Market Information Tuesday 26 November 2024

The Dow Jones and S&P 500 started the trading week strong, each touching new records as investors welcomed President-elect Donald Trump’s nomination of hedge fund manager Scott Bessent as Treasury secretary. This announcement led to a broad market rally, with over 80% of S&P 500 stocks trading higher. Bessent’s appointment is viewed favorably, potentially mitigating extreme protectionist policies and contributing to a positive market sentiment reflected in a significant drop in Treasury yields.

The US dollar surged as President-elect Donald Trump’s tariff threats overshadowed hopes that his Treasury Secretary pick, Scott Bessent, might soften the administration’s trade approach. Bloomberg’s dollar gauge increased by 0.3%, and the offshore yuan hit a four-month low following Trump’s announcement of a 10% tariff on Chinese goods.

Real estate stocks led the S&P 500 with a significant 1.7% rise, marked by gains in Public Storage and CBRE Group, while consumer discretionary stocks also performed well. On the downside, Cassava Sciences shares plummeted after halting trials for an Alzheimer’s drug. Meanwhile, the U.S. markets will likely focus on interest rate outlooks, with upcoming releases of the personal consumption expenditure price index and Fed policy meeting minutes during this short week ahead of Thanksgiving.

The 6M Euribor decreased with 1 basis point to 2.77% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.24% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.