Dow Futures contract up 160 points, U.S. market news Nov 30

Dow Futures

Dow Futures contract was up 160 points, or 0.5%, at 06:55 ET (11:55 GMT), the S&P 500 Futures contract was up 8 points, or 0.2%, and the Nasdaq 100 Futures contract was up 30 points, or 0.2%.

1. What’s moving markets? Futures are rising, PCE data is on the way, and an OPEC+ summit is on the horizon.
2. Futures on Wall Street are rising on expectations of lower inflation.
3. The UAW strike costs Ford $1.7 billion in profits.
4. The Royal Bank of Canada outperforms earnings forecasts thanks to an increase in investment banking.
5. The profit of Canada’s TD Bank fell in the fourth quarter due to higher provisions.
6. According to Five Below, Q3 beat, provides in-line projection; BofA remains a Top Pick.
7. The9 Limited has raised $12 million for technology and cryptocurrency ventures.
8. After Musk tempers expectations, Tesla will deliver Cybertrucks.
9. Snowflake stock rises 9% on Q3 earnings beat; brokerage firms set estimates
10. The dollar has recovered from three-month lows, but the PCE data is looming large.
11. Oil prices are rising, and all eyes are on the conclusion of the OPEC+ summit.
12. To entice customers, Robinhood launches in the United Kingdom with low-cost US trading.
13. Getchell Gold Corp. increases its Nevada property holdings and revises its funding arrangements.
14. Barclays stockholders have been notified of a class action complaint alleging stock inflation.
15. In a mixed market, Oracle shares are declining.
16. AT&T shares climb marginally in a volatile market, beating competitors.
17. Zeekr, a Chinese EV brand, has put its US IPO on hold, according to sources.Meta Platforms’ ad-free service is the subject of a consumer complaint in the EU.
18. Vista Outdoor has rejected Colt CZ’s merger proposal.
19. JPMorgan acquires a 10.6% interest in Indra, a Spanish defense manufacturer.
20. Fed fires the starting pistol on a $6 trillion cash run: McGeever
21. Remy intends to resolve US inventory issues by the end of the year, but profits are down.
22. Lufthansa Technik will remain solely owned by Lufthansa.
23. Dexus completes acquisition of Collimate Capital, expanding portfolio to $61 billion.
24. Microsoft will join the OpenAI board of directors once Altman officially returns as CEO.
25. Elon Musk blames advertisers who left X because of anti-Semitic content.
26. Apple extends its partnership with Qualcomm until 2026 despite modem development challenges.
27. First Quantum has laid off 7,000 contract workers at its Panama mine.
28. Elliott invests $1 billion in US oil refiner Phillips 66 and calls for a board restructure.
29. Source: Canada is preparing to announce a Boeing deal for maritime patrol aircraft.
30. Embraer of Brazil has received a new order for 25 additional jets from Porter Airlines of Canada.

GLOBAL NEWS 

1. Japan’s markets ended the day higher, with the Nikkei 225 up 0.43%.
2. Australia’s equities closed higher, with the S&P/ASX 200 up 0.74%.
3. The Nifty 50 is up 0.18% at the closing of trade in India.
4. The dollar rises off a three-month low, but French inflation data hurts the euro.
5. Metro Bank Holdings Plc aims to save £50 million per year through employment layoffs and branch reviews.
6. The French economy contracted in the third quarter, while inflation remained low.
7. Eurozone inflation is falling, pitting the ECB against the markets.
8. The Italian antitrust authority has ordered Intesa to halt transferring clients to digital banks.
9. European markets are divided; German retail sales are boosting optimism.
10. The COP28 summit begins with the expectation of reaching an early agreement on a climate damage fund.
11. To entice customers, Robinhood launches in the United Kingdom with low-cost US trading.
12. Metro Bank Holdings Plc aims to save £50 million per year through employment layoffs and branch reviews.
13. Retail sales in Hong Kong increased 5.6% in October, aided by inbound tourism.
14. Euro banknotes will be redesigned, according to the ECB.
15. Europe’s next Ariane 6 rocket will launch between June 15 and July 31, 2024.
16. Asian stocks are under pressure from dismal China data, but they are poised for a solid November.
17. Stocks in Japan and South Korea are expected to rise dramatically in November, while China lags.
18. China’s manufacturing PMI falls further in November, falling short of expectations.
19. As long as inflation remains high, the Bank of Korea believes interest rates must remain high.
20. More policy support is likely as Chinese manufacturing contract more.
21. Asia stocks are on track to have their best month since January.
22. Yaskawa, a Japanese robot manufacturer, is eyeing a $200 million US investment.
23. Japan’s industry output on circuits increased in October, while vehicles rebounded.
24. Zeekr, a Chinese EV brand, has put its US IPO on hold, according to sources.
25. Wanda Properties said a $600 million bond repayment extension has received early approval from bondholders.
26. Japan’s Seven & I expands its 7-Eleven empire by acquiring an Australian franchise.
27. Mercedes-Benz and BMW will form a joint venture to build a high-power charging network in China.
28. During the holiday shopping season, Spain’s Mango chain sees double-digit sales growth.

Economic Data

The Second reading of Q3 GDP comes in at +5.2%, above expectations of 4.9% and up from the 4.9% reading seen in the first preliminary number. Prelim Q3 consumer spending +3.6% vs. est. 4.0%. Inflation portion of readings better as Q3 GDP deflator +3.5% vs. consensus +3.5% and prelim Q3 core PCE +2.3% below the 2.4% expected.

International Advance Trade in Goods deficit at (-$89.84B) vs. (-$86.7B) consensus and (-$86.84B) in September as exports of goods for October were $170.8B, $3B less than September exports and imports of goods for October were $260.7B, virtually unchanged from September.

The Fed Beige Book showed on balance, economic activity slowed since the previous report, with four districts reporting modest growth, two indicating conditions were flat to slightly down, and six noting slight declines in activity. The economic outlook for the next six to twelve months diminished over the reporting period. Price increases largely moderated across districts, though prices remained elevated. The economic outlook for the next six to twelve months diminished over the reporting period.

World News

Among biggest stories overnight was the Dealbook Conference interview last night with Elon Musk as he lashed out at an advertising boycott against his social-media platform, X, on Wednesday, saying that it could kill the company. “If somebody’s going to try to blackmail me with advertising, blackmail me with money? Go f— yourself. “Don’t advertise,” Musk said during an interview at the New York Times’ Dealbook Summit. “What it’s going to do is it’s going to kill the company, and the whole world will know the advertisers killed the company,” he added.

Chinese Nov NBS Manufacturing PMI: 49.4 vs 49.7 consensus and Nov NBS non-Manufacturing PMI 50.2 vs 50.6 previous.

Japan Oct Retail Sales dropped (-1.6%) m/m vs 0.4% consensus; 4.2% y/y vs 6% consensus; Japan Oct Industrial Production (prelim) rises 1% m/m vs 0.8% consensus and 0.9% y/y vs 0.4% est.

Euro zone inflation tumbled far more than expected this month, as consumer price growth in the 20 nations sharing the euro currency dropped to 2.4% in November from 2.9% in October, well below expectations for 2.7%, as nearly all items.

The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 29.2 vs 21.7 last week. Bulls rise to 48.8% from 45.3%, Neutrals rise to 31.7% from 31.1%, Bears fall to 19.6% from 23.6%.

Economic Calendar

8:30 AM                   Weekly Jobless Claims

8:30 AM                   Continuing Claims

8:30 AM                   Personal Income M/M for October

8:30 AM                   Personal Spending M/M for October

8:30 AM                  PCE Price Index M/M for October

8:30 AM                   PCE Price Index Y/Y for October

8:30 AM                   Core PCE Price Index M/M for October

8:30 AM                   Core PCE Price Index Y/Y for October

9:45 AM                   Chicago PMI for November

10:00 AM                 Pending Home Sales M/M for October

10:30 AM                 Weekly EIA Natural Gas Inventory Data

Other Key Events

OPEC+ meeting scheduled delayed to November 30th from November 26^th

Bank America European Tech Fieldtrip, 11/27-12/1 (virtual)

BMO Capital Insurance Summit (Virtual), 11/30

Piper Annual Healthcare Conference, 11/28-11/30, in NY

UBS Global Technology Conference, 11/27-11/30, in Scottsdale, AZ

China Caixin Manufacturing PMI for November

Must read book about investing – check here

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