Oops! IRS Does It Again

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Rare Losing Session Tuesday for Stocks; Nvidia Earnings Top Estimates; Crude Oil Gains, Sildes

Tuesday's session was up and down, but mostly down, with bulls getting a bit weary chasing high-flying stocks. The S&P closed to the downside for only the third time in the last 17 sessions. During that periodm starting with October 27, the S&P has added 420 points, or roughly 10 percent, an extraordinary return in less than a month. Those who decry market timing haven't enjoyed the unrivaled pleasure of massive short-term gains and likely never will. Tech darling chip-maker, Nvidia (NVDA), released its report for the third quarter after Tuesday's closing bell, smashing estimates by wide margins. Closing at a record high on Monday (504.09), holders of the stock were just a little shy going into earnings, knocking the price back to 499.44 on Tuesday's close. The company, like most of its peers, especially in retail, issued a bit of a clunker when it came to forecasting, citing expected loss of business in China, primarily. That put a little touch of alarm into the post-market party, sending shares down four percent before rebounding back. On Wednesday morning, the stock has returned to positive territory, up about a half percent. Late Tuesday, the oil market was the recipient a reality check via new data showing U.S. crude stocks rose by nearly 9.1 million barrels in the week ended Nov. 17, according to market sources citing American Petroleum Institute figures on Tuesday. WTI crude had rallied to as high as $78 a barrel on Monday, but began giving some of tthose gains back Tuesday. As traders await the determination of OPEC+ ministers from their meeting this Sunday, crude is falling Wednesday morning in a big way, down $2.20 to $75.57, even as rumors swirl about deeper production cuts from the cartel. At issue is demand, which will see a bump over the next few days as Americans take to the highways over the four-day Thanksgiving weekend. Travelers will be treated to the lowest gasoline prices since 2020, More than 65,000 gas stations nationwide are below the $3.00 mark, with 13 states averaging below $3.00 per gallon, according to gasbuddy.com, which has the national average at $3.25. With the last full session before the holiday (Friday is a half day, closing at 1:00 pm ET.) directly ahead, stock futures are solidly higher. Asia was mixed ovenight, as is Europe at midday. Gold, after rising close to $2030 on the COMEX, backed off late Tuesday, but made up some ground Wednesday morning, currently at $2023, with silver also elevated, trading around $24.25 per ounce. Trading is likely to be muted, with many desks unoccupied already, some traders having made their escape to holiday revelry early. Things should slow down considerably after 1:00 pm ET. At the Close, Tuesday, November 21, 2023: Dow: 35,088.29, -62.75 (-0.18%) NASDAQ: 14,199.98, -84.55 (-0.59%) S&P 500: 4,538.19, -9.19 (-0.20%) NYSE Composite: 15,861.57, -20.06 (-0.13%)

Tuesday in Doubt; Dollar Down, Gold, Silver Up

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WEEKEND WRAP: China is #1

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BJ's Issues Warning Guidance

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