Today we saw profit taking across all indices with the Russell 2000 down the most. Commodities, like gold and oil, are also in the red.

Bitcoin reached a new all-time high earlier today after briefly crossing the 108,000 level. Currently, it is up 0.41% and has come back down to $107,491.31.

The Ten-Year Treasury Yield (TNX) is down 1.6 basis points after briefly exceeding 4.4% earlier this morning.

Only Real Estate (XLRE) and Health Care (XLV) are marginally in the green. The laggard once more this afternoon is Energy (XLE). The sector is down in conjunction with oil prices due to fears that Chinese demand is cooling.

November Industrial Production fell by 0.1% m/m in November. It was a slower contraction than -0.3% m/m in October and missed estimates of a 0.3% increase.

Manufacturing Production rose 0.2% m/m but below estimates of a 0.5% increase. It was a notable improvement from October’s contraction of 0.7%. The increase was in part due to durable goods rising 3.5% and Machinery 2.1% m/m.

Notable declines:

• Output of aerospace and transportation equipment -2.6% m/m
• Apparel and leather -2.1% m/m
• Paper -1.3% m/m

The NAHB Housing Market Index remained unchanged at 46 in November, slightly missing estimates of 47. Current sales stayed steady at 48, while traffic of prospective buyers fell 1 point to 31. Notably, future sales expectation rose to 66, its highest level since April 2022.

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