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Futures

US Jobless Claims and Market Movements

2024-11-21

The US job market has been a subject of keen interest, with initial jobless claims coming in stronger than anticipated while continuing claims saw an increase. This has had a ripple effect on various market indicators. The Philadelphia Fed business index also fell more than expected, with a reading of -5.5 compared to the estimated 8.0. In the US, yields have witnessed a modest decline. The two-year yield is now down by -0.8 basis points, and the tenure yield is down by -1.6 basis points. In the premarket for US stocks, futures are indicating a higher opening. The Dow industrial average is set to rise by 136 points, the S&P index is expected to go up by 22.14 points, and the NASDAQ index is likely to increase by 94.65 points. Nvidia shares, which were lower earlier today, are now up by $2.06 or 1.45% in premarket trading. Bitcoin, on the other hand, is trading at $97,661, having moved up by $3300 after reaching a new all-time high price of $98,367. It's important to note that the price of bitcoin surpassed 90,000 on November 12. These market movements and trends provide valuable insights into the current state of the US economy and financial markets.

US Initial Jobless Claims

The stronger-than-expected initial jobless claims indicate a certain level of stability in the labor market. It shows that the number of people filing for unemployment benefits initially is not as high as feared. This could potentially be a sign that the job market is still holding up relatively well, despite some fluctuations. However, the higher continuing claims suggest that there may be a lingering issue with long-term unemployment. It raises questions about the sustainability of the current job market situation and the need for continued monitoring.

Philadelphia Fed Business Index

The significant fall in the Philadelphia Fed business index below the expected level of 8.0 is a cause for concern. A negative reading indicates a contraction in business activity within the Philadelphia region. This could have implications for the overall economy, as it reflects a slowdown in manufacturing and other related sectors. It may lead to a decrease in business investment and potentially impact employment levels. Analysts will be closely watching for further developments in this index to assess the health of the local economy and its potential spillover effects on a broader scale.

US Stock Market Pre-Market

The premarket futures suggesting a higher opening for US stocks is a positive sign for investors. The expected gains in the Dow industrial average, S&P index, and NASDAQ index indicate a potential upward momentum in the stock market. This could be driven by various factors such as improved economic data, positive corporate earnings, or market sentiment. However, it's important to note that premarket movements are not always indicative of the actual opening or subsequent trading session. Market conditions can change rapidly, and investors need to remain vigilant and make informed decisions based on a comprehensive analysis of various factors.

Bitcoin Market

Bitcoin's surge to a new all-time high price of $98,367 and its subsequent trading at $97,661 after a $3300 increase is a remarkable development in the cryptocurrency market. The fact that it moved above 90,000 on November 12 highlights the growing popularity and potential of bitcoin as an alternative asset. However, the cryptocurrency market remains highly volatile and subject to various regulatory and market risks. Investors need to carefully assess the risks and rewards associated with investing in bitcoin and other cryptocurrencies and make decisions based on their risk tolerance and investment goals.

For decades, Habitat for Humanity Coachella Valley (HFHCV) has been dedicated to uniting people in the construction of homes and communities. Dave Thornton, the executive director, emphasizes that hope is a fundamental building block of this nonprofit organization. "I'm excited to assist people with housing and security," Thornton said. "In our affiliate, we build one to two houses annually for low-income families. We also help those in unsafe and overcrowded situations, allowing kids to have a stable home, make friends, and parents to avoid rent hikes and constant relocations."

The Christian Ministry's Impact

Established in 1976 by Millard and Linda Fuller, the ecumenical Christian ministry has long been recognized for its deep focus on poor housing conditions. Its founding belief was clear: "Every man, woman, and child should have a decent, safe, and affordable place to live." Thornton explained, "We identify the neediest families and strive to give them a fresh start and a chance at a normal life."

