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 opened November with gains
• Dow up 0.69% to 42,387
• S&P 500 up 0.41% to 5,782
• Nasdaq up 0.80% to 18,567
• Tech sector led on strong earnings momentum from Amazon and Apple
• Manufacturing data showed expansion for first time in seven months
• ISM Manufacturing PMI at 46.5, below expectations but improving from September's 47.2

Oil:
• WTI at $69.49, up 2.85% Monday
• Brent at $73.10, up 2.73%
• Both rallied on OPEC+ decision Sunday to delay December production increase by one month
• Group will maintain current output cuts of 2.2 million barrels per day through December
• Citing weak demand and oversupply concerns
• Market pricing in extended discipline

Gas:
• Henry Hub at $2.93 per MMBtu, up 3.17% Monday
• November contract showing strength on colder weather forecasts
• EIA reporting storage levels at 3.83 trillion cubic feet, 6% above five-year average
• Winter demand outlook supporting prices despite elevated inventories

Production:
• Permian Basin output averaging 6.6 million barrels per day for 2025 per EIA forecast
• Growth slowing to 6% annually
• Operators maintaining capital discipline with WTI in high sixties
• Hedging activity remains elevated for 2026 and 2027
• Devon Energy, Diamondback, EOG all reporting increased coverage ratios

Real Estate:
• October transaction volume hit $30 billion, strongest monthly total in 2025
• Industrial cap rates at 5.0% nationally
• Multifamily at 5.2%
• Office bifurcation continues, Class A at 7.3%, distressed assets at 9% plus
• Fed rate cuts improving financing conditions
• Year-end deal flow accelerating

Credit:
• SOFR at 4.27%, 30-day average at 4.21%
• Investment-grade spreads at 20-year lows
• High-yield market resilient
• Private credit market expanding rapidly
• Direct lending delivering attractive returns
• Corporate refinancing activity strong heading into year-end

Bottom Line:
Equities opened November with gains on tech earnings momentum. Oil rallied over 2.8% on OPEC+ production delay. Gas up 3.2% on winter weather forecasts. Permian growth slowing to 6%, operators maintaining discipline. October real estate transactions hit 2025 high at $30 billion. Credit spreads at historic lows, refinancing activity strong. 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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