Both the S&P and NASDAQ have swung back into positive territory after starting the session under pressure. At their lows, the NASDAQ was down 141.84 points and the S&P was off 18.94 points, but steady buying has pushed both indices higher. The S&P is now up roughly 26 points (0.38%), while the NASDAQ has gained 51 points (0.22%). Despite yesterday’s pullback—which ended a five-day win streak—both indices have risen in six of the past seven trading days, and today’s rebound keeps buyers firmly in control.Technically, the move back above the 100-hour moving average in each index has been an important bullish signal, providing a platform for buyers to lean against. As long as prices hold above that short-term support, traders will continue to look toward the all-time highs set at the end of October. For the S&P, that record sits at 6920.34, with current trade near 6856.34. The NASDAQ’s all-time high is 24,019.99, compared with a current level around 23,471. In the video above, I walk through the key technical drivers, the upside targets, and the risk levels that define the path forward. This article was written by Greg Michalowski at investinglive.com.

The NZDUSD is up over 0.6% in trading today, and in the process is moving away from support levels tested earlier today near the 100 hour moving average and swing area at 0.57315, and moving toward key resistance targets near 0.5800.In the video above I talked about the technicals that have been driving this pair higher over the last few trading days, and where it may be going and why. This article was written by Greg Michalowski at investinglive.com.

Charlie Gasparino is X'ing:Despite the headline, Hassett has extended his lead on Polymarkets. The number was about 67% yesterday. Number 2 on the list is Kevin Warsh. This article was written by Greg Michalowski at investinglive.com.

The USDCAD is trading in an up-and-down trading pattern today. In the process, the price tested a support target at the 50% midpoint of the move up from the mid-September low. That level was also the low price going back to last Friday. The subsequent bounce saw the price move up to test a key swing area between 1.3968 and 1.3975. Tha area also capped the high in the Asian-Pacific session. So buyers and sellers have defined the trading range and the battle is on. To see the key levels and what traders are facing right, now, watch the short video above. This article was written by Greg Michalowski at investinglive.com.

Republican representative Elise Stefanik, an ally to Pres Trump is criticizing House Speaker Mike Johnson:He is an ineffective leader who is losing control over the GOP conference heading into the midterm electionsHe certainly wouldn't have the votes to be speaker if a roll call vote was made tomorrow.Believes that a majority of the Republicans would vote for new leadership. It is widespread.Republican Matt Van Epps won Tuesday’s special election in Tennessee’s 7th Congressional District, defeating Democrat Aftyn Behn by roughly nine points in a race that drew national attention. Although the GOP held the seat, the margin was far narrower than expected—Donald Trump carried the district by more than 20 points in 2024, and former Representative Mark Green had won by a similar margin. This substantial Democratic overperformance has raised eyebrows, suggesting potential vulnerability for Republicans heading into the 2026 midterms. The contest became a test of voter sentiment, attracting significant outside spending and high-profile support. While Republicans avoided losing a traditionally safe district, the result serves as a warning sign that they may face tighter races even in strongholds, whereas Democrats may feel increasingly emboldened to compete more aggressively across the map.The problem for the Democrats is the leadership. Who will step up. The problem for the Republicans is has the sheen come off Pres. Trump despite the arguments from Trump ally that it is the speaker Someone has to be blamed and it is Mike Johnson. I would prefer both sides coming off the extremes, move in the middle and unite vs divide. Then let the policy fall where it falls without being an "us vs them" but instead what is good for all of America to move forward. The best teams, are united teams. This article was written by Greg Michalowski at investinglive.com.

