Market Recap
November 29th, 2021
Markets
The appearance of the Omicron COVID Variant led US major indices (2.0-3.7%) and their European peers (2.5-6.1%) into a nosedive on the worst trading day of 2021. The VIX (59.8%) rallied to its highest level in nine months
Sectors
Value stocks held up better than growth, despite the pressure on leisure and travel-related stocks. Energy (1.7%) fared best as the early week rally more than offset Friday’s plunge. Consumer discretionary (3.6%) and IT (3.2%) fared worst
Rates
US treasury bond prices reversed course by surging sharply in response to Friday’s flight to safety. The renewed closure fears put in doubt the previous outlooks on interest rate increases and bond purchases taper, leading several banks to rethink their growth outlooks. The MOVE (21.9%) index soared
Commodities & FX
Oil (10.3%) prices sank sub-$70 on Friday, the lowest in more than two months, propelled by fears of demand slowdown. Gold (2.9%) and silver (5.9%) slid, while the USD (0.0%) remained flat vs. major currencies basket
Last Week's Headlines
Our Favorite Charts
Hedge Funds Lagging
Source: Goldman Sachs, The Daily Shot
Investor Market Share in Home Purchases Hits Record
Source: Redfin
Market Performance
Disclaimer
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