Buzz on Business for Tuesday, November 28th, 2023

Markets

• The Dow Jones Industrials were off 57 points, a bit less than 2/10ths of a percent, and closed at 35,333.
• The S+P 500 also lost a little ground. It was off nine points, that’s 2/10ths of a percent, and closed at 4,550.
• The tech-heavy Nasdaq Composite really tried to get into the black, but it, too closed with a loss. Just ten points, less than a tenth of a percent, and it starts the day today at 14,241.

Interest Rates Down, Mostly Across the Board

• The two-year Treasury now yields 4.89%, that’s off seven basis points.
• The yield on the twenty-year was off nine ticks and closed at 4.729%.

Gold Rallies, Closes Solidly Above $2,000

• Gold rallied on Monday and was up $9.40. It’s coming into some resistance but closed solidly above $2,000 at $2,012.

Oil Down

• Oil was down fourteen cents, and a barrel will set you back $74.99.

Not Much News to Move the Markets Yesterday

• There wasn’t much news to move the markets yesterday, and there isn’t much on the horizon until Thursday when we get some important inflation data.

Building Permits Exceed Expectations, New Home Sales Down for October

• Only two companies reported earnings after the bell, all green numbers. Earlier today, we got some mixed housing data. Building permits exceeded expectations, but not by much. New home sales were down for October, when they were expected to be up.

Consumer Confidence to Be Released Tomorrow

• Housing is typically very interest rate sensitive but has remained strong so far this cycle. Maybe this is the first crack in its armor?
• Tomorrow, we get Consumer Confidence, which I’ll be looking at closely, in part because the premium episode of the Buzz on Business this week will focus on Consumer Spending.