SPX stayed stable and closed a little below the 4700 level that has become its recent pivot. Tech and Consumer Discretionary gained, while Energy, Financials and Industrials saw a pullback similar to earlier in the week. WTI has fallen to the 75 support level now with talk of a US-Japan coordinated release of strategic reserves - though no official confirmation has been made. Some estimates are for 50 to 60 million barrels to be released here.
The Dems were also able to pass the USD 1.75 tn budget bill through the House as the Left and the Centre were able to agree on terms after criticism over internal party rifts. The bill now moves to the Senate where it faces a united Republican opposition, just like in the House. Two moderate Democrats, Joe Manchin and Kristen Sinema, will likely be the key swing votes if the bill is to be passed along party lines.Biden hasn't announced the next Fed Chair yet, despite indicating he would do so last week. The White House said there was no timeline in place for the announcement. They did, however, confirm that Biden will contest for a second term in 2024, attempting to quell concerns of a leadership change. We have a shorter week ahead, with Thanksgiving on Thursday in the US. Covid protests in Europe and NZ's rate decision are likely to drive headlines over the next few sessions too
November 22, 2021
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