The major European stock indices are closing mixed on the day:German DAX -0.12% France's CAC, +0416%UK's FTSE 100 -0.10%Spain's Ibex +0.68%Italy's FTSE MIB +0.06%As London/European traders head for the exits, the major US stock indices are mixed Dow industrial average is up 191 points or 0.40% at 47667S&P index is up 5.24 points or 0.08% at 6835. The NASDAQ index is down -22 points or -0.09% at 23391.74US yields are lower but off the lows levels:2-year yield 3.499%, -1.6 basis points5 year yield 3.639%, -0.9 basis points10 year yield 4.073%, -1.5 basis points30 year yield 4.740%, unchanged.Looking at other markets:Crude oil is trading up $0.30 at $58.98.Gold is trading down $3 and $4202Silver is down $0.29 at $58.15.Bitcoin is up $1100 and $92,422.The U.S. ISM Non-Manufacturing PMI edged up to 52.6 in November from 52.4, slightly above expectations and signaling continued, modest expansion in the services sector. Business activity improved to 54.5, and employment strengthened to 48.9, its best reading since May—though still below the 50 contraction line. New orders softened notably to 52.9, the weakest since September, while prices paid eased sharply to 65.4 from 70.0, suggesting some cooling in input inflation pressures. Other components showed broad stabilization, with backlogs, export orders, and imports all improving from the prior month. Respondent commentary pointed to persistent tariff-related uncertainty, mixed economic conditions, margin pressures, affordability challenges, and uneven demand across industries, though pockets of optimism remain as supply chains stabilize and some sectors finish the year with solid activity.U.S. industrial production in September rose 0.1%, matching a modest improvement but coming in just above expectations, while prior-month figures were revised notably lower, painting a softer underlying picture. Manufacturing output was flat on the month after an upward revision the prior month, underscoring uneven momentum across factory activity. Capacity utilization held at 75.9%, well below the 77.3% expected, reflecting continued slack in industrial capacity despite stable headline output. Looking through the monthly noise, industrial production increased at a 1.1% annual rate in the third quarter, though the downward revisions to August suggest the sector entered the fall period with less strength than previously reported. Overall, the report showed a mixed performance: modest growth in September offset by weaker historical data and continued underuse of manufacturing capacity.ADP reported a weaker-than-expected labor print for November, showing a 32,000 decline in private payrolls versus expectations for a modest gain. The prior month was revised up to 47,000, but November saw broad weakness across both goods-producing (-19K) and services (-13K) sectors. Small businesses remained under significant strain with a 120,000 job loss, marking negative readings in six of the past seven months, while medium and large firms added 51K and 39K, respectively. Industry detail showed strength in education (+30K) and leisure/hospitality (+13K), contrasted by notable declines in manufacturing (-18K), information (-20K), and professional/business services (-26K). Wage growth indicators continued to cool, with job changers seeing pay rise 4.4% (down from 4.5%) and job stayers rising 6.3% (down from 6.7%). Overall, the report pointed to a softening labor market, particularly among small firms and cyclical sectors. This article was written by Greg Michalowski at investinglive.com.

The USDJPY is trading to a new session low in the process is testing a key swing area target near the 1.5500 level. In the forex quick look video above focused on the USDJPY, I talk to the technicals driving this currency pair right now for traders. This article was written by Greg Michalowski at investinglive.com.

Treasury's Lavorgna is speaking to Reuters and says: Expecting more growth in 2026 driven by measures emerging from the Trump tax act.Already starting to see the capex cycle turn up, signaling improving investment momentum.Full expensing rules for factories expected by year-end, supporting business investment and equipment spending.Trump policies focused more on supply-side stimulus compared with Biden’s approach.President takes affordability concerns seriously, highlighting cost-of-living as a policy priority.Monetary policy has been to theo tight.We won't need a 50 year mortgage if the Fed was lower rates.2000 rebate of tariffs would require congressional approval, uncertain of its statusWe may not need it if the growth backdrop is as strong as I think it will be.It appears we moved close to 4% GDP growth in Q3.Don't see any tariffs as being inflationary, inflation is rooted in services..Seeing tariffs absorbed in margins.Expecting on de minimis inflation effects from the tariffs next year.AI is complementary to existing workforce.We still need skilled trades despite AIWe need the Fed to help, but the economy will turn.Trump is keeping us in suspense on timing of Fed appointment (although is he really?)Of note...the helicopter money pronouncements (see post from yesterday) sound great, but they also can be politically motivated. The $2000 rebate to all American' under threshold sounds good taken from tariff money sound great but as Lavornia points out, it is not a done deal or may not even be possible. I don't get how on one hand, tariffs are reducing our deficits but then are being paid out to appease voters (inclusive of the farmers who have suffered). That has always been part of the calculus. This article was written by Greg Michalowski at investinglive.com.

