On Monday (November 20th), the stock market rose in the US market.
As of press release, the Dow Jones Industrial Average rose 0.37%. The Standard&Poor's 500 Index rose 0.47%, while the Nasdaq Composite Index rose 0.80%.
Microsoft's stock price rose 1.4% after CEO Satya Nadella announced that former OpenAI CEO Sam Altman would join the technology giant and lead a new AI research team.
The energy and technology sectors were the largest gainers in the S&P 500 index, rising 0.8% and 0.7% respectively.
The US market was closed on Thursday due to the Thanksgiving holiday. Friday will also be a shortened trading day. In recent years, trading around the Thanksgiving holiday has been volatile, but according to the Stock Traders' Yearbook, November remains the best performing month for the S&P 500 Index.
Despite a short week, there are still some key catalysts in the future market. NVIDIA announced its financial results on Tuesday. This chip manufacturer is the best-performing stock this year, rising by over 200%.
Wall Street is experiencing a week of victory. The Standard&Poor's 500 Index closed 2.2% higher last week, while the Dow Jones Index rose 1.9%, marking the first consecutive three weeks of gains since July. The Nasdaq Composite Index closed 2.4% higher this week, marking its best weekly performance since June.
Market bulls remained enthusiastic at the end of the year, especially with the lower than expected US inflation data released last week calming investors' nervousness about high prices and providing hopeful signs that the Federal Reserve may stop raising interest rates.
Jamie Cox, executive partner of Harris Financial Group, said, "The market is starting to truly believe that the Federal Reserve has ended interest rate hikes, and now the market is pricing when to cut rates. I think they are closer than people really realize. That's why you've seen the market stabilize over the past month and a half
Due to concerns about the global economy increasing market pressure, precious metal bulls have lost momentum, and as of press release, spot gold has fallen 0.25% to $1975.82 per ounce.
The US economic data released on Monday is relatively small.
Due to expectations that US interest rates have peaked, the US dollar index fell to 103.46, its lowest level since early September, as investors seem to have consolidated their bets that the Federal Reserve may start cutting interest rates next year.
The minutes of the last Federal Reserve meeting will provide some ideas for policymakers to maintain interest rate stability for the second time.
ActivTrades senior analyst Ricardo Evangelista said, "The minutes of the dove faction meeting may trigger some downside risks for the US dollar
Daoming Securities stated that the imminent economic recession, the slow response of the Federal Reserve, and the rapid interest rate cutting cycle will jointly drive gold prices to reach a historic high in the first half of 2024.
Ming Securities expects a significant deterioration in the growth outlook starting from the fourth quarter of 2023 and continuing until the first half of next year.
Dao Ming Securities analyst Ghali predicts that gold prices will start hitting a series of new historical highs at this time. He also stated that even before the upcoming breakthrough, the current strength of gold indicates that central bank purchases have led to structural changes in the market.
He said, "The interesting thing about the gold market is that the interest rate hikes we see are often quite detrimental to gold prices, but if you narrow down, today's gold prices are still hovering near historical highs
