Wealth Daily 18 November 2021

US equities fell on Wed. The Dow Jones Industrial Average lost 211.17 pts, or

0.58%, to close at 35,931.05. The S&P 500 index fell 0.26%. The tech-heavy

Nasdaq Composite retreated 0.33%.


The Dow was dragged down by a 4.7% drop in Visa (V US). Amazon (AMZN

US, +0.2%) said it will stop accepting payments made with Visa credit

cards issued in the UK starting next year, citing high fees.


Nvidia (NVDA US, -3.12%) rose 5.16% in after-hours trade on Wed after 3Q

revenue beat. It also maintained its quarterly dividend.


The US-listed shares of China-based Baidu (BIDU US) fell 5.5%, despite

matching estimates with a 13% jump in sales.


Crude oil futures tumbled to their lowest level in nearly six weeks. According to

Bloomberg, US President Joe Biden and his Chinese counterpart Xi Jinping

discussed releasing oil from their respective strategic reserves during their

virtual summit Mon. The front-month Brent and WTI futures closed down $2.15

at US$80.28/bbl and $2.40 at US$78.36/bbl respectively. In the US, natural gas

prices fell with crude futures.


However, European natural gas prices surged on Wed, after a delay in the

approval process of the Nord Stream 2 pipeline, which will link Russian gas

fields to Germany. The price of gas next month in the Netherlands, which is a

benchmark for the region, jumped almost 8%. Bloomberg reports that Goldman

Sachs analysts believe the pipeline will not be up and running until Feb, next

year, missing the peak of winter heating season.


The most actively traded US gold futures (Dec) contracts settled up $16.10, or

0.9%, at US$1,870.20/oz. December silver rose 22.3 cents, or 0.9%, to end at

US$25.167/oz.



WEALTH DAILY 2021-11-18
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