The futures are flat on this Thanksgiving eve as trading volume will slow to a trickle with the holiday tomorrow and an early 1 pm EST close for Friday. The major indices all ended Tuesday higher with the Nasdaq and the S&P 500 closing leading the way, both oddly closing up 1.36%. With most of the inflation and labor market data not due until next month, and the Federal Reserve still maintaining a hawkish tone in front of their December meeting, most investors still appear to have a wait-and-see attitude as November winds down.
Yields were lower across the Treasury curve as buyers stepped back into the government market in front of the aforementioned December data. As we mentioned earlier in the week, the focus for bond traders is now turning to the widening inversion between the three-month treasury bill, which closed at a 4.41% yield, and the 10-year note, which ended Tuesday at 3.78%. The 63 basis-point spread is the widest in 40 years, and signals recession to the bond market.
Oil prices for Brent Crude and West Texas Intermediate closed the day higher after a wild day Monday that saw both benchmarks plummet lower on headlines, and then reversed and rallied after OPEC and the Saudis said they will be staying with the 2 million barrel-per-day production cuts through 2023. Natural gas also closed the day higher after a big move higher Monday. Gold and Bitcoin also both closed the day higher.
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