In the pre-market on Tuesday, U.S. index futures show uncertain movement, reflecting traders’ caution after significant gains achieved throughout November, which is nearing its close.

As of 05:21 AM, Dow Jones futures (DOWI:DJI) rose 15 points, or 0.04%. S&P 500 futures fell 0.05% and Nasdaq-100 futures dropped 0.13%. The yield on 10-year Treasury bonds was at 4.408%.

In the commodities market, January West Texas Intermediate crude oil rose 1.36% to $75.88 per barrel. Brent crude for January increased 1.26%, close to $80.99 per barrel. Iron ore with a 62% concentration, traded on the Dalian exchange, fell 2.61% to $133.99.

On the economic agenda this Tuesday, investors await the Conference Board’s November consumer confidence at 10:00 AM. Investors will also follow a list of Federal Reserve officials making comments throughout the day, including the President of the Chicago Fed, Austan Goolsbee, at 10:00 AM, as well as Fed Governors Christopher Waller at 10:05 AM, Kathy O’Neill Paese at 1:05 PM, and Michael Barr at 3:30 PM.

European markets are in decline, reversing the significant gains of November. This follows statements from European Central Bank (ECB) officials suggesting a low likelihood of interest rate cuts next year. Bundesbank President Joachim Nagel mentioned on Tuesday that the ECB might need to raise interest rates again if inflation worsens and advised against a too rapid easing of monetary policy after the largest rate hikes seen. ECB President Christine Lagarde reinforced on Monday that the bank’s battle against rising prices is not yet over.

Asian markets showed mixed performance on Tuesday, with Shanghai up and Tokyo down. Japan’s Nikkei index fell slightly, affected by the strengthening of the yen and end-of-month position adjustments. Companies like Denso and Mazda Motor recorded losses, while Sojitz posted significant gains. In contrast, the Shanghai Stock Exchange in China rose, driven by automaker stocks and news about Huawei’s investments in smart cars with Changan Automobile.

U.S. stocks ended slightly lower on Monday, extending the hesitant performance seen last Friday. The Dow Jones fell by 0.16%, while the S&P 500 dropped 0.20% and the Nasdaq saw a decrease of 0.07%. Investors remained cautious ahead of significant economic data, including information on inflation and consumer confidence. Additionally, sales of new homes in the United States saw a sharp decline in October. Sectors such as transportation and networks performed weaker, whereas stocks related to gold strengthened due to the increase in the price of the precious metal.

For corporate earnings on Tuesday, investors will be watching the reports from Pinduoduo (NASDAQ:PDD), Bank of Nova Scotia (NYSE:BNS), Nanox (NASDAQ:NNOX), Alarum (NASDAQ:ALAR), Canaan (NASDAQ:CAN), and others before the market opens. After the close, the reports from Crowstrike (NASDAQ:CRWD), Workday (NASDAQ:WDAY), Intuit (NASDAQ:INTU), Splunk (NASDAQ:SPLK), Hewlett Packard Enterprise (NYSE:HPE), Netapp (NASDAQ:NTAP), and more will be observed.

Wall Street Corporate Highlights for Today

Meta Platforms (NASDAQ:META) – NOYB, a digital rights group, has filed a complaint against Meta Platforms’ paid, ad-free subscription service in Europe, alleging it violates EU consent law. The service, available for Facebook and Instagram, charges up to 250 euros annually, challenging the notion of free consent by “charging for privacy”. Meta argues that the subscription model is in compliance with EU norms, offering an ad-free option to users.

Alphabet (NASDAQ:GOOGL) – Kent Walker, Google’s legal director, argued that the European Union’s rules on artificial intelligence should foster innovation. He emphasized the importance of a balance between regulation and technological innovation, highlighting the need for regulations that don’t restrain progress but hold companies accountable for violations. Walker appealed for proportional, risk-based rules, balancing safety, privacy, and accuracy. His appeal echoes the sector’s concern about excessive regulation, especially in advanced AI models like ChatGPT.

Microsoft (NASDAQ:MSFT) – Several tech leaders, including Scott Hanselman from Microsoft and Kelsey Hightower, have canceled their participation in DevTernity following revelations of fake speaker profiles. Eduards Sizovs, the event organizer, admitted to creating a fake profile, leading to significant withdrawals among speakers.

Amazon (NASDAQ:AMZN) – Amazon is seeking approximately 4,650 square meters of office space in Miami, reflecting the growing corporate interest in the city. The search occurs regardless of Jeff Bezos’ personal move to the region, where he purchased two luxurious properties.

iRobot (NASDAQ:IRBT) – iRobot’s shares fell sharply after the European Commission expressed antitrust concerns about its acquisition by Amazon. Initially, iRobot agreed to be purchased for $61 per share, later adjusted to $51.75. The EC fears that the acquisition might limit competition in the European market for robotic vacuum cleaners. iRobot’s CEO, Colin Angle, disagrees with the EC’s assessment, while Amazon has promised to cooperate with the commission. iRobot’s shares dropped 17% to $33.14 on Monday.

Zscaler (NASDAQ:ZS) – Zscaler presented results above expectations for the last quarter and positive projections for the current quarter, but its shares fell due to the maintenance of its annual revenue forecast. The first fiscal quarter revenue was $457 million, surpassing the previous year’s $340 million. The company reported a smaller year-over-year net loss and an adjusted earnings per share higher than expected. For the fiscal year, it foresees revenues of up to $2.10 billion and $2.45 to $2.48 in earnings per share, higher than projected by analysts. The company’s shares, however, fell 6.1% in Tuesday’s pre-market.

Shein – Shein confidentially requested to go public in the U.S., aiming to be one of the most valuable Chinese companies in New York. Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS) are the main underwriters. The initial public offering (IPO) could take place in 2024, with Shein still defining details of size and valuation, after being valued at $60 billion in May.

Ulta Beauty (NASDAQ:ULTA) – Wall Street awaits Ulta Beauty’s results, scheduled for Thursday, to assess how the cosmetics retailer is facing a challenging economic landscape. Kelly Crago, an analyst at Citi, lowered Ulta’s target price to $440, maintaining a Neutral rating. She expects a reduction in the company’s projection for the 2023 fiscal year, reflecting a more cautious view of the holiday season and ongoing challenges. Piper Sandler’s analyst Korinne Wolfmeyer maintains an optimistic view, while Olivia Tong from Raymond James rates the shares as a strong buy.

Roku (NASDAQ:ROKU) – Cannonball Research analyst Vasily Karasyov upgraded Roku’s shares to “Buy”, despite a stagnant advertising market. Karasyov believes that the estimates for the 2024 fiscal year are viable, with upside potential. He anticipates growth in video advertising revenue and possible declines in other platform revenues. Roku could benefit from the end of strikes in Hollywood and price increases by streaming providers. Karasyov set a target price of $116 for Roku’s shares.

Carnival (NYSE:CCL) – Melius Research predicts that Carnival Corporation’s shares, already one of the best performers in the S&P 500, could rise 32% in 2024. Conor Cunningham, an analyst at Melius, upgraded Carnival’s rating to “Buy”, setting a target price at $19.

3M (NYSE:MMM), DuPont de Nemours (NYSE:DD) – The U.S. Court of Appeals in Cincinnati overturned a class action lawsuit against PFAS manufacturers, including 3M and DuPont. The lawsuit sought to hold them accountable for environmental contamination and health damages. The court deemed the complaint too broad, affecting 11.8 million residents of Ohio, and ordered its dismissal.

Tesla (NASDAQ:TSLA) – The National Labor Relations Board (NLRB) in the U.S. dismissed allegations that Tesla illegally fired autopilot workers in New York for union-related reasons. Workers United claimed that Tesla dismissed workers following a union campaign, but Tesla stated that the dismissals were based on performance. However, the NLRB found irregularities in other Tesla practices, such as technology use rules and requests for worker complaints, and may issue a formal complaint if unresolved.

Toyota Motor (NYSE:TM) – Toyota Motor and its affiliates, Toyota Industries and Aisin, plan to sell about 10% of their stake in Denso, estimated at $4.7 billion. This sale is part of Toyota’s strategy to fund its electric vehicle efforts, requiring capital for research and development. Denso, the world’s second-largest automotive components manufacturer, also considers buying back its shares to stabilize the stock price.

L3Harris Technologies (NYSE:LHX) – L3Harris Technologies is selling its commercial aviation division to TJC L.P. for $800 million, with $700 million in cash and $100 million conditional. The sale, advised by Morgan Stanley and JPMorgan, will be completed in the first half of 2024.

UBS (NYSE:UBS) – The Financial Stability Board (FSB) removed Italy’s UniCredit from its list of globally systemic banks and elevated three others, including Switzerland’s UBS, in its annual ranking. This list, created after the global financial crisis, requires large banks to maintain extra capital reserves. The total number of banks on the list decreased from 30 to 29, with the departure of UniCredit and Credit Suisse and the addition of China’s Bank of Communications. UBS moved up a category following the merger with Credit Suisse.

Citigroup (NYSE:C), Jefferies Financial (NYSE:JEF) – About ten healthcare-specialized bankers from Citigroup departed for Jefferies Financial, following rumors that Citigroup might shut down its municipal banking department. Citi’s CEO, Jane Fraser, is considering closing the segment of municipal bond origination and trading, already under investigation by the Texas attorney general for alleged discrimination against the firearms sector.

BlackRock (NYSE:BLK) – The BlackRock Investment Institute downgraded developed market stocks to “Neutral”, optimistic about short and medium-term sovereign bonds due to rising yields. BlackRock remains skeptical about long-term bonds. The institute also sees volatility in yields, but anticipates a long-term upward trend, being strategically favorable to inflation-indexed bonds.

Barclays (NYSE:BCS) – Barclays Plc is considering discontinuing relationships with less profitable clients of its investment bank, potentially ending ties with more than 2,500 of over 10,000 clients. This move aims to achieve a return on tangible equity of 14% or 15%, above the current 11.5%. The client reduction could decrease the division’s risk-weighted assets by up to $25.2 billion. Barclays hired the Boston Consulting Group to review the strategy, focusing on cost reduction and return optimization, with plans to announce a new strategy in February.

Acelyrin (NASDAQ:SLRN) – Acelyrin announced the discovery of a programming error in the clinical trial of izokibep, a drug to treat psoriatic arthritis. The error was attributed to improper programming by a vendor, which resulted in an undetected sequencing issue during the testing phases. The company said it has already corrected the error.

Avantax (NASDAQ:AVTA) – Cetera Holdings has completed the acquisition of Avantax, following shareholder approval of the tax-focused wealth manager. Avantax raised 494.5 million euros from the sale, which will be used for corporate purposes and bond buybacks. Avantax will operate as an independent unit within Cetera, which now includes more than 3,100 financial professionals and more than $82 billion in assets. Cetera also acquired Avantax Planning Partners, strengthening its succession solution for advisors.

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