Dow Futures contract was up 36 points, U.S. market news Dec 26

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%.

1. Futures on the S&P 500, Nasdaq, and Dow rise ahead of housing data.
2. Global banks will cut 60K positions in 2023, making it one of the worst years since 2008.
3. American Electric Power sells 50% of the renewable development in New Mexico.
4. DingDong has a new finance and human resources director.
5. Ault Alliance is up 1.5% and expects to generate $230M to $240M in sales in 2024.
6. Bayer wins the most recent Roundup cancer trial, snapping a losing record.
7. RayzeBio is being acquired by Bristol-Myers Squibb for $62.50 per share, or $4.1 billion.
8. Big oil enters 2024 bolstered by industry consolidation in the United States.
9. Oil prices remain stable as investors focus on Tensions in the Middle East and a rate decrease in the United States
10. A US judge determines that Twitter broke its contract by neglecting to pay millions in incentives.
11. Gracell Biotechnologies will be purchased by AstraZeneca for $1.2 billion.
12. The Biden Administration agrees to the US Trade Commission’s prohibition on Apple Watch imports.
13. The US retaliates in Iraq after three US troops are injured in an incident.
14. Reuters reports that Ratcliffe will pay $33/share for a 25% stake in Manchester United.
15. Gene Salkind increases his stake in Mobiquity Technologies to 70.7%.
16. Horizon Fuel Cell Technologies reduces its share in Hyzon Motors to 42%.
17. Commodore Capital LP has reported on C4 Therapeutics Inc. 7.7% passive investment
18. Intel will receive a $3.2 billion government funding for a new $25 billion chip facility in Israel.
19. Gold prices have surpassed $2,060 as mild inflation anticipates rate cuts in 2024.
20. Oil prices rise as investors focus on Tensions in the Middle East, as well as a rate drop in the United States
21. Hapag-Lloyd will make a decision on Red Sea routes on Wednesday.

GLOBAL NEWS 

1. Japan’s markets ended the day higher, with the Nikkei 225 up 0.07%.
2. At the conclusion of business in Australia, the S&P/ASX 200 was down 0.03%.
3. The Nifty 50 is up 0.43% after the closing of trade in India.
4. India’s current account deficit narrows, with the balance of payments in surplus in Q2 FY24 – cenbank
5. Samsung has delayed the start of manufacturing at its new semiconductor factory in the United States, according to a report.
6. Iran resumes uranium enrichment to near-weapons-grade levels. -IAEA
7. Dry weather and export restrictions will weaken global staple food supplies by 2024.
8. Iran resumes uranium enrichment to near-weapons-grade levels. -IAEA
9. Toyota’s tiny vehicle division Daihatsu would compensate suppliers for the production standstill.
10. Israel offers Intel $3.2 billion for a new $25 billion chip facility, the country’s largest-ever corporate investment.
11. Following an unsettling regulatory step, Chinese gambling companies announce share buybacks.
12. Israel’s Prime Minister says Hamas must be annihilated for peace to be achieved; US and Iran-backed terrorists battle
13. As lackluster inflation drives rate cut expectations, Asia FX climbs and the dollar falls to a five-month low.
14. As the rate-cut rally wears thin, Asian equities see little holiday happiness.
15. Dry weather and export restrictions will weaken global staple food supplies by 2024.
16. Singapore November core inflation falls to 3.2% year on year.
17. Israel’s Prime Minister says Hamas must be annihilated for peace to be achieved; US and Iran-backed terrorists battle
18. Thousands march to the main police station in Serbia to protest the election results.
19. GPT The SEC’s deadline for spot Bitcoin ETF proposals in the United States approaches.
20. Following an unsettling regulatory step, Chinese gambling companies announce share buybacks.
21. 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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