Crude oil inventory build of 0.574M versus drawdown of -0.821 million estimategasoline oil inventory 4.5M barrels versus build of 1.468 million estimatedistillates oil inventory 2.1M barrels versus build of 0.707 million estimate.Cushing drawdown of -0.457M vs prev -0.068M The private data released late yesterday showed:Crude +2480KGasoline +3100KDistillates +2880K. The price of crude oil is trading up $0.80 at $59.48. The high price today reached $59.64. The low price was at $58.37. This article was written by Greg Michalowski at investinglive.com.

For what it is worth, Nvidia's CEO Jensen Huang has been seen entering Speaker the house Johnson's office. Look for those buy orders from Capitol Hill (/S).Shares of Nvidia are down $0.23 or -0.13% at $181.24. The high price today reached $182.45. The low was at $179.11. Nvidia's 100 hour moving averages at $183.60 and moving lower. Yesterday the price extended above that moving average level briefly, but then backed off and closed below the moving average on the day. If the technical bias is to turn more to the upside, the price needs to get and stay above that level. Absent that, and the sellers are more in control. This article was written by Greg Michalowski at investinglive.com.

The GBPUSD pushed to a session high of 1.33142 early in North America, coming within five pips of the 200-day moving average at 1.33194. Sellers leaned against that level and forced a retreat to 1.3291, but buyers quickly regrouped and drove the pair back higher.That rebound has now taken the price above the 200-day moving average, with the latest high printing at 1.3330. Buyers are making a legitimate play on that topside break. The question now: Can they keep the momentum and hold above the 200-day MA, which acts as the near-term risk level (allowing for a few pips of give-and-take)?A more conservative downside risk sits at the 61.8% retracement of the drop from the mid-October high at 1.32943.On the topside, the next key target is the 100-day moving average, currently at 1.33667. This article was written by Greg Michalowski at investinglive.com.

For those looking for the oil inventory data, there seems to be some technical difficulties in publishing the weekly data. There is some on confirmed reports that the oil inventory grew by 0.574M but that is once again unconfirmed. This article was written by Greg Michalowski at investinglive.com.

CNBC reports:The Information report that Microsoft lowered their sales quota is not trueMicrosoft did lower expectations for how quickly it can get its customers to spend on newer products, specifically agentsshares of Microsoft are still down by $-8 or -1.64% at $481.86The Information has changed the title of the article . This article was written by Greg Michalowski at investinglive.com.

Tariffs are not to blame for the jobs numberPredicts US GDP growth of over 4% in 2026Weak jobs number about shutdown, deportations.EU technology rules are costing them big time.European economies are attacking the AI development with rulesEurope very much want a steel deal with US I am confident that the Supreme Court will not rule against tariffsAdministration's goal is to bring semi conductor manufacturing to the US.The goal is to bring semi conductor and pharmaceutical manufacturing to the US. This article was written by Greg Michalowski at investinglive.com.

