Open: 145.02 Close: 143.15 Change: -1.87

Today's Summary

Ritholtz Wealth Management employees provide personal opinions, viewpoints, and analyses of the views of the staff. Low taxes + strong wages + booming economy = historic momentum. Fed was out of control with QE since 2008, or at least from 2008 to 2023. Pulte and Bondi are the two biggest top-dog goofballs. Case-Shiller: National House Price Index Up 1.4% year-over-year in October. Chicago leads all major markets with a 5.8% annual price gain, followed by New York and Cleveland. Median asking rent for 0-2 bedroom units in the U.S. fell for the 28th consecutive month on a year-of-year basis. Bitcoin price continues the flagship digital assets strong start to the year. Key tell would be if Trump dropped export controls on chips and chipmaking equipment. YouTube is now paying creators in crypto, offering a $100B path to finally exit banks. US Senate could wipe out $6 billion in crypto rewards this week by closing one specific loophole. Zcash avoided SEC action after Zcash Foundation said the investigation has concluded. Oil giants are losing money on what was, a few years ago, considered a sure-return investment. Aggressive layoffs, efficiency gains and exits from loss-making low-carbon ventures helped the five supermajors generate about $96 billion in free cash flow. Refiners were the standout within energy, as Valero, Marathon, and Phillips 66 averaged ~25%.