Dow Futures contract was up 55 points, U.S. market news Dec 13

Dow Futures

Dow Futures contract was up 55 points, or 0.2%, the S&P 500 Futures contract was up 7 points, or 0.2%, and the Nasdaq 100 Futures contract was up 32 points, or 0.2%..

1. What’s moving markets? The Fed’s upcoming decision and Netflix watching numbers.
2. Dow futures advance ahead of a critical Federal Reserve decision.
3. Wall Street sets new 2023 highs on inflation data; Fed on standby
4. The Fed is expected to leave rates stable while signaling a pair of rate cuts in 2024.
5. Musk’s bid to dismiss the investor litigation over the Twitter takeover is denied by a US judge.
6. KuCoin, a cryptocurrency exchange, will close in New York and pay a $22 million settlement to resolve a lawsuit.
7. The United States seizes cryptocurrency tied to a Southeast Asian investment scheme.
8. Moderna’s commercial officer resigns, and the CEO will oversee vaccine sales.
9. Tesla to upgrade software in 2 million vehicles to address Autopilot control issues – NHTSA
10. Pfizer’s earnings and sales predictions for 2024 fall short of Wall Street expectations.
11. Dollarama improves its yearly sales projection due to consistent demand for cheap items.
12. Airbnb will pay $620 million to resolve certain overdue tax liabilities in Italy.
13. Southwest Airlines has raised its fourth-quarter fuel cost projection.
14. Google, Meta, and Qualcomm join together to promote open digital ecosystems.
15. Oil prices reached a five-month low ahead of the Fed, and US inventories provide little comfort.
16. The dollar rises as speculators await Fed rate decrease timing cues.
17. Some Model 3 vehicles may lose $7,500 in consumer tax credits, according to Tesla.
18. Mastercard and Visa cross-border fees should be capped, according to the payments regulator.
19. According to HSBC, the S&P 500 will rise 8% by the end of 2024.
20. In a tender offer, Musk’s SpaceX worth approaches $180 billion – Bloomberg News
21. According to the state government of Mexico, Tesla has received land use permissions for the gigafactory.
22. Hedge fund organizations sue the US Securities and Exchange Commission in an attempt to overturn short-selling regulations.
23. Amazon has asked for the dismissal of a case about Kuiper satellite launch contracts.
24. Starbucks and TGI Fridays operator are granted bankruptcy protection by a Brazilian court.
25. Apple now requires a judge’s approval before releasing push notification data.
26. Pfizer’s Strategic Move: Seagen Acquisition Set to Close for $43 Billion

GLOBAL NEWS 

1. Japan’s markets are up at the conclusion of trade, with the Nikkei 225 up 0.25%.
2. Australia’s equities are up at the conclusion of trade, with the S&P/ASX 200 up 0.31%.
3. European markets rise as GDP data in the United Kingdom disappoints ahead of the Fed meeting.
4. Argentina devalues the peso and slashes spending as part of its economic shock treatment.
5. Bank loans in China increased to 1.09 trillion yuan in November, above expectations.
6. China semiconductor business backed by US technology and capital avoids Biden’s crackdown
7. Russia will waive import taxes on eggs as prices rise and inventories shrink.
8. The UK economy is contracting, putting the BoE’s stance on interest rates to the test.
9. Renault’s capital impact from selling a portion of its Nissan investment is lower than expected.
10. Crown Casinos in Australia has confirmed the initiation of an internal investigation against its CEO.
11. Thai key rate remains adequate for the economy, and inflation will return to goal – central bank
12. Bain Capital sells a $448 million stake in India’s Axis Bank.
13. The UK Payments Council has proposed a limit on Mastercard and Visa cross-border costs.
14. Fitch rates China’s 2024 outlook as neutral, but debt problems persist.
15. Asian equities fall as the Fed remains hesitant, and China remains cautious.
16. As sticky inflation clouds the Fed’s forecast, Asia’s currency falls while the dollar remains stable.
17. Inditex, Zara’s parent company, reports a 32.5% increase in nine-month earnings but sales growth slows.
18. EV charging station companies compete for ideal sites in Europe and the United States.
19. Indonesia reduces tax rules on electric vehicle imports in order to encourage investment.
20. Top The Australian pension fund has increased its private credit mandate to $1.5 billion.
21. Japan’s business sentiment has reached a near two-year high, keeping the BOJ departure in the spotlight.
22. According to a Reuters poll, South African inflation will decline in 2024.
23. Officials said a second assessment of Sri Lanka’s $2.9 billion IMF bailout is possible in the first half of 2024.
24. Codorus Valley will combine with Orrstown Financial in an all-stock transaction.
25. In the midst of bankruptcy, Yellow Corp secures $1.88 billion in asset sales.

Economic Data

The headline Consumer Price Index (CPI) for November M/M climbed +0.1% vs. 0.0% expected and previous 0.0%, while Y/Y rose +3.1% vs. +3.2% expected and prior +3.2%. Core CPI (excluding food and energy) climbed +0.3% vs. expectations of +0.3% and preceding +0.2%, and Y/Y grew +4.0%, in line with expectations and consensus. CPI food +0.2%, housing +0.4%, and owners’ equivalent rent of principal dwelling +0.5% in November. Energy was down 2.3% in November, gasoline was down 6.0%, and new automobiles were down 0.1%.

The US government spent $314 billion more than it received in November, compared to the $301.1 billion average, expanding the deficit from $67.0 billion in October and $248.5 billion a year earlier.

The NFIB small business optimism index fell -0.1% to 90.6 in November, following a -0.1% drop to 90.7 in October. It is the fourth consecutive monthly dip to the lowest level since May, following a spike to 91.9 in July, which tied for the highest level since September 2022.

World News

According to the Bank of Japan’s quarterly Tankan corporate survey, Japanese manufacturers soared to the highest level since March 2022, with the primary indicator for sentiment among major manufacturers at +12, up from +9 in September.

According to Dow Jones Market Data, a group of 51 equities in the benchmark equity index stormed to record closes on Tuesday, the most since April 20, 2022.

Economic Calendar

7:00 AM MBA Mortgage Applications Data
8:30 AM Producer Price Index (PPI) Headline M/M for November
8:30 AM Producer Price Index (PPI) Headline Y/Y for November
8:30 AM PPI Ex: Food & Energy (core) M/M for November
8:30 AM PPI Ex: Food & Energy (core) YoY for November
10:30 AM Weekly DOE Inventory Data
2:00 PM FOMC Policy Meeting – no change in rates is expected.
2:30 PM Fed Chairman Powell Press Conference

Other Key Events

DA Davidson East Coast Bank Summit, 12/12-12/13 (virtual)
Evercore/ISI 2023 IT Hardware & Networking Equipment Virtual IR Summit, 12-12/12-13
Oppenheimer 4th Annual Midwest Industrial Summit, 12/13-12/14
Piper Indiana Bank Tour, 12/12-12/13 (virtual)
Roth MKM 12th Annual Deer Valley Event, 12/13-12/16, in Utah

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