Friday's Market Update (November 24, 2023)

25 Nov 2023 by rate3

On Friday, the private sector experienced continued marginal growth, and stock markets closed mixed following a shortened Thanksgiving week. The Nasdaq remained relatively flat. Mega-cap tech stocks like Apple, Meta, and Microsoft declined. Nvidia also slipped after reportedly delaying the launch of a new AI chip in China to comply with US export regulations. Meanwhile, BTC and ETH received another bullish impulse on the hourly timeframe, temporarily surpassing 38K and 2.1K, respectively.

Details

The private sector saw continued marginal growth in November according to the preliminary S&P Global Composite PMI. While manufacturing expansion slowed, service sector output grew slightly faster, marking the fastest pace since July. New orders also increased slightly, thanks to service sector new business growth for the first time in four months. However, employment declined for the first time in over three years. Input cost increases were the smallest since October 2020, though selling price hikes accelerated. Business confidence also softened somewhat.

On Week 48 attention will turn to consumer confidence, GDP, home sales, and profits. Globally, policy updates are expected in South Korea and New Zealand. ECB and BoJ officials will speak. October inflation rates are due for Eurozone countries, Poland, and Australia.