Dow Futures contract fall 66 points, U.S. market news Dec 07

Dow Futures

Dow futures contract had fallen 66 points, or 0.2%, the S&P 500 futures were essentially steady, and the Nasdaq 100 futures had risen 30 points, or 0.2%.

1. What’s moving markets? Jobless claims are expected to rise, while GameStop sales are expected to fall short of expectations.
2. Oil is making a slow rebound as the economy remains poor.
3. The dollar index declines as traders consider the Fed’s rate hike route.
4. Futures are unsettled as payroll data is scrutinized for policy indications.
5. Democratic lawmakers have asked payment businesses to renew their work on the gun code.
6. The Factbox-Tesla labor conflict has sparked solidarity strikes in the Nordic countries.
7. Tesla executives visited Thai industrial complexes – PM
8. Dollar General’s earnings were $0.06 more than expected, and revenue exceeded expectations.
9. Chewy shares have dropped 10% this year due to disappointing guidance, according to analysts.
10. JetBlue cuts their loss prediction because to strong travel demand, and its stock rises.
11. Insiders are selling at RB Global as the stock rises and the dividend rises.
12. Chevron intends to increase capital investment to $18.5-19.5 billion in 2024.
13. Sportsman’s Warehouse outperforms expectations in the third quarter, but shares dip.
14. Cathie Wood’s Ark buys more Palantir shares during a slump.
15. TSMC has reached an agreement with Arizona unions for the Phoenix chip factory.
16. New Mexico sues Meta and CEO Zuckerberg for failing to protect children.
17. Semtech (NASDAQ:SMTC) Reports Third-Quarter Earnings in Line with Expectations; Stock Rises 12.3%
18. Chewy provides information. The third quarter was a success, but the stock dropped 9% due to a revenue miss and bad forecast.
19. In the midst of a trial, JD.com accuses Noah Holdings of aggressive lawsuits.
20. Alphabet has revealed the long-awaited Gemini AI model.
21. Korn Ferry reports a second-quarter deficit as fee revenue falls.
22. McDonald’s plans rapid expansion with 10,000 additional stores and loyalty expansion.
23. Bloomberg News reports that Robinhood will begin offering commission-free cryptocurrency trading in the European Union.
24. Insults fly as Haley’s ascension makes her a target at a Republican debate in the United States.
25. The US military ground V-22 Osprey planes after a fatal Japan crash.
26. Nio is considering additional layoffs after laying off 10% of its workforce – Bloomberg News
27. Kinder Morgan anticipates growth with $2.3 billion in energy project investments.
28. C3.ai (NYSE:AI) Misses Q2 Sales Targets, Stock Drops
29. AMD expects $45 billion AI chip market this year, $2 billion in sales in 2024

GLOBAL NEWS 

1. At the close of business in Australia, the S&P/ASX 200 was down 0.07%.
2. The Nifty 50 is down 0.17% at the closing of trade in India.
3. At the close of business in Japan, the Nikkei 225 was down 1.77%.
4. Tadawul All Share was up 0.46% at the closing of trade in Saudi Arabia.
5. As Japan teases a rate move, the yen roars and bonds tremble.
6. The FTSE 100 in the United Kingdom falls as financials weigh.
7. Putin predicts 3.5% growth in Russian GDP this year as the West “rests on its laurels”
8. Democratic lawmakers have asked payment businesses to renew their work on the gun code.
9. The Swiss franc has reached its highest level against the euro since January 2015.
10. Kintbury Hedge Fund has taken a short position in BT.
11. AXA is considering a $1.1 billion sale of its European protection businesses, according to sources.
12. Germany’s budget crisis has put the country’s ailing solar industry in jeopardy.
13. Foreign inflows into Asian equities were strong in November, indicating a bullish view for 2024.
14. Duke Energy has disconnected the CATL batteries from the Marine Corps base due to security concerns.
15. European stocks fall following a strong rise; economic woes weigh
16. According to a Reuters poll, India’s inflation likely rose in November due to increasing food costs.
17. VTB Bank of Russia will complete Otkritie merger by the end of 2024.
18. Asian stocks fall on China’s downturn, with the Nikkei falling as BOJ negotiations pivot.
19. In November, China’s trade balance improved due to increased exports, but imports fell.
20. Asia FX was restrained due to the focus on US labor data; the Yen was supported by the BOJ.
21. After a lackluster 2023, global small-cap stocks entice bargain seekers.
22. China’s exports increase for the first time in six months, providing comfort to companies.
23. CATL, a Chinese battery company, responds to Duke Energy’s decision to disconnect batteries.

Economic Data

ADP Private sector employment for November at +103K vs. +130K expected and downwardly revised figure of +106K from +113K prior. Recall the government reported on Tuesday that job openings fell to more than a 2-1/2-year low of 8.733M in October.

U.S. Q3 non-farm productivity revised to +5.2%, above consensus +4.9% and vs. previous +4.7% while Q3 non-farm unit labor costs revised to (-1.2%) vs. consensus (-0.9%) and prior (-0.8%).

October International Trade in Goods and Services deficit at (-$64.3B) vs. (-$64.2B) consensus and (-$61.5B) in September (revised from -$61.2B), which reflected an increase in the goods deficit of $3.5B to $89.8B and an increase in the services surplus of $0.4B to $25.5B.

World News

 China Trade Data: Exports in U.S. dollar terms rose in Nov by 0.5% from a year ago, contrary to expectations for a -1.1% decline; Imports fell in U.S. dollar terms by 0.6%, missing expectations for a 3.3% increase.

ECB Villeroy: Issue of possible rate cut could be raised in 2024 but not right now; disinflation happening quicker than exp no plans to chance the French 2024 growth outlook of 0.9%; there is a slowdown but not a recession.

The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 19.9 vs 29.2 last week. Bulls fall to 47.3% from 48.8%, Neutrals fall to 25.3% from 31.7%, Bears rise to 27.4% from 19.6%.

Economic Calendar

7:30 AM ET                  Challenger Job Layoffs for November

8:30 AM ET                  Weekly Jobless Claims

8:30 AM ET                  Continuing Claims

10:00 AM ET                Wholesale Inventory M/M for October

10:30 AM ET                Weekly EIA Natural Gas Inventory Data

3:00 PM ET                   Consumer Credit for October

Other Key Events

Benchmark Annual Discovery Conference, 12/7, in New York

DA Davidson Financials Institutions Bison Select Conference, 12/7 in New York

Goldman Sachs 15th Annual Industrials Week, 12/4-12/7, in London

Goldman Sachs First Annual “Year-Ahead” Catalyst Clinic, 12/4-12/8 (virtual)

Roth MKM 6th Annual Sustainability Private Capital Event, 12/6-12/7 (virtual)

San Antonio Breast Cancer Symposium, 12/5-12/9, in San Antonio, TX

Truist Securities Gaming, Lodging, Leisure, and Restaurants Summit, 12/7 in Boston, MA

Must read book about investing – check here

Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures