Continuing jobless claims were lower than expected, while initial claims remained high but flat over the past week. A positive sign as we head into the Thanksgiving holiday was personal spending in October increasing by 0.2% versus a prior month decrease of -0.2%. Durable goods orders increased at a faster pace of 0.4% beating expectations of a decrease of -0.6%.
Worries remain over crude oil’s continued slide, breaking through a floor of $74/barrel on WTI contracts. OPEC is considering action on supply where oil ministers may decide to cut production when they meet on November 27th as oil falls near 2010 levels. Meanwhile, gold pared yearly losses to be almost flat for the year near the $1200/oz level.
“We are seeing cautiously positive indicators heading into the crucial holiday shopping season. Much remains to be seen as concerns over crude oil and overall high market volatility are paring expectations” said Nasdaq Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ CHINA INDEX (NQCN) is up 3.77% since Friday’s close. Year-to-date performance for the index is up 2.39%.
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 2.23% since Friday’s close. Year-to-date performance for the index is up 32.25%.
- NASDAQ CLEAN EDGE GREEN ENERGY (CELS) is up 1.48% since Friday’s close.
INDEX TO WATCH
- The NASDAQ Global Oil & Gas Index (NQG0001) follows the general oil and gas industry and includes securities from developed and emerging markets. The current number of companies in the index is 479; the largest companies by float adjusted market cap are Exxon Mobil, Chevron, Royal Dutch Shell and BP. Possible policy changes in the coming days and weeks on supply may affect market volatility and create movement in this index.