Receiving Grants and Helping Families

Recently, HFHCV received a grant from the Inland Empire Community Foundation (IECF) through the Riverside County ARPA Fund. This grant is directed towards addressing housing repairs for those in need. Thornton stated, "People call us weekly with repair requests. When we enter a home, it's often three to five repairs, and we handle them ourselves. It costs nothing to senior citizens and low-income young families." He gave an example of a household with a broken refrigerator due to a blown-out breaker and discovered that the food had spoiled and the electrical panel was antiquated and unsafe. Through the IECF grant, many such repairs can be facilitated.

Community Partnerships and Volunteer Work

HFHCV is renowned for its community partnerships, donors, and volunteers. It constructs new homes with their support. Additionally, the homeownership program assists qualified homebuyers without profit, with affordable loans streamlining the process. The nonprofit also has a valuable local extension in the form of the ReStore thrift store on Dinah Shore Drive in Palm Desert. All proceeds support the mission. Families meeting application criteria are welcome to apply. A selection committee considers factors such as need, willingness to be program partners, and the ability to repay the no-interest loan.

"A Brush with Kindness" Program

"A Brush with Kindness" is a unique program where volunteers offer home restoration and repair to senior citizens, disabled residents, and low-income homeowners. Thornton emphasized, "Everyone needs housing. We advocate for people and work with local representatives to secure more funding. We are committed to making a difference."Learn more at hfhcv.org. The Inland Empire Community Foundation works to strengthen Inland Southern California through philanthropy. Visit iegives.org.

US stock futures, including ES=F, NQ=F, and YM=F, witnessed a settling down on Friday morning following a week filled with trading activities. Nvidia (NVDA) shares, which reported their third-quarter earnings last Wednesday, have been fluctuating, adding to the market's volatility.

Bitcoin's Ascent to New Heights

Bitcoin (BTC-USD) made a remarkable move earlier this morning as it temporarily rose above $99,000, reaching a new record high. It is now inching closer to the $100,000 mark. The cryptocurrency's rally was fueled by Thursday's headlines regarding the Securities and Exchange Commission (SEC) Chair Gary Gensler's plans to retire in January. The crypto space is optimistic about more crypto-friendly regulations in a potential second Trump administration. 1: The surge in Bitcoin's price is a significant event in the cryptocurrency market. It showcases the growing interest and potential of digital currencies. Many investors are closely watching this trend, as it could have a major impact on the future of finance. The break above $99,000 is a psychological milestone and indicates the strength and momentum of the Bitcoin market. 2: The SEC's leadership change and the associated speculation about crypto regulations have been a major driver of Bitcoin's recent performance. Traders and investors are eagerly awaiting further developments in this regard, as it could shape the regulatory environment and influence the price of Bitcoin in the long run.

The Search for Trump's Treasury Secretary

The search for President-elect Donald Trump's Treasury secretary pick is ongoing as he continues to fill out Cabinet nominations. The Wall Street Journal reported that the Trump administration is leaning towards former Federal Reserve governor Kevin Warsh for this crucial role. There are plans to potentially nominate him to lead the Federal Reserve after current Chair Jerome Powell's term expires in 2026. 1: Kevin Warsh's appointment as Treasury secretary would bring a wealth of experience and expertise to the position. His background in the Federal Reserve gives him valuable insights into monetary policy and economic matters. This could potentially have a significant impact on the country's financial landscape. 2: The selection of a Treasury secretary is a critical decision that can shape economic policies and strategies. With Kevin Warsh's potential nomination, there is anticipation about the direction the Trump administration will take in terms of fiscal and monetary policies. It will be closely watched by market participants and economists alike.

Expert Insights and Analysis

To gain more in-depth understanding and analysis of the latest market action, it is recommended to check out more Morning Brief. This provides valuable perspectives and information from experts in the field, helping investors make more informed decisions. 1: The Morning Brief offers a comprehensive overview of the market trends and events. It covers various asset classes and provides detailed analysis of the factors driving the market. By staying updated with the Morning Brief, investors can stay ahead of the curve and make better investment choices. 2: The expert insights provided in the Morning Brief are based on extensive research and market experience. They offer unique perspectives and interpretations of the market dynamics, helping investors navigate through the complex world of finance. It is an essential resource for both novice and experienced investors.