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Summary of the events of the 44th week of November 2021.

In chronological order, we present you all the outstanding events of the economy as a dossier of details that occurred during the we of November 01 to 05, 2021:

 MONDAY

- Indices reach intraday highs during the session

- Federal Reserve policy statement due Wednesday

- Harley-Davidson rises as EU, U.S. end tariff dispute

Wall Street's major indexes were little changed Monday, hovering near record highs, as gains in energy stocks and Tesla were offset by declines in the technology sector, with investors looking ahead to a key Federal Reserve meeting later in the week.

Tesla shares rose 5.4%, which helped lift the consumer discretionary sector of the S&P 500.

Shares of the electric car maker have rallied since the company's market value surpassed $1 trillion last week.

A survey on Monday showed U.S. manufacturing activity slowed in October, with all sectors reporting record delivery times for raw materials, indicating strained supply chains continued to constrain economic activity early in the fourth quarter.

In corporate news, shares of Harley-Davidson Inc. jumped 8% after the European Union removed retaliatory tariffs on U.S. products, including the company's whiskey, motorboats, and motorcycles.

 

TUESDAY

- Tesla falls and snaps its four-day winning streak

- Under Armour rises after raising revenue and profit forecasts

- Pfizer rises after raising sales outlook for COVID-19 vaccine

U.S. stock indexes had a mixed open Tuesday as investors were cautious ahead of a Federal Reserve meeting where policymakers are expected to begin tapering bond purchases.

Tesla Inc. was down 4.6% in premarket trading and weighed the most on futures tracking the Nasdaq index.

Tesla's top boss, Elon Musk, tweeted that the electric-car maker had not signed a contract with Hertz. Shares closed at an all-time high on Monday and have gained nearly 18% since the company's market value topped $1 trillion last weeks.

Of the 280 S&P 500 companies reporting earnings through Monday, 82.1% have beat analysts' expectations. Third-quarter earnings are expected to grow 39.3% year-over-year.

Under Armour, Inc. rose 10.3% after the athletic apparel maker raised its annual revenue and profit forecasts.

Simon Property Group rose 3.9% after the shopping center operator raised its 2021 profit forecast and quarterly dividend.

Pfizer Inc. gained 2.7% after the drugmaker raised its full-year sales forecast for the company's COVID-19 vaccine to $36 billion.

 

WEDNESDAY

These are the factors to consider:

The uptrend otherwise remains clear with the market fairly quiet and in risk acceptance mode, as can be seen in this chart.

There was today's ADP private job creation data which was clearly above expectations at 571,000 versus the expected 400,000. It may be that this month's employment data will be robust again after recent setbacks.

Bonds are up again, helped by contagion from Europeans after Lagarde said that a rate hike next year in the eurozone is almost impossible.

Activision Blizzard Inc fell 13.6% after the video game publisher delayed the launch of two highly anticipated titles, as co-leader Jen Oneal decided to step down.

Humana Inc fell 7.7% after the health insurer cut its 2021 earnings forecast due to higher COVID-related costs.

Let's not forget that meme fashion is back, with hedge fund short hunts by Robinhood. There are many stocks again with surreal upside.

 

THURSDAY

Yesterday's Fed meeting was digested without major problems and it is especially appreciated that Powell made it clear that there is no intention to raise rates for the time being. Tapering was fully discounted.

A lot of private money continues to flow into memes stocks that are in full swing.

The Russell continues to rise and thus confirming the very important break of the large sideways movement in which it has been trapped since February. Now the top of the sideways has become support. It has much more potential than the other indices. It benefits from what we mentioned in the previous point about memes.

The Nasdaq is being helped by a wave of favorable results, as Qualcomm Inc shares were up 10.4% in pre-market trading yesterday after the chipmaker forecast better-than-expected earnings and revenue for its current quarter due to growing demand for chips used in phones, cars, and other Internet-connected devices.

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