Dow Futures contract was down 105 points, U.S. market news.

Dow Futures

Dow Futures contract was down 105 points, or 0.3%, the S&P 500 Futures contract was down 15 points, or 0.3%, and the Nasdaq 100 Futures contract was down 65 points, or 0.4%.

1. Nonfarm payrolls are on the way, and US futures are falling – what’s driving markets?
2. Futures indicate a drop in the first week of 2024; employment data is expected.
3. As rate drop euphoria fades, investors stampede to US money market funds.
4. According to BofA, cash inflows were the highest in ten months.
5. Aurinia reports significant sales growth and anticipates positive cash flow.
6. Nippon Steel is optimistic of completing its acquisition of US Steel.
7. American Tower sells its operations in India for $2.5 billion.
8. The shares of Definitive Healthcare has dropped following the reorganization plan’s 154 job cutbacks.
9. In a tax court case, the Tax Court of Canada ruled against Madison Pacific Properties.
10. Foxconn’s revenue fell in Q1’24, while Q4 sales fell 5.4% year on year.
11. BAE Systems obtains contract with the US Army for M777 gun structures.
12. Global money market funds are in high demand as the excitement of rate cuts fades.
13. Wegovy and the Olympics are not associated with an increase in suicide ideation, according to a research conducted in the United States.
14. The dollar has reached a three-week high, while the euro has fallen ahead of inflation data.
15. As markets anticipate the nonfarm payrolls report, gold remains below $2,050.
16. Tesla will repair 1.62 million vehicles in China, according to the regulator.
17. Is this yet another red light for Apple? Foxconn, the world’s largest supplier, reports decreased market demand in the fourth quarter.
18. This year, SolarEdge anticipates moderate growth in the US solar sector.
19. Foxconn anticipates a reduction in Q1 revenue due to reduced Q4 demand.
20. SpaceX is suing a US government body that accused it of terminating employees who were critical of Elon Musk.
21. The US Labor Board requires Google to deal with the YouTube employee union.
22. Exxon earnings will fall because to the California offshore withdrawal and lower pricing.

GLOBAL NEWS 

1. The Nifty 50 is up 0.24% after the closing of trade in India.
2. Japan’s markets are up at the conclusion of trade, with the Nikkei 225 up 0.40%.
3. At the conclusion of business in Australia, the S&P/ASX 200 was down 0.07%.
4. Asian equities are subdued as traders await US payroll data for additional rate-cut hints.
5. European stocks are set to suffer their first weekly drop in eight weeks, with investors looking to data for rate indications.
6. In December, Eurozone inflation rose to 2.9% year on year, which was lower than expected.
7. In November, retail sales in Germany fell 2.4% year on year.
8. The Japan Services PMI rose in December, owing to stronger increase in new business.
9. The bankruptcy application of wealth manager Zhongzhi has been accepted by a Chinese court.
10. The rise in eurozone inflation dampens the rationale for ECB rate reduction.
11. Maersk redirects Red Sea cargo ships to the Suez Canal.
12. The global food price index will be 10% lower in 2023 than it was in 2022.
13. Inflation in the eurozone has risen, making the case for ECB rate reduction less compelling.
14. With its real-time strategy, Tesla outperforms BYD in China sales efficiency.
15. Thermo Fisher suspends forensic technology sales in Tibet.
16. Swiggy, an Indian food delivery company, has been valued at $8.3 billion by Invesco.
17. Brookfield will acquire ATC India for $2.5 billion, making it the country’s largest telecom tower company.
18. European markets fall ahead of important EU inflation and US payrolls data.
19. The slump in UK construction eases in December as rate cuts are expected – PMI
20. As the local economy is disrupted by the earthquake, Japanese enterprises race to restore production.
21. Turkish banks cut deposit rates as margins tighten – sources
22. Stocks are expected to end a nine-week winning streak due to a change in interest rates.
23. Hua Fan has been appointed as the new head of BlackRock China, following Tony Tang.
24. Exclusive: Russian hackers spent months inside Ukraine’s telecoms behemoth – cyber spy head.
25. Volvo Cars reports record yearly sales, but shares continue to fall.
26. Despite a compromise with one smartphone manufacturer, Nokia’s patent conflict continues in China.

Economic Data

• ADP said December private payrolls reported at 164K above the 130K estimate.
• Weekly Jobless Claims fell to 202K from 220K prior week and below est. 216K; the 4-week moving average fell to 207,750 from 212,500 and continued claims fell to 1.855M from 1.886M prior week; the insured unemployment rate fell to 1.2% from 1.3% prior week (prev 1.3%).
• S&P Global December final composite PMI at 50.9 (vs flash 51.0) and U.S. S&P Global December final services PMI at 51.4 (vs flash 51.3).

Global news Updates

As officials struggle to revitalize its underperforming stock market, Beijing has unofficially instructed certain money managers in China to prioritize the introduction of equities funds above other products, according to four persons with direct knowledge of the situation – Reuters.

US Secretary of State Antony Blinken traveled to the Middle East for the fourth time since the Oct. 7 attack on Israel, as part of the US attempt to mitigate the mounting dangers of a larger regional confrontation. Bloomberg reports that the senior US diplomat’s travel would include stops in Saudi Arabia and Israel.

Japan’s services PMI was 51.5 in December, up from 50.8 in November but somewhat lower than the 52.0 preliminary figure. This higher boost in company activity across Japan’s services sector was the first in four months.

Economic Calendar

8:30 AM                   Nonfarm Payrolls for December 

8:30 AM                   Private payrolls for December 

8:30 AM                   Manufacturing Payrolls for December  

8:30 AM                   Unemployment rate for December  

8:30 AM                   Average Hourly Earnings M/M for December  

10:00 AM                 Factory Orders M/M for November  

10:00 AM                 Durable Goods Orders M/M for November  

10:00 AM                 ISM Non-Manufacturing PMI for December  

1:00 PM                   Baker Hughes Weekly rig count data  

1:30 PM                   Fed’s Barkin speakers to Maryland Bankers Association 

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