Tech Giants and Metals Drag Markets Down

Tech and Metals Take a Hit

• Big Tech: Nvidia, Tesla, and others are losing value, dragging the market down.
• Metals: Silver and platinum prices drop after a recent surge, impacting mining companies (some down by over 6%).

Oil Prices Rise

• Energy Sector: Oil prices up by more than 2%, benefiting companies like Devon Energy and Chevron.
• Catalysts: Geopolitical tensions and China's economic plans driving the increase.

Mixed US Economic News

• Pending Home Sales: Rose more than expected.
• Manufacturing Outlook: Dallas Fed's manufacturing outlook fell, signaling potential concerns.

Looking Ahead

• Upcoming Data: Reports on manufacturing, unemployment, and Federal Reserve meeting minutes.
• Interest Rates: 19% chance of a rate cut in January.

Global Markets

• Europe: Euro Stoxx 50 up slightly.
• Japan: Nikkei Stock 225 down.
• China: Shanghai Composite on a winning streak, closing higher for the ninth day in a row.

Bond Market

• Yields Falling: Good news for bond prices as lower yields mean higher prices.
• 10-Year Treasury Note: Yield hits a one-week low, indicating investor shift to safer assets.

Notable Stock Moves

• Praxis Precision Medicine: Up over 14% after FDA breakthrough therapy designation.
• DigitalBridge Group: Up by more than 9% following acquisition by SoftBank Group.
• Verisk Analytics and Coupang: Also seeing gains for different reasons.