------------------------- Europe European stocks have turned mixed on Friday as questions have been raised about the results of AstraZeneca's late-stage coronavirus vaccine study, potentially hindering chances of getting speedy U.S. and EU regulatory approval. Trading activity remained thin due to the Thanksgiving Day holiday in the U.S. no Thursday. Wall Street will reopen today for a shortened session. While the U.K.?s FTSE 100 Index has fallen by 0.5 percent, the German DAX Index is up by 0.1 percent and the French CAC 40 Index is up by 0.5 percent. U.K. and European Union officials will resume face-to-face trade talks this weekend with Michel Barnier, the EU's chief negotiator, warning that the ?same significant divergences persist.? Building materials company Michelmersh Brick Holdings has soared. The company said its trading performance has been resilient since June 2020 and this has continued through November. The company has decided to repay the monies received under the Job Retention Scheme totaling 0.5 million pounds. Spain's second-largest bank BBVA has also risen, while smaller rival Banco Sabadell has slumped after they walked away from a planned merger. Pub company J D Wetherspoon has moved to the downside. The company said 366 of its pubs will remain shut following the U.K. government's latest update on virus restrictions. In economic releases, the French economy rebounded at a faster than initially estimated pace in the third quarter, revised data from the statistical office Insee showed. Gross domestic product grew 18.7 percent on a quarterly basis, which was upwardly revised from the 18.2 percent growth estimated previously. The expansion was in contrast to a 13.8 percent fall logged in the second quarter. Still GDP was well below the level seen before the health crisis. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks fluctuated before finishing mostly higher on Friday after questions were raised about the efficacy of the coronavirus vaccine being developed by Oxford University and AstraZeneca, and the British pharmaceutical giant said it would likely run a new global trial. Some experts said the concerns could affect the chances of the vaccine getting speedy U.S. and EU regulatory approval. Chinese shares rallied after official data showed the country's industrial profits expanded strongly in October. Industrial profits advanced 28.2 percent on a yearly basis in October, marking the sixth consecutive rise in profits as the economy showed signals of a robust rebound from the coronavirus-driven downturn. The benchmark Shanghai Composite Index jumped 38.57 points, or 1.1 percent, to 3,408.31, while Hong Kong's Hang Seng Index ended up 75.23 points, or 0.28 percent, at 26,894.68. Japanese shares rose for the fourth straight session and ended at over a 29-1/2-year high on hopes of an economic recovery and strong corporate earnings in the next financial year. The Nikkei 225 Index rose 107.40 points, or 0.4 percent, to 26,644.71, while the broader Topix closed 0.5 percent higher at a 25-month high of 1,786.52. Ballpark operator Tokyo Dome Corp. surged 16.7 percent as it considers a takeover bid by property developer Mitsui Fudosan. Shares of the latter advanced 1.9 percent. Automakers fell broadly, with Nissan Motor losing nearly 2 percent as the yen rose against the dollar on doubts over AstraZeneca's vaccine efficacy. Lender Mitsubishi UFJ Financial fell 1.7 percent and rival Sumitomo Mitsui Financial gave up 1.4 percent. Australian markets ended lower as doubts over recent coronavirus vaccine trials overshadowed news that Victoria, previously the country's coronavirus hotbed, is now Covid free. The benchmark S&P/ASX 200 dropped 35.30 points, or 0.5 percent, to 6,601.10, while the broader All Ordinaries Index ended down 32 points, or 0.5 percent, at 6,816.80. Woodside Petroleum, Santos, Origin Energy and Oil Search ended down between 1.5 percent and 3.7 percent as oil prices fell on oversupply concerns. Banks ended with modest losses, while mining heavyweights BHP and Rio Tinto fell 1.3 percent and 0.8 percent, respectively. Seoul stocks swung between gains and losses before closing higher as the daily virus tally hovered above 500 for the second straight day and the country's prime minister urged the public to stay home this weekend. The benchmark Kospi inched up 7.54 points, or 0.3 percent, to 2,633.45. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are slipping $0.39 to $45.32 a barrel after climbing $0.80 to $45.71 a barrel on Wednesday. Meanwhile, after inching up $0.30 to $1,811.20 an ounce in the previous session, gold futures are edging down $0.50 to $1,810.70 an ounce. On the currency front, the U.S. dollar is trading at 104.16 yen versus the 104.26 yen it fetched on Thursday. Against the euro, the dollar is valued at $1.1933 compared to yesterday?s $1.1913. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. 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