Daily Market Wrap — Thursday, 2025-11-13
U.S. stocks advanced, with the Dow Industrials closing above 48,000 for the first time. Healthcare leaders Eli Lilly and AbbVie led gains while mega-cap tech lagged, keeping the rally broad but measured.
With the U.S. government reopened, a backlog of economic releases returns to the calendar — CPI, weekly jobless claims, and a 30-year Treasury auction among them — raising the odds of larger day-to-day swings as fresh data lands.
Precious metals rallied on a softer growth outlook and wider deficit concerns. Reports pointed to gold breaking into new high territory and silver nearing prior peaks as investors sought safety and hedges when real yields wavered.
In the UK, markets parsed the Medium Term Budget Policy Statement, focusing on implications for growth, inflation, and rate expectations — and the knock-on effects for gilts and the pound.
The U.S. dollar stayed under pressure, with weak labour signals and rising expectations for a December rate cut keeping the Dollar Index near recent lows, a backdrop that typically supports commodities and non‑U.S. assets.
Our take: leadership remains selective — healthcare strength in the U.S., firm precious metals, and a softer dollar — while near-term direction will hinge on the CPI print and Treasury auction results. Keep position sizes sensible and let the data confirm momentum before adding risk.