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Pre-Market Update on North American Markets for November 25

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Updated

North America

United States: 

  • The improved sentiments amid interest rate hike expectations, better-than-expected manufacturing PMI, and durable goods orders are supporting the index.
  • The S&P 500 closed at a record high at 2,213.35 (+0.39%) on November 25. Last week, the S&P 500 rose 1.4%. The Dow Jones Industrial Average (DJI) rose 0.36% to 19,152.14 on November 25.

Mexico: 

  • Mexican stocks rose on November 25. They were supported by the industrial, consumer goods and services, and materials sectors.
  • The IPC index closed at more than a two and a half week high on November 25. It ended the week 2.2% higher.

The following chart shows the performance of North American markets last week.

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NYSE sector performance

Energy sector:

  • The energy sector fell on November 25 due to weaker market sentiment.
  • Doubts about the successful execution of the supply cut deal are weighing on the market.
  • Total SA (TOT), a multinational integrated oil and gas company and one of the seven “supermajor” oil companies in the world, fell 0.47% last week. As a significant step towards renewable sources, Total SA formed an association to develop a liquid natural gas terminal on the Ivory Coast.
  • Last week, the SPDR S&P Oil & Gas Exploration & Production (XOP) fell 0.78%.

Base metal sector:

  • The base metal sector weakened on November 25 because of the firmer dollar hovering at multiyear high price levels.
  • Freeport-McMoRan (FCX), one of the world’s leading mining giants, rose 10.3% last week amid strength in copper. Last week, Freeport completed an offering of $1.5 billion worth of an at-the-market equity offering. It was announced at the end of July 2016.
  • Last week, the SPDR S&P Metals & Mining (XME) rose 6.1%.

Precious metal sector:

  • The precious metal sector was mixed on November 25 amid weakening in respective metals.
  • Barrick Gold ABX), the world’s largest gold miner, fell 4% last week. Barrick Gold is looking for a buyer for its stake in the Kalgoorlie “Super Pit.” According to recent reports, a bid higher than $540 million above any other offering was received from an unknown Chinese company.
  • Last week, the SPDR Gold Shares (GLD) fell 2.6%.
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