Log in to today’s North American session Market wrap for December 5
Markets are closing a high-expectations week and heading into an even-more volatile one.
Coming back from the Thanksgiving break, traders confirmed the past week’s spectacular rally with normal volumes returning to Stock Markets.
While the week wasn’t as unidirectional as last week, the overall mood is still highly positive as both the Dow Jones and S&P 500 stall just shy of their all-time highs.
There has been several chaotic waves of action today: an initial rally in risk-assets was consequently followed by a strong selloff in Cryptos, which dragged Equities off of their relative highs.
The reason for the selloff isn’t a particular single catalyst, but looking at this week’s narrative, MicroStrategy’s ongoing liquidation dynamics—fueled by a massive stock crash and the possibility of selling Bitcoin to meet liquidity and dividend obligations—could still be into play.
In terms of politics, the world assisted to the 2026 World Cup Draw in Washington this afternoon.
While most were focused on the football calendar, traders were watching closely how US President Trump interacted with Canadian PM Mark Carney and Mexican President Sheinbaum.
And some positive words from Trump regarding their relations have brought further strength in an ongoing Canadian Dollar rally – Canada posted yet another beat on their Employment data!
Metals close a very positive week in a mixed fashion, with all of the tradable elements making a sharp move higher at the beginning of the week before settling down today.
The commodity class which has surprised markets this week, and once again today, has been Energy products. WTI Crude Oil is back above the $60 mark, and Natural Gas is on a huge breakout, trading above $5/MMBtu and soaring over 70% since mid-October lows. This strength is driven by a cold front forecast and geopolitical supply risks.