Prior month 52.4ISM non- Manufacturing PMI 52.6 vs 52.1 estimateBusiness activity 54.5 vs 54.3 last month.Employment 48.9 vs 48.2 last month. Best since May.New orders 52.9 vs 56.2 last month. Weakest the since SeptemberPrices Paid 65.4 vs 70.0 last month. Other components:Backlog of orders 49.1 versus 40.8 last month. New export orders 48.7 versus 47.8 last month. Imports 48.9 versus 43.7 last month.Inventory sentiment 54.8 versus 55.0 last month. Key Commonalities Across Respondent CommentsWidespread tariff uncertaintyMultiple sectors (Accommodation & Food Services, Information, Real Estate, Wholesale Trade) cite tariffs as disruptive, increasing complexity, raising costs, or slowing business.Suppliers vary widely in tariff-related pricing, creating planning uncertainty.General economic uncertainty and mixed conditionsFirms report unclear demand outlooks, mixed indicators, and hesitation among customers (Real Estate, Accommodation & Food Services, Management Services).Concerns about another potential federal shutdown contribute to caution.Margin pressures across industriesHigher input prices (tariffs, wages, cost of goods) plus limited pricing power are squeezing margins (Construction, Wholesale, Hospitality).Some industries expect margin erosion as competition intensifies.Demand softening or slowing in several sectorsConstruction, Information, and some consumer-facing sectors note slower volumes, affordability issues, or intentional pauses.Wholesale expects demand to stay steady but affordability remains a “generation-wide” challenge.End-of-year seasonality effectsFinance, Utilities, and some parts of Construction report year-end project pushes or ramp-downs.Demand patterns appear consistent with typical late-year cycles.Improving or stable supply chainsHealthcare notes better supply chain performance, with higher fill rates and fewer backorders.Indicates continued normalization versus post-pandemic conditions.Labor conditions generally stabilizingHealthcare reports strong staffing stability and less need for travel labor.Construction and other industries note labor tightening or margin pressure but not acute shortages.Housing and affordability remain major constraintsHigh mortgage rates continue to suppress residential home sales.Affordability challenges persist across an entire generation of buyers (Wholesale, Construction).Optimism pockets, despite challengesHealthcare expresses an optimistic forecast.Retail trade reports strong business and stable pricing.Some sectors see consistent demand heading into 2026. This article was written by Greg Michalowski at investinglive.com.

The US stock market experienced a captivating day of trading, marked by significant fluctuations across different sectors, highlighted by the contrasting performances of technology and auto manufacturing stocks.? Sector OverviewTechnology Sector: The tech sector encountered a tough day, with notable declines in software and semiconductor stocks. Microsoft (MSFT) led the downward trend with a significant drop of 2.35%. Other tech giants like NVIDIA (NVDA) and Micron (MU) also saw declines, slipping 0.86% and 1.79%, respectively. These downturns reflect a cautious sentiment among investors towards high-growth tech stocks amid broader market uncertainties.Auto Manufacturing: In stark contrast, the auto sector shone brightly, propelled by Tesla (TSLA), which surged by 1.51%. Tesla's performance suggests robust investor confidence, likely fueled by positive production updates or future growth prospects.Consumer Electronics & Communication Services: Showing resilience, Apple (AAPL) inched up by 0.60%, indicating steady consumer demand. Similarly, Google (GOOGL) saw a mild increase of 0.30%, highlighting stable performance in communication services.Entertainment: Meanwhile, the entertainment sector struggled, with Netflix (NFLX) experiencing a steep drop of 3.55%, possibly due to disappointing subscriber growth or competitive pressures.? Market Mood and TrendsThe overall market mood is one of caution, chiefly driven by pressure on tech-related stocks. The divergence in sector performances highlights investor focus on company-specific news and industry developments. With Tesla's notable rise juxtaposed against technology's decline, market dynamics are indicative of selective risk-taking behaviors.? Strategic RecommendationsAmidst these varying trends, investors should adopt a balanced approach. Considering potential vulnerabilities in the tech sector, it may be prudent to take profits or hedge against further declines. Auto stocks like Tesla, however, may present interesting opportunities for growth-focused investors.Diversification remains key, and keeping an eye on developing trends within resilient sectors such as consumer electronics could offer a safety net. For continuous market insights, analytics, and expert opinions, remember to visit InvestingLive.com. Stay informed and strategic in these dynamic times! ?? This article was written by Itai Levitan at investinglive.com.

