Dow Futures contract was slip 100 points, U.S. market news Dec 22

Dow Futures

Dow Futures

Dow Futures contract was down 100 points, or 0.3%, the S&P 500 Futures contract was down 5 points, or 0.1%, and the Nasdaq 100 Futures contract was down 20 points, or 0.1%.

1. What’s moving markets? Nike, the Fed’s key inflation index, and the UK recession.
2. US market futures are falling; Nike’s forecast and inflation statistics are in the limelight.
3. Bristol-Myers Squibb will pay $14 billion for Karuna, according to the Wall Street Journal.
4. Futures trade lower as investors await inflation news; Nike falls.
5. BofA predicts $1.3 trillion in cash inflows in 2023.
6. Bristol-Myers Squibb will pay $14 billion for Karuna, according to the Wall Street Journal.
7. Ships redirected due to the Red Sea issue risk overcrowding in African ports.
8. Tesla has purchased property in Shanghai for a megapack battery facility.
9. The NHTSA has issued a recall notice for over 120,000 Tesla vehicles in the United States.
10. Nike shares fall after forecasts are lowered due to sluggish consumer spending.
11. Berkshire Hathaway increases its investment in Occidental Petroleum to around 28%.
12. Oil maintains weekly gains, up 1% as Red Sea tensions remain.
13. According to Morgan Stanley’s departing CEO, markets will take off following rate cuts- FT
14. Mission Produce (NASDAQ:AVO) misses sales targets for the fourth quarter.
15. Rocket Lab has won a $515 million contract with a US government customer to produce 18 space vehicles.
16. Tencent and Netease fall as China announces new restrictions on online gaming.
17. Gold prices rise as the dollar falls to a four-month low; inflation statistics are awaiting.
18. Boeing’s first Dreamliner delivery to China since 2019 is scheduled to arrive on Friday.
19. In the Apple-Masimo case, a US trade tribunal denies a postponement in the import ban.
20. Analysts predict that Warner Bros. Discovery and Paramount will be ‘worse off’ if they work together.
21. Hyperloop One, a high-speed transportation company, will close its doors – Bloomberg News
22. The Rocket Lab USA gains 6% on an agreement with a US government customer for 18 space vehicles.
23. Nike’s second-quarter results above Wall Street expectations, but the company cautions of a lower-than-expected H2 revenue outlook.
24. Microsoft’s decision to cease support for Windows 10 might result in the disposal of 240 million PCs, according to an estimate.
25. Nike’s earnings were $0.19 higher than expected, and revenue exceeded expectations.

GLOBAL NEWS 

1. At the close of trading, Australian equities were lower; the S&P/ASX 200 was down 0.03%.
2. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 0.03%.
3. Nifty 50 is up 0.44% after the closing of trade in India.
4. European equities are being dragged down by technology and sportswear manufacturers.
5. After a chaotic election, Congo awaits the first provisional election results.
6. German home prices are falling as a result of the property crash.
7. Japan decreases spending in the 2024/25 budget for the first time in 12 years.
8. Taiwan and Canada sign historic bilateral investment treaty
9. After a $14 billion takeover, Toshiba views power chips as an immediate growth driver.
10. The UK economy may be in recession after contracting in the third quarter.
11. China prohibits the export of rare earth processing technology for national security reasons.
12. European stocks tumble as technology and apparel companies struggle.
13. Final results show that Spain’s GDP increased 0.3% over the previous quarter.
14. Japan’s banks are scrambling to expand their asset management operations in response to the government’s reform drive.
15. Geely of China warns that Red Sea assaults will cause EV shipments to Europe to be delayed.
16. The EU Commission is looking at Italy’s tax lawsuit against Meta, according to sources.
17. According to a Reuters survey, Japan’s industrial output is expected to fall in November.
18. Concerns about Chinese imports prompt the US to conduct an assessment of the semiconductor supply chain.
19. Asia’s markets fall for the week ahead of inflation data.
20. Asia’s currency markets are jittery, with the dollar at a four-month low ahead of critical inflation data.
21. According to a Reuters survey, Japan’s industrial output is expected to fall in November.
22. Steel demand in China will dip 1.7% in 2024, while exports will slow, according to a state researcher.
23. Japan’s core inflation slows in November, easing pressure on the Bank of Japan.
24. Tesla has launched a Shanghai megapack battery project, according to Chinese state media.

Economic Data

U.S. final Q3 GDP reported at +4.9%, below consensus and prior reading of +5.2% (up from +2.1% in Q2); inflation portion of readings showed: U.S. final Q3 GDP deflator +3.3% (consensus +3.6%), PCE price index +2.6% vs. +2.8% consensus, vs. prior estimate of +2.8% and +2.5% in Q2. The core PCE price index rose +2.0% vs. +2.3% consensus, +2.3% in the second estimate, and +3.7% in Q2.

Jobless Claims climbed to 205K from 203k the prior week and vs. consensus 215; the 4-week moving average fell to 212,000 from 213,500 prior week; continued claims fell to 1.865M from 1.866M prior week; the US insured unemployment rate unchanged at 1.3%.

The Philadelphia Fed factory index for December fell -10.5 vs. consensus est. -3.0 and prior (-5.9); Business Conditions rise +12.1 vs. -2.1 prior, Employment dips -1.70 vs. 0.8 prior, New Orders drops -25.6 vs. 1.3 prior and Prices paid rises +25.10 vs. 14.8 prior.

The 30-Year mortgage rate declined for the 8th week in a row, moving from its highest level since 2000 (7.79%) down to 6.67%. The 1.12% decrease over the last 8 weeks is the biggest 8-week decline in rates since Nov 2008-Jan 2009.

Economic Calendar

8:30 AM Personal Income M/M for November
8:30 AM Personal Spending M/M for November
8:30 AM PCE Prices Index M/M for November
8:30 AM PCE Prices Index Y/Y for November
8:30 AM Core PCE Prices Index M/M for November
8:30 AM Core PCE Prices Index Y/Y for November
8:30 AM Durable Goods Orders for November
8:30 AM Durable Goods Ex Transports for November
10:00 AM University of Michigan Sentiment, Dec-F
10:00 AM University of Michigan Inflation Expectations (1 and 5-yr)
10:00 AM New Home Sales M/M for November
01:00 PM Baker Hughes Weekly rig count data

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