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- US data: The ISM Services PMI report printed at 55.0 vs. 54.5 expected. The employment subcomponent, a key leading indicator for Friday’s NFP report, came in at 55.2, down a touch from last month’s 55.5 reading. Separately, Factory Orders (Nov) fell -0.7% m/m vs. a -0.8% drop eyed. The November trade deficit came in at -$43.1B, roughly in-line with -$43.7B anticipated.
- FX: The US dollar was the day’s strongest currency (though it remains below some key short-term resistance levels). The Australian dollar was the weakest major currency in risk-off trade.
- Commodities: Oil shed -1% on the day as there were no new developments in the ongoing tensions between the US and Iran. Gold and silver ticked higher after early losses, while bitcoin surged 5% to break back above $8,000.
- US indices closed modestly lower on the day. European indices were mixed, with rallies in Germany’s DAX and Italy’s MIB offsetting losses in the UK’s FTSE and Spain’s IBEX.
- Materials (XLB) was the strongest major sector today; REITs (XLRE) were the weakest.
- Stocks on the move:
- Tesla (TSLA) rallied 4% after delivering its first vehicles made in China.
- Micron Technology (MU) surged 9% on an upgrade from analysts at Cowen.
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