Dow Futures
Dow Futures
Dow Futures contract was up 36 points, or 0.1%, S&P 500 Futures contract was up 7 points, or 0.1%, and Nasdaq 100 Futures contract was up 28 points, or 0.1%.
- Futures on the S&P 500, Nasdaq, and Dow rise ahead of housing data.
- Global banks will cut 60K positions in 2023, making it one of the worst years since 2008.
- American Electric Power sells 50% of the renewable development in New Mexico.
- DingDong has a new finance and human resources director.
- Ault Alliance is up 1.5% and expects to generate $230M to $240M in sales in 2024.
- Bayer wins the most recent Roundup cancer trial, snapping a losing record.
- RayzeBio is being acquired by Bristol-Myers Squibb for $62.50 per share, or $4.1 billion.
- Big oil enters 2024 bolstered by industry consolidation in the United States.
- Oil prices remain stable as investors focus on Tensions in the Middle East and a rate decrease in the United States
- A US judge determines that Twitter broke its contract by neglecting to pay millions in incentives.
- Gracell Biotechnologies will be purchased by AstraZeneca for $1.2 billion.
- The Biden Administration agrees to the US Trade Commission’s prohibition on Apple Watch imports.
- The US retaliates in Iraq after three US troops are injured in an incident.
- Reuters reports that Ratcliffe will pay $33/share for a 25% stake in Manchester United.
- Gene Salkind increases his stake in Mobiquity Technologies to 70.7%.
- Horizon Fuel Cell Technologies reduces its share in Hyzon Motors to 42%.
- Commodore Capital LP has reported on C4 Therapeutics Inc. 7.7% passive investment
- Intel will receive a $3.2 billion government funding for a new $25 billion chip facility in Israel.
- Gold prices have surpassed $2,060 as mild inflation anticipates rate cuts in 2024.
- Oil prices rise as investors focus on Tensions in the Middle East, as well as a rate drop in the United States
- Hapag-Lloyd will make a decision on Red Sea routes on Wednesday.
GLOBAL NEWS
- Japan’s markets ended the day higher, with the Nikkei 225 up 0.07%.
- At the conclusion of business in Australia, the S&P/ASX 200 was down 0.03%.
- The Nifty 50 is up 0.43% after the closing of trade in India.
- India’s current account deficit narrows, with the balance of payments in surplus in Q2 FY24 – cenbank
- Samsung has delayed the start of manufacturing at its new semiconductor factory in the United States, according to a report.
- Iran resumes uranium enrichment to near-weapons-grade levels. -IAEA
- Dry weather and export restrictions will weaken global staple food supplies by 2024.
- Iran resumes uranium enrichment to near-weapons-grade levels. -IAEA
- Toyota’s tiny vehicle division Daihatsu would compensate suppliers for the production standstill.
- Israel offers Intel $3.2 billion for a new $25 billion chip facility, the country’s largest-ever corporate investment.
- Following an unsettling regulatory step, Chinese gambling companies announce share buybacks.
- Israel’s Prime Minister says Hamas must be annihilated for peace to be achieved; US and Iran-backed terrorists battle
- As lackluster inflation drives rate cut expectations, Asia FX climbs and the dollar falls to a five-month low.
- As the rate-cut rally wears thin, Asian equities see little holiday happiness.
- Dry weather and export restrictions will weaken global staple food supplies by 2024.
- Singapore November core inflation falls to 3.2% year on year.
- Israel’s Prime Minister says Hamas must be annihilated for peace to be achieved; US and Iran-backed terrorists battle
- Thousands march to the main police station in Serbia to protest the election results.
- GPT The SEC’s deadline for spot Bitcoin ETF proposals in the United States approaches.
- Following an unsettling regulatory step, Chinese gambling companies announce share buybacks.
- The November unemployment rate in Japan remained unchanged at 2.5%.
Economic Data
- Inflation data favorable: Nov PCE prices fell (-0.1%) m/m, the first negative reading since April 2020 vs. est. 0.0% while PCE Prices rose +2.6% (lowest since Feb 2021) below the +2.8% estimate. Core PCE prices for Nov rose +0.1% vs. est. +0.2% and on a y/y basis rose +3.2% vs. est. +3.3%, all signs of further inflation deceleration.
- Personal Spending for November rose +0.2% m/m below the est. +0.3% while November Personal Income rises +0.4%, in-line with consensus views and above the prior month of +0.2%. Real Personal Spending rose 0.3% vs. est. 0.3%.
- Durables goods order fell sharply (-5.4%) in November, compared with the 1.7% increase expected and the -5.1% decrease (revised from -5.4%) in October. Durables ex-transportation orders +0.5% (vs. est. +0.1%) and vs Oct (-0.3%) vs. previous unchanged. Nov Durables ex-defense orders +6.5% vs Oct -6.4% (prev -6.7%). Nov Durables shipments +1.0% vs Oct (-0.8%); Nov nondefense cap shipments ex-aircraft (-0.1%) vs Oct -0.1%.
- University of Michigan surveys of consumers sentiment final Dec jumps to 69.7 from final Nov-F of 61.3 and slightly above the consensus 69.4; current conditions index final Dec 73.3 vs prelim Dec 74.0 and final Nov 68.3 and expectations index final Dec 67.4 vs prelim Dec 66.4 and final Nov 56.8.
- University of Michigan surveys of consumers 1-year inflation outlook final Dec steady at 3.1% vs prelim 3.1% and final Nov 4.5% and the 5-year inflation outlook final Dec 2.9% vs prelim 2.8% and final Nov 3.2%.
- Single-family new home sales tumbles -12.2% in Nov to 590K vs. est. 690K and vs Oct -4.0%; Nov home sales Northeast +3.1%, Midwest +25.0%, South -20.9%, and West -5.1%; new home supply 9.2 months’ worth at current pace vs Oct 7.9 months and the median sale price $434,700, -6.0% from Nov 2022 ($462,300).
Global news Updates
Japan’s unemployment rate stood at 2.5% in November 2023, unchanged from the previous month and matching market forecasts.
Economic Calendar
7:45 AM ICSC Weekly Retail Sales
8:30 AM National Activity Index for November
8:55 AM Johnson/Redbook Weekly Sales
9:00 AM CaseShiller 20 city for October
9:00 AM Monthly Home Prices M/M for October
10:30 AM Dallas Fed Manufacturing for December
1:00 PM U.S. Treasury to auction $54B in 2-year notes
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