Black Friday shopping frenzy in the market?

HOT stories for today

Stocks on the move (after hours):

• Intuit (INTU): Shares fell nearly 5% despite delivering stronger-than-expected earnings. The financial software firm reported $2.50 in adjusted earnings per share and revenue of $3.28 billion for its fiscal first quarter.
• Gap (GPS): Shares soared 13% after the retailer raised its full-year guidance before the holiday season. The company, which owns Old Navy and other brands, expressed optimism about upcoming sales.
• Ross Stores (ROST): Shares gained almost 8% following better-than-expected fiscal third-quarter earnings of $1.48 per share, exceeding analyst forecasts by eight cents per LSEG. However, revenue reached $5.07 billion, slightly below Wall Street's estimated $5.15 billion.
• NetApp (NTAP): The stock rose 5% after the company reported a strong quarterly performance, with adjusted earnings of $1.87 per share and $1.66 billion in revenue, both beating expectations.

Watchlist for today: NVDA, INTU, GPS, ROST, NTAP, GOOGL, TSLA

Markets & today's action:

• Asia-Pacific markets mostly advanced on Friday, following a rally on Wall Street where the S&P 500 recorded its fourth consecutive day of gains. However, Hong Kong’s Hang Seng index dropped 1.3% after a volatile session, and mainland China’s CSI 300 fell more than 1%. Eugene Hsiao, head of China equity strategy at Macquarie Capital, suggested that investors may be in a holding pattern, awaiting clarity on U.S.-China tariffs. Hsiao also noted that additional stimulus measures from Beijing are unlikely before the next parliamentary meeting in March.
• In the U.S., stock futures edged lower Thursday night, hinting at a subdued start on Friday despite expectations for the three major averages to close the week in positive territory. Dow Jones Industrial Average futures dipped slightly, while S&P 500 and Nasdaq 100 futures declined 0.14%. Key economic data for Friday includes preliminary purchasing managers index (PMI) reports for November and an updated consumer sentiment reading. Meanwhile, bitcoin remains in focus as it hovers just below the milestone $100,000 mark. Will it break through this long-anticipated level?

Bitcoin

• Bitcoin surged past $99,000 for the first time on Thursday, fueled by investor optimism over the possibility of a second Donald Trump presidency. Bitcoin’s meteoric rise, up about 130% in 2024, has been driven by expectations that a Trump administration could usher in a favorable era for cryptocurrency.
• Solana (SOL) also hit a record high on November 22, surpassing its previous peak of $260 two years after the FTX collapse dragged down its price. Analysts are now eyeing a potential high of $400 for SOL, which has gained popularity during this cycle due to its ease of use for minting memecoins. Solana’s price briefly reached $264.31.
• In contrast, crypto-related stocks saw profit-taking amid a broader rotation out of tech. Coinbase (COIN) dropped 7.7%, while MicroStrategy (MSTR) fell 16.2%. Mining stocks also faced pressure, though Mara Holdings (MARA) bucked the trend, climbing 6.9%. Will Bitcoin’s rally continue past the $100,000 milestone, and can Solana sustain its upward momentum toward the $400 target?
  Watchlist: Bitcoin: 85 000-99 000, Ethereum: 3000-3420, Solana: 229-261

Forex

• The Japanese Yen (JPY) pared most of its Asian session gains against the U.S. Dollar (USD), pushing the USD/JPY pair back toward the mid-154.00s during the last hour of trading. Although Bank of Japan (BoJ) Governor Kazuo Ueda made hawkish remarks on Thursday and Japan reported stronger inflation figures, rising domestic political uncertainty is likely to postpone any immediate rate hikes by the BoJ. Additionally, the prevailing risk-on sentiment has limited the yen's safe-haven appeal, preventing it from maintaining its earlier strength.
• Meanwhile, EUR/USD extended its decline for a third straight session, trading near 1.0470 during Friday’s Asian session. The pair hit a low of 1.0462 on Thursday, its weakest level since October 2023. The euro's continued slide is attributed to expectations that the European Central Bank (ECB) could accelerate policy easing, adding downward pressure to the currency.
  Watchlist: EUR/USD: 1.0470-1.0610, USD/JPY: 151-156.9

Basic Materials

• Gold prices (XAU/USD) climbed to a two-week high during Friday’s Asian session, marking a fifth consecutive day of gains. Despite a stronger U.S. Dollar and rising bond yields, the precious metal benefits from haven flows amid the escalating Russia-Ukraine conflict. Gold, often viewed as a hedge against inflation, is eyeing the $2,700 mark. Expectations of inflationary pressures potentially reigniting under President-elect Donald Trump’s expansionary policies further bolster the metal’s appeal.
• Oil prices rose today, with WTI climbing 2.07% to $70.17 and Brent crude up 2.03% to $74.29, driven by escalating Russia-Ukraine tensions. Traders fear potential supply disruptions as Russia retaliates against Ukraine's missile strikes, and OPEC+ considers delaying December output hikes. China’s new trade and energy policies added to the market's complexity, while U.S. crude inventories unexpectedly rose by 545,000 barrels, reflecting weak demand. Iran’s uranium stockpiling pause eased Middle East tensions slightly. Analysts expect continued volatility as geopolitics clash with bearish supply forecasts from the International Energy Agency, which predicts ample global oil supply next year.
  Watchlist: GOLD 2530-2700, US Oil: 65.20-70.50

The TEFS Analyst team wishes you a successful day!