The S&P and Nasdaq were both lower in yesterday’s trading.
Below are highlights from the NDW Morning Update Video for the morning of 11/3. Access the video on the NDW Morning Update Video page.
- US equity futures are mixed this morning. Dow futures are lower, while the S&P is roughly flat and Nasdaq futures are up around 30 bps.
- The S&P and Nasdaq were both lower in yesterday’s trading while the Dow was up 41 bps. The iShares Semiconductor ETF (SOXX) fell 3.8% and is now down almost 8% over the last week.
- Monday was a good day for precious metals, as gold (GC/) and silver (SI/) were up 1.8% and 3.3%, respectively.
- Crude oil (CL/) was down more than 7% on hopes that a potential peace deal between the US and Iran could help stabilize supply.
- Yesterday’s research focused on market seasonality. With the beginning of November, we have entered the “seasonally strong” half of the year which runs from November through April. While the seasonality effect hasn’t been as strong in recent years, since 1950 the Dow has gained more than 7% on average during the seasonally strong period while only adding an average of 1.15% during the seasonally weak period.
- Advanced Micro Devices (AMD) is set to report earnings this afternoon. AMD is currently a 4 for 5’er and ranks in the top quintile of the semiconductors sector matrix. The stock currently sits on a sell signal after breaking a double bottom last week. AMD is currently trading in the $460s making the stock’s lows from July and September at $432 and $448 key levels of support to watch.