Prior month 54.8. Preliminary 55.0S&P Global services PMI for November 54.1 versus 55.0 preliminaryS&P Global composite final for November 54.2 versus 54.8 preliminary. Last month 54.6.Details from S&P GlobalUS Services & Sector PMI — Key TakeawaysAll seven U.S. sectors expanded in November, continuing growth seen in October.Most sectors grew at a slower pace, though Financials, Consumer Goods, and Industrials recorded faster expansions.Strongest-Performing SectorsFinancials remained the top performerActivity rose at a sharp, accelerated pace.Fastest expansion since December 2024.Consumer Goods ranked second in growthProduction volumes grew at the fastest pace since April 2022.Growth partly driven by a survey-record buildup of finished goods inventories.New orders slowed, rising at the weakest pace since April.Industrials saw stronger expansionBusiness activity growth accelerated to the fastest in three months.Weaker Momentum SectorsBasic MaterialsPosted the slowest rise in output since July.TechnologySector remained in expansion but saw the largest loss of momentum.Output growth was the weakest in six months, though still solid.Consumer ServicesWeakest-performing sector overall.Activity increased only marginally, at the slowest pace in four months.The more followed ISM non-manufacturing PMI for November will be released at the top of the hour. The expectations of 52.1 versus 52.4 previously. For some of the components: nonmanufacturing business activity 54.3 last month. Employment 48.2 last month.New orders 56.2 last month.Prices paid index 70.0 last monthLower on the day versus all the major currencies with the GBPUSD the biggest mover (up 0.76%). The price is looking to test its 200 day moving average at 1.3319. The high price today has reached 1.33160 so far. There should be apprehension and a battle at the level.US yields are lower with the 10 year down at -3.0 basis points. The two-year is down -3.5 basis points. This article was written by Greg Michalowski at investinglive.com.

Canada Services PMI — Key PointsSteep downturn: November saw the sharpest decline in service-sector activity since June as demand weakened amid ongoing economic uncertainty.PMI drops to 44.3: Down from 50.5 in October — the lowest since June and the 11th contraction in the past 12 months, signaling a steep contraction in activity.Weak client demand: Decline driven by a lack of new work; clients are taking a “wait-and-see” approach due to uncertainty.New business falls: 12th consecutive monthly decline in new business volumes and the steepest contraction since April.Export orders weaken: New export orders fell at the fastest rate in seven months.Confidence slips: Business sentiment dropped to a five-month low, remaining well below historical trends.Employment cut: Staffing levels fell for the third straight month, with the sharpest decline since mid-2020, due to weak demand and cost pressures.Excess capacity persists: Outstanding business levels declined sharply, showing spare capacity despite workforce reductions.Input costs elevated: Wage increases and tariffs kept input price inflation high, though inflation eased to a three-month low.Pricing power limited: Selling prices rose only marginally — the softest increase in seven months — as weak demand and competition limited firms’ ability to pass on costs; some resorted to discounting.Margins remain pressured: Rising costs + limited ability to raise prices continue to squeeze profitability.The USDCAD is bouncing. The low price once again tested the 50% midpoint of the move up from the mid September low to the high price reached in November. Recall that last Friday, the price also tested that midpoint level and found willing buyers.. This article was written by Greg Michalowski at investinglive.com.

It would be counterproductive to seek to respond to near-term deviations that are solidly expected to be transitoryA sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its originThis is what ECB members have been repeating over and over again. The "sufficiently large and persistent" deviation I guess would be more than 0.5% above or below target for them, but they would need to take into account the context too. This article was written by Giuseppe Dellamotta at investinglive.com.

The dollar is down across the board again today and it's been a tough week so far to start the new month. GBP/USD is leading the charge today, moving up by 0.5% to 1.3285 - its highest in five weeks. But if anything, do keep a close watch on EUR/USD as it nudges back up to 1.1660 currently. The pair is starting to test a run above its 100-day moving average (red line) of 1.1643, a key level that has held back the upside bounces since later October.Besides that, USD/CAD is also dribbling lower under 1.4000 to close in on its own key daily moving averages at 1.3896-15. Meanwhile, AUD/USD is up 0.4% today to 0.6586 - its highest since 30 October in breaking the November high of 0.6580.Putting the charts together, the dollar looks poised to be tested further to the downside given the momentum to start December trading. From this week:Seasonal patterns, fundamentals point to dollar selling in December - Credit AgricoleGoldman Sachs eyes weaker dollar going into the turn of the year This article was written by Justin Low at investinglive.com.