The U.S. futures indices are showing an increase in pre-market
trading on Friday, with the Dow Jones aiming to consolidate this
week’s gains. This positive trend suggests the possibility of a
seventh consecutive week of gains, marking the index’s momentum in
reaching new all-time highs.
At 06:23 AM, the Dow Jones futures (DOWI:DJI) rose 95 points, or
0.25%. S&P 500 futures were up 0.25% and Nasdaq-100 futures
were up 0.33%. The yield on 10-year Treasury bonds was at
3.922%.
In the commodities market, West Texas Intermediate crude oil for
January rose 0.38% to $71.87 per barrel. Brent crude oil for
February rose 0.33%, close to $76.86 per barrel. Iron ore with a
62% concentration, traded on the Dalian exchange, fell 1.37% to
$132.58 per ton.
On the economic agenda, investors await, at 08:30 AM, data from
the December Empire manufacturing. At 09:15 AM, the November
industrial production numbers. At 09:45 AM, the preliminary
December PMI. At 1:00 PM, the Baker Hughes numbers of operating oil
wells.
European markets are showing a positive performance and are
poised to conclude the week with significant gains, driven by a
series of crucial policy decisions made by major central banks.
European stock exchanges are following the upward trend seen in the
US markets, which continue to experience a robust rally this
week.
Asian markets, led by the Hong Kong Hang Seng Index, mostly
closed higher, reflecting optimism after the Fed maintained
interest rates and signaled possible cuts in 2024. Meanwhile, China
reported impressive growth in industrial production in November,
the highest since February 2022. However, the Shanghai SE bucked
the trend, registering a 0.56% decline, in a context where retail
sales fell short of expectations. Other indices such as Nikkei,
Kospi, and ASX 200, however, posted significant gains.
On Thursday, stocks continued to rise in response to the Fed
keeping interest rates unchanged and planning to reduce them three
times in 2024. The Dow Jones reached a new record closing high.
Powell’s dovish stance is still to be tested with data in the
coming months, so the market still wants to understand if a rate
cut in the first or second quarter of 2024 is possible.
Additionally, there was an unexpected increase in US retail sales
in November, and initial unemployment claims decreased. Sectors
such as real estate and banking stood out, while the price of oil
also rose.
On the corporate earnings front on Friday, investors will be
watching for reports from Darden Restaurants
(NYSE:DRI).
Corporate Highlights from Wall Street for Today
Alphabet (NASDAQ:GOOGL) – Google will start
tests in Chrome to restrict third-party cookies with the Tracking
Protection feature on January 4. The total elimination is planned
for the second half of 2024, subject to the resolution of antitrust
concerns. Additionally, Google is modifying the Location History
feature in Google Maps to protect user privacy, preventing the
company’s access to individual location histories and making it
harder for authorities to obtain bulk data. The change follows
concerns about the use of location warrants by US police.
Microsoft (NASDAQ:MSFT) – Advances in AI chips
increase the demand for efficient cooling in data centers.
Microsoft plans to use liquid cooling in its Maia 100 chips, aiming
for efficiency and cost reduction. This change is crucial for
advanced AI data centers.
Meta Platforms (NASDAQ:META) – Meta and TikTok
restricted a record number of posts and accounts in Malaysia in the
first half of 2023. This occurred amid an increase in requests from
the Malaysian government for content removal, generating criticism
about freedom of expression under Prime Minister Anwar Ibrahim’s
administration. Meta restricted 3,100 items and TikTok 890 posts
and accounts, both complying with government requests.
Intel (NASDAQ:INTC) – Intel announced its new
line of chips, including the Gaudi3 for AI, scheduled for 2024,
challenging Nvidia (NASDAQ:NVDA) and AMD (NASDAQ:AMD) in the AI
market. At the Intel AI Everywhere event, new chips for PCs and
data centers were revealed. CEO Pat Gelsinger highlighted Intel’s
AI strategy, maintaining its internal production.
United Parcel Service (NYSE:UPS) – Italian
financial police seized about $94.5 million from UPS Italia, part
of United Parcel Service, on suspicions of tax fraud and illegal
labor practices. The action is part of a broader investigation in
the logistics sector in Italy. Prosecutors and police allege the
use of fake invoices and fictitious employment contracts by UPS,
which officially has 1,000 employees in Italy.
Amazon (NASDAQ:AMZN) – The Court of Justice of
the European Union ruled that Amazon does not have to repay $273
million in taxes to Luxembourg, marking a defeat for the EU’s
antitrust chief, Margrethe Vestager, in her effort against tax
deals for multinationals. Amazon welcomed the decision, while
critics like Oxfam call for tax reforms in the EU.
Walt Disney (NYSE:DIS) – Walt Disney faces a
proxy dispute after activist investor Nelson Peltz self-nominated
for the board, his second attempt to influence the company’s
strategy. Disney, trying to revitalize its franchises and make its
streaming business profitable, faces criticism from Peltz’s Trian
Fund Management, which owns shares in the company and proposes
changes. Peltz and former Disney executive James “Jay” Rasulo are
the candidates proposed by Trian.
AT&T (NYSE:T), Rivian
(NASDAQ:RIVN) – AT&T will acquire electric vehicles from Rivian
in a pilot program aiming to reduce costs and carbon emissions, as
well as increase safety. This is Rivian’s first deal after the end
of its exclusivity with Amazon (NASDAQ:AMZN). AT&T plans to
include Rivian’s vans, pickups, and SUVs in its fleet starting in
2024, although financial details and quantities were not
disclosed.
Tesla (NASDAQ:TSLA) – Nordic investors asked
Tesla to reconsider its approach to collective bargaining in
conflict with unions in Sweden. Tesla faces strikes and backlash
