The November Fed meeting minutes warned of asset prices overheating
It was a choppy, low-volume session on Wall Street, with traders carefully eyeing the November Fed minutes. While the policy-setting Federal Open Market Committee (FOMC) was upbeat on employment and the economy, some members are concerned that "elevated asset valuations" could lead to a sharp reversal in asset prices -- with potentially "damaging effects" on the economy. Against this backdrop, the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) both ended the day below breakeven, while the Nasdaq Composite (IXIC) notched another day of record highs.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 23,526.18) settled the session down 64.7 points, or 0.3%. Verizon (VZ) paced the nine Dow advancers with its 2% gain, while DowDuPont (DWDP) led the 21 decliners with its 0.9% drop.
The S&P 500 Index (SPX - 2,597.08) finished down about 2 points, or 0.08%. After notching an all-time peak of 6,874.52, the Nasdaq Composite (IXIC - 6,867.36) closed 4.9 points, or 0.07%, higher.
The CBOE Volatility Index (VIX - 9.88) picked up 0.2 point, or 1.5%, but marked its second consecutive close in single-digit territory.
5 Items on Our Radar Today
- Facebook will be launching an option for users to discover whether or not they liked or followed pages and content created by Russia's Internet Research Association during the 2016 election season. The platform add-on should be usable by the end of the year. (Bloomberg)
- Ride-hailing app Uber Technologies is under fire again after disclosing that the company paid hackers to cover up a breach that shared data from millions of customers and drivers around the globe. In response, governments around the world have launched investigations into the claim. (Reuters)
- Online shopping has topped $1 billion in revenue per day so far for the month of November, and is expected to reach $6.6 billion on Cyber Monday. For the full online holiday shopping season, sales are expected to reach $107 billion. (CNBC)
- The FAANG-friendly ETF seeing significant call volume.
- Why iRobot stock is sinking ahead of Black Friday.
Data courtesy of Trade-Alert
Commodities
January-dated crude futures rose $1.19, or 2.1%, to close at $58.02 per barrel, lifting oil to its highest daily settlement in more than two years. Traders were responding to drawdowns in domestic inventories, with both the American Petroleum Institute (API) and Energy Information Administration (EIA) reporting declines for the week ended Nov. 17.
December-dated gold futures got a boost from the weak dollar today. Gold logged a gain of $10.50, or 0.08%, to settle at $1,292.20 per ounce. Following the afternoon release of the Fed minutes, gold largely held its gains in electronic trading.