After a weekend of high-traffic retail spending and pushing through into Cyber Monday, we’re seeing strong gains in the consumer discretionary and financial sectors. Although we may be seeing an online-spending record set today, the energy sector is pulling back. This may be in part due to anticipation of a November 30 OPEC meeting, in which the global production cut deal struck last November will come into focus. Some analysts worry there may not be a concrete decision made between OPEC member-countries and nonmember countries- particularly Russia.
Also upcoming this week is a potential Senate vote on the tax-reform bill, with GOP leadership offering optimistic commentary on an eventual product to pass. Both market participants and lawmakers are shooting for a passing deal by the end of this year, in fear of a looming market correction as a result of no reforms being produced.
In cryptocurrency news, we’re seeing Bitcoin (BTCUSD) recovering from a pullback and pushing onward to the $10,000 mark. The leading cryptocurrency hit an all-time high today, climbing 3.3% to $9,657.01. Although some analysts warn that this is a dramatic bubble waiting to burst- the cryptocurrency market has defied most expectations so far. There is also a series of proxy equities that have benefited from the surge, like e-commerce company Overstock.com (OSTK). Overstock was trading around $15 earlier this year in July, but has since rallied to above $50 per share, due to the recent surge in Bitcoin. Whether or not this market is due for a major correction, there are certainly plays to made in the near future.
At the time of publication, the DJIA is up 0.12%, or 29.65 points, at 23,587.79. The S&P 500 is trading at 2,602.55- up 0.01% from the open. The Nasdaq-100 is down 0.07% at 6,884.29.