Dow Futures contract was up 95 points, U.S. market news Dec 14

Dow Futures

Dow Futures contract was up 95 points, or 0.3%, the S&P 500 Futures contract was up 12 points, or 0.3%, and the Nasdaq 100 Futures contract was up 50 points, or 0.3%.

1. Fed holds rates and eyes 2024 cuts, stocks and bonds jump – what’s moving markets
2. Dow futures climb on Fed rate decrease expectations; Adobe falls on forecast.
3. Elon Musk and the Securities and Exchange Commission will square off in court over Twitter testimony.
4. BP recovers $40 million from former CEO Looney
5. GM’s Barra relaunches her 10-year attempt to boost stagnating share prices.
6. Markets jump as interest rate cuts are signaled.
7. Medtronic’s technology for heart disease has been approved by the US Food and Drug Administration.
8. Oil prices rise when inventories in the United States fall, and the currency falls.
9. In a landmark case, the United States Supreme Court will rule on access to abortion pills.
10. WHO recommends a ban on flavored vapes and tobacco-style regulations.
11. The dollar falls to a four-month low after the Fed suggests further cuts; the ECB and BOE are up next.
12. 10-year US Treasury rates fall below 4% as the Fed considers rate cuts.
13. Nasdaq corrects a system problem that was disrupting stock orders.
14. China semiconductor business backed by US technology and capital avoids Biden’s crackdown
15. Tesla reduces the projected delivery time for the Model 3, Y in China.
16. The EU’s highest court has overturned a tax ruling against Amazon worth 250 million euros.
17. The Dow finishes at a new high as the Fed forecasts reduced borrowing prices in 2024.
18. Trump has stated that he will withdraw the United States’ $3 billion obligation to the Green Climate Fund.
19. TMX, the operator of the Toronto Stock Exchange, has purchased the remaining interest in VettaFi for $848 million.
20. Berkshire Hathaway invests $588.7 million in Occidental Petroleum.
21. Adobe is mired in antitrust disputes and expects sales to be lower than expected.
22. Etsy stock plummets when the e-commerce startup reduces its personnel.
23. Apple closes at a record high as the Fed signals rate decreases.
24. Apple’s market capitalization reaches $3.08 trillion as stocks surge.

GLOBAL NEWS 

1. Japan’s markets are down at the conclusion of trade, with the Nikkei 225 down 0.80%.
2. At the conclusion of trading, Australian equities were higher; the S&P/ASX 200 was up 1.65%.
3. The Nifty 50 is up 1.23% after the closing of trade in India.
4. European equities soar higher on the Fed’s dovishness; ECB and BOE now due
5. Without a comprehensive industrial strategy, the EU risks losing ground in EVs, according to the ACEA.
6. Philippines maintains constant rates, but inflation threats need tightening policy.
7. With a cabin crew wage agreement, Virgin Australia avoids strikes.
8. A retailer group lodges an official protest with the EU on French pricing legislation.
9. Following budget cuts, the DIW institute reduces its German GDP predictions.
10. The Bank of England will keep interest rates steady, despite market expectations for rate cuts in 2024.
11. China’s central bank plans to increase liquidity injections while keeping the key rate steady.
12. ANZ is appealing a court ruling on a $1.7 billion share placement in 2015.
13. Fears of inventory buildup during the critical holiday season are fueling the luxury slowdown.
14. As inflation decreases, the ECB faces a difficult task in combating rate reduction bets.
15. After a seven-month decrease, India’s wholesale prices rose in November.
16. According to Reuters, Indonesia’s November trade surplus is expected to shrink to $3 billion.
17. In November, Saudi inflation rose slightly to 1.7%.
18. The World Bank has reduced Thailand’s growth forecast to 2.5% this year and 3.2% next year.
19. Asian equities rise on Fed rate lowering optimism, but China remains cautious.
20. As a result of the Fed’s dovish stance, Asian currencies are surging.
21. Woodside and Santos’ proposed $52 billion merger is unlikely to be completed until at least February -source
22. Hong Kong’s central bank maintains the same interest rate as the Fed.
23. Country Garden sells $428 million interest in Dalian Wanda unit
24. Japan’s central bank will keep policy tight but may hint at a policy shift.
25. China strongly criticizes Canada’s assistance for the Philippines in the South China Sea issues.
26. Temu, a low-cost e-commerce operator, has filed a fresh lawsuit against rival Shein.
27. Fee reform is being proposed for Europe’s stock exchanges in order to compete with Wall Street.

Economic Data

The Producer Price Index (PPI) for November final demand M/M was unchanged vs. +0.1% expectations (prior was -0.5%) while rising +0.9% Y/Y vs. est. +1% (prior revised to 1.2% from 1.3%). On a core basis, or ex: food/energy, PPI was unchanged as well vs. est. +0.2% and on a Y/Y basis, core rose +2.0% vs. est. +2.2% (prior month revised down to +2.3%).

Federal Reserve officials see the U.S. economy growing at an inflation-adjusted rate of 1.4% in 2024, down from 2.6% in 2023, according to forecasts released following the end of their two-day meeting. They see growth accelerating to 1.8% in 2025 and 1.9% in 2026. They see the unemployment rate rising to 4.1% at the end of 2024 from 3.8% at the end of 2023.

World News

World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, saying world consumption will rise by 1.1 million barrels per day in 2024, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.

The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 32 vs 19.9 last week. Bulls rise to 51.3% from 47.3%, Neutrals rise to 29.4% from 25.3%, Bears fall to 19.3% from 27.4%

The 10-year Treasury yield hits a low of 3.932% (lowest level since July 31st), last down 8-bps to 3.95% while the 2-yr yield tumbles 16-bps to 4.32%.

Economic Calendar

8:30 AM ET Weekly Jobless Claims
8:30 AM ET Continuing Claims
8:30 AM ET Import Prices M/M for November
8:30 AM ET Export Prices M/M for November
8:30 AM ET Advance Retail Sales M/M for November
8:30 AM ET Retail Sales – Less Autos M/M for November
10:00 AM ET Business Inventories M/M for October
10:30 AM ET Weekly EIA Natural Gas Inventory Data

Other Key Events

Oppenheimer 4th Annual Midwest Industrial Summit, 12/13-12/14
Roth MKM 12th Annual Deer Valley Event, 12/13-12/16, in Utah
China Industrial Output and Retail Sales for November

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