The futures are trading lower as we start the Thanksgiving holiday-shortened trading week. The stock market is closed on the big turkey day, and will also shutter early at 1 pm EST on Black Friday. The major indices closed the day modestly higher last Friday with the Dow Jones Industrials and the S&P 500 rising, while the Nasdaq was essentially flat, but overall ended the week down.
Mixed retail earnings and some very hawkish Federal Reserve commentary kept investors nervous as the potential for a terminal or ending Fed-funds rate could end up being higher than the currently anticipated 5%-5.25%.
The sellers returned to the Treasury market Friday as yields were once again up across the curve. Despite the selling both the 10-year notes and the 30-year bond closed under 4%. The intense buying after the CPI report earlier in the month has driven mortgage rates back to 6.81%, and last week rates saw their biggest drop since 1981, a huge positive as the housing market has hit the wall. The National Association of Realtors said Friday that existing home sales declined for the ninth straight month in October.
Oil price for Brent Crude and West Texas Intermediate both closed down Friday, which will be helpful for those driving to see friends and family for the holiday. Both benchmarks closed almost 2% lower. Analysts cited the cut in oil purchases by China from OPEC as a reason for the selling. Natural gas, gold, and Bitcoin all ended lower to close the week as well.
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