This is the daily notebook of Mike Santoli, CNBC’s senior markets commentator, with ideas about trends, shares and current market statistics. A lethargic start out to a commonly upbeat Thanksgiving week for stocks, which are in a prolonged pause when consolidating just underneath the November highs. You can even now check out the motion as a minimal-drama consolidation of the 15% rally in the S & P 500 off the Oct very low within just the broader downtrend, keeping appropriate in the vicinity of the midpoint of the article-April vary and regular with ranges of 6 months in the past — which was before the last 300 foundation points of Federal Reserve tightening and the most the latest $10 in declines in ahead earnings estimates. The industry is trying to sniff out an inescapable Fed pause, although also getting held in check out by broader macro issues as embodied by a steeply inverted Treasury generate curve. Seasonal styles are supportive. Sentiment is even now a web constructive for shares but significantly less so than a couple weeks in the past, when anxiety was rife and positioning was quite defensive. Earnings have been much better than feared but spotty. Valuations are significantly less demanding than various months ago, which is possibly honest for the average inventory but fuller at the index level many thanks to even now-wealthy megacaps. Treasurys increasing once again at the for a longer period conclude, sinking the produce curve even further, although the greenback rebounds a little bit — both of those risk-averse actions. The current financial exercise ranges are not observably recessionary, but the generate curve and its historic report of preceding recessions is in investors’ head. Note, although, that stocks have currently been weaker heading into this inversion than in prior types given that 1989, and even after earlier inversions shares normally rose for 6-to-12 months ahead of a economic downturn at some point took maintain. A lot of odd currents working via this cycle. Bob Iger returning to Disney is a shocker and claims a ton about both the botched succession method just before and the challenging strategic place the company is in now. Interaction and execution missteps by Bob Chapek were being potentially far too substantially for the board, and Iger will quickly get back for the business the reward of the question on prioritizing shelling out/content system. But the industry alone has despatched sizzling-and-cold signals to media firms around the earlier two many years, whipsawing managements. Here is the company benefit-to-forward-dollars-circulation ratios of Disney vs. Netflix . See how, by early 2021, they were in in the vicinity of parity at extremely higher ranges. This was the sector telling the companies to devote seriously to obtain streaming subscribers, income be damned. Then the information shifted to punishing streaming losses. Disney is continue to generously valued relative to pre-2019 ranges (and in comparison to 7-10x EBITDA multiples at peers Warner Bros Discovery and Paramount). There are no straightforward answers apart from price tag self-control, curation of wonderful franchises and superior shareholder communication. Current market breadth is soft but not a washout (11/17 NYSE progress/drop ratio). Equal weight S & P 500 is outperforming, megacaps yet again dragging (Tesla proceeds to appear fairly toppy for a longer time term and has now just about spherical tripped vs. two several years in the past). VIX is snoozing, in close proximity to 23, holiday will skinny out trading. Jolts are normally attainable (the original omicron provide-off was Black Friday previous year) but rangebound indexes trying to keep the hedging demand from customers in check out for now.