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• Thank you to our Veterans 🫡
  Good morning. On Veterans Day, we want to express our deep gratitude to all those who...
  Good morning. On Veterans Day, we want to express our deep gratitude to all those who have served in the US military.
  
  Here’s one factoid: Gulf War-era veterans now make up the largest share of US veterans, having surpassed Vietnam-era veterans in 2016.
  
  And another: The share of veterans who are women is projected to increase significantly, from 11% currently to 18% in 2046.
  
  On a logistical note, most banks are closed today, but the stock market is open.
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• 🇺🇸 How the Veterans Day holiday affects the stock and bond markets
  The stock market remains open Friday, Nov. 11, the Veterans Day holiday in the U.S.,...
  The stock market remains open Friday, Nov. 11, the Veterans Day holiday in the U.S., even though it counts as a holiday for the $53 trillion American bond market.
  
  That means a full day of trading for stocks, which appear poised to book a robust week of gains, despite continued fears of a potential U.S. economic recession as the Federal Reserve works to tame stubbornly high costs of living.
  
  Signs of a potential cooling off on the inflation front led the Dow Jones Industrial Average DJIA, +3.70% to advance 1,200 points on Thursday, with it, the S&P 500 index SPX, +5.54% and Nasdaq Composite Index COMP, +31.35% all booking their best daily gains since 2020.
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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery rose 64 cents to $86.47 a barrel Thursday. Brent crude for January delivery rose $1.02 to $93.67 a barrel.
  
  Wholesale gasoline for December delivery rose 3 cents to $2.57 a gallon. December heating oil fell 9 cents to $3.57 a gallon. December natural gas rose 37 cents to $6.24 per 1,000 cubic feet.
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• Dow finishes up 1,200 points as stocks post best day since 2020
  U.S. stocks closed sharply higher Thursday, with all three major indexes posting their best day...
  U.S. stocks closed sharply higher Thursday, with all three major indexes posting their best day of gains since 2020 as investors cheered signs that U.S. inflation finally might be headed lower. The Dow Jones Industrial Average DJIA, +3.70% shot up about 1,198 points, or 3.7%, ending near 33,712, marking its highest level since August and its best daily percentage gain since May 2020, according to Dow Jones Market Data. The S&P 500 index SPX, +5.54% gained 5.5% and the Nasdaq Composite Index COMP, +7.35% closed up 7.4%, their best daily percentage increase since 2020. The sharp rally on Wall Street was led by gains in technology and communication shares, segments of the S&P 500 that booked massive gains of about 8.3% and 6.3%, respectively, according to FactSet. Buyers came out in force after the release of October's consumer-price index showed a 7.7% annual rate of inflation, down from 9.1% this summer, while spurring hopes that the Federal Reserve might be making headway in its fight to bring inflation down to its 2% target. That took some of the attention off the ongoing woes at crypto exchange FTX, with bitcoin BTCUSD, 14.09% down near a 2-year low. The 10-year Treasury rate also dropped to about 3.8% Thursday, down from a 4.2% high in October ahead of the three-day weekend for the U.S. bond market, which will remain closed on Friday for Veterans Day. U.S. stock exchanges, however, will remain open Friday.
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• Energy Commentary for Thursday
  Energy stocks are surging alongside broader equities and other...

  Energy stocks are surging alongside broader equities and other risk assets, as October CPI rose less than expected, at +0.4% vs estimates of +0.6%, and core rose 0.3% vs estimates of +0.5%, giving the market a signal that inflation may have peaked. The read-through for markets is the Fed’s rate tightening program is working, and consumer prices may begin to decline. The 10-year Treasury yield fell over 5%, and dropped below the key 4%-mark, currently around 3.93% (as of 9:00 AM ET).

  
  

  Oil prices were initially lower overnight on China demand concerns and a stronger dollar, though those losses quickly evaporated after the 8:30 AM ET inflation report. Oil prices are now higher by nearly 1% as traders reallocate capital into a variety of risk assets.

  
  

  Natural gas futures are also higher, trading up 3% around $6.03.  Weekly inventory data due out later this morning expects a build of 84 bcf versus the 5-year average of +20 bcf.

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