Amazon (NASDAQ:AMZN) announces record
sales during Black Friday and Cyber Monday, and introduces a new
data center chip to intensify competition with Microsoft.
Boeing (NYSE:BA) joins the business
coalition for net-zero emissions.
BlackRock’s (NYSE:BLK) shares are on an upward
streak, potentially marking the longest winning streak since August
2014.
US Thanksgiving weekend sees over 200 million shoppers for the
first time, according to a report.
Micron Technology (NASDAQ:MU) revises its
financial targets, facing a decline in share price despite the
update.
Accenture (NYSE:ACN) extends its
partnership with SAP.
General Motors (NYSE:GM) plans to cut
investment in its Cruise driverless vehicles unit.
Eli Lilly plans to open a Gateway Labs
site in San Diego in the first half of 2024.
GE HealthCare gets FDA clearance for its
Critical Care Suite 2.1 for pneumothorax diagnosis.
Dow’s board approves a $6.5 billion ethylene
cracker plant project.
Rupert Murdoch to be deposed in Smartmatic
defamation case against Fox.
3M, Corteva – A U.S. appeals court on
Monday overturned a lower court ruling that allowed all Ohio
residents to seek compensation through a lawsuit against the makers
of toxic “forever chemicals” for their liability on these
substances.
Faraday Future (NASDAQ:FFIE) gains 3.6% in
pre-market trading, as the electric vehicle manufacturer claims to
have received 300 reservations for its limited-edition FF 91 2.0
Futurist aiFalcon model.
Zscaler (NASDAQ:ZS): The cloud security
specialist falls 6.5% in pre-market trading after reporting a rise
in operating costs to $431.4 million in the first quarter of its
fiscal year.
Novavax (NASDAQ:NVAX) gains 3.5% in
pre-market trading after the World Health Organization (WHO) gives
emergency approval for use of its updated COVID-19 vaccine.
Shein has filed for an IPO on Wall Street.
Stocks Climb on Dovish Fed Speak
What you need to know…
The S&P 500 Index today is up +0.16%, the Dow
Jones Industrials Index is up +0.33%, and the Nasdaq 100
Index is up +0.24%.
Stocks this morning are moderately higher, with the Dow Jones
Industrials posting a 3-1/2 month high. Dovish Fed comments
today knocked the 10-year T-note yield down to a 2-1/4 month low
and is giving stocks a boost. Stocks extended their gains
after this morning’s U.S. Nov consumer confidence report came in
stronger than expected.
On the negative side, Micron Technology is down more than -3%
after forecasting Q1 adjusted operating expenses well above
expectations. Also, Zscaler is down more than 1% after
forecasting 2024 calculated billings below consensus. In
addition, Morgan Stanley, Edward Lifesciences, and Shopify are down
more than -1% after being downgraded.
Comments from Fed Governor Waller suggest he favors pausing Fed
rate hikes when he said, “I am increasingly confident that Fed
policy is currently positioned to slow the economy and get
inflation back to 2%.”
The U.S. Sep CoreLogic composite-20 home price index rose +3.92%
y/y, stronger than expectations of +3.90% and the largest increase
in 9 months.
The Conference Board U.S. Nov consumer confidence index rose
+2.9 to 102.0, stronger than expectations of 101.0.
The U.S. Nov Richmond Fed manufacturing survey fell -8 to -5,
weaker than expectations of 1.
The markets are discounting a 4% chance for a +25 bp rate hike
at the next FOMC meeting on Dec 12-13 FOMC and a 4% chance for that
+25 bp rate hike at the following FOMC meeting on Jan 30-31,
2024. The markets are then discounting a 30% chance for a -25
bp rate cut at the March 19-20, 2024, FOMC meeting and a 78% chance
for that same -25 bp rate cut at the Apr 30-May 1, 2024, FOMC
meeting.
U.S. and European government bond yields today are
lower. The 10-year T-note yield fell to a 2-1/4 month low of
4.352% and is down -3.1 bp at 4.356%. The 10-year German bund
yield fell to a 2-3/4 month low of 2.490% and is down -5.7 bp at
2.492%. The 10-year UK gilt yield is down -5.3 bp at
4.159%.
Overseas stock markets are mixed. The Euro Stoxx 50 is
down -0.30%. China’s Shanghai Composite Index closed up
+0.23%. Japan’s Nikkei Stock Index closed down -0.12%.
Across the markets…
December 10-year T-notes (ZNZ23) this morning are up +10 ticks,
and the 10-year T-note yield is down -3.1 bp at 4.356%. Dec
T-note prices this morning climbed to a 2-1/4 month high, and the
10-year T-note yield dropped to a 2-1/4 month low of 4.352%. A
decline in inflation expectations is bullish for T-notes as today’s
10-year breakeven inflation rate fell to a 4-1/4 month low of
2.212%. Also, dovish comments from Fed Governor Waller today
supported T-notes when he signaled that he favored a pause in Fed
rate hikes. Limiting gains in T-notes was today’s
stronger-than-expected report on U.S. Nov consumer confidence and
supply pressures as the Treasury will auction $49 billion of 7-year
T-notes later today.
The dollar index (DXY00) today is down by -0.18% and dropped to
a 3-1/2 month low. The dollar today is under pressure on
dovish comments from Fed Governor Waller who said that Fed policy
is well-positioned, signaling he favors a continued pause to Fed
rate hikes. Also, hawkish ECB comments today boosted EUR/USD
to a 3-1/2 month high and undercut the dollar. The dollar
recovered from its worst levels after U.S. Nov consumer confidence
rose more than expected.
EUR/USD (EURUSD) today is up by +0.32% and posted a 3-1/2 month
high. A weaker dollar today is supportive of the euro.
Also, hawkish comments today from ECB Governing Council member and
Bundesbank President Nagel boosted the euro when he said the ECB
isn’t at the point where it should consider lowering interest
rates.
The Eurozone Oct M3 money supply fell -1.0% y/y, weaker than
expectations of -0.9% y/y.
The German Dec GfK consumer confidence index unexpectedly rose
+0.5 to -27.8, stronger than expectations of a decline to
-28.2.
ECB Governing Council member and Bundesbank President Nagel
said, “It would be premature for the ECB to lower interest rates
soon or to speculate about such steps.”
USD/JPY (USDJPY) today is down by -0.61%. The yen today is
moderately higher against the dollar. The yen is finding
support today on some month-end rebalancing. Also, lower
T-note yields today are bullish for the yen.
December gold (GCZ3) today is up +15.2 (+0.76%), and Dec silver
(SIZ23) is up +0.089 (+0.36%). Precious metals prices
today are moderately higher, with gold climbing to a 6-1/2 month
high. Today’s slump in the dollar index to a 3-1/2 month low
is bullish for metals. Also, lower T-note yields today are
supportive of precious metals. In addition, dovish comments
today from Fed Governor Waller supported gold when he signaled that
he favored a pause in Fed rate hikes.
Novavax (NASDAQ:NVAX)
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Novavax (NASDAQ:NVAX)
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