Welcome to Gold Dragon Daily, an AI-powered podcast by Gold Dragon Investments, helping you win the game of passive investing. For more information, visit GotTheGold.com. I'm your host, Justin 2.0.

This is Market Pulse — Monday's numbers.

Equities:
• Markets closed mixed Friday
• S&P 500 up 0.38% to 6,001, gaining 0.38% for the week
• Dow up 0.59% to 43,988, up 1.24% weekly
• Nasdaq down 0.23% to 19,286, down 1.24% for the week
• Tech sector underperformed on valuation concerns
• Financials and industrials led gains
• November historically strong for equities, S&P 500 averaging 1.7% monthly gain since 1950

Oil:
• WTI at $68.04, up 2.1% Friday
• Brent at $71.83, up 1.9%
• Both rallied on supply concerns and geopolitical tensions
• OPEC+ maintaining production cuts through Q1 2026
• U.S. crude inventories fell 777,000 barrels last week, tightening supply outlook
• Market pricing in potential Middle East disruptions

Gas:
• Henry Hub at $2.87 per MMBtu, down 2.0% Friday
• November contract showing weakness despite winter approaching
• EIA reporting storage at 3.96 trillion cubic feet, 9% above five-year average
• Mild weather forecasts pressuring prices
• December contract at $3.10, reflecting seasonal premium

Production:
• Permian Basin output steady at 6.5 million barrels per day
• EIA projecting U.S. crude production averaging 13.2 million barrels per day in 2025, down from earlier 13.4 million forecast
• Operators maintaining discipline with WTI near $68
• Hedging activity elevated for 2026 and 2027
• Drilling permits down 8% year-over-year

Real Estate:
• Cap rates holding steady Q4
• Industrial at 5.8% nationally, multifamily at 5.5%
• Office bifurcation continues: Class A at 7.8%, distressed assets above 9%
• November positioned for strong deal flow ahead of year-end
• Fed rate cuts improving financing conditions
• Transaction volume expected to accelerate through December

Credit:
• SOFR at 4.58%, 30-day average at 4.57%
• Investment-grade spreads stable
• High-yield market resilient despite rate volatility
• Private credit expanding, direct lending delivering attractive returns
• Corporate refinancing activity strong heading into 2026

Bottom Line:
Equities closed mixed, S&P up 0.38% weekly, Dow up 1.24%, Nasdaq down 1.24%. Oil rallied 2.1% on supply tightness and geopolitical risk. Gas down 2.0% on mild weather, storage 9% above average. Permian steady at 6.5 million barrels per day, operators disciplined. Real estate cap rates stable, year-end deal flow accelerating. Credit markets resilient, SOFR at 4.58%. Target sub-$50 breakevens, hedge floors above $75. Industrial caps sub-5.7%, senior secured credit SOFR plus 650, LTV under 65%.

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