At-a-Glance
Today’s Top Highlights
The equity index futures traded in a tight range today and ultimately traded slightly lower near unchanged to start the week. Last week on Friday, the S&P and Nasdaq both traded higher and had a strong week of gains, and there was little economic data that influenced the market today. With that, looking ahead in the week, there is a lot of strong data coming out in the next 2 days that could add volatility, looking at JOLTs job openings and the Fed interest rate announcement on Wednesday where it is expected that the Fed will cut interest rates by 25-basis points for the final meeting of the year.
Conversely, the commodity futures experienced significant, divergent movement. Natural Gas futures saw an aggressive pullback, retreating sharply from the near three-year highs reached last week. This steep sell-off reflected forecasts for milder weather across key consumption areas in the U.S. over the next two weeks, coupled with record-high domestic production levels that have kept storage levels robust. Meanwhile, Gold futures experienced light pressure, consolidating near the $4,200/oz level. Gold's movements were muted, generally following the pattern of the U.S. Dollar and Treasury yields, with its safe-haven demand tempered by the steady but cautious sentiment in the equity markets and the lack of a clear new inflation catalyst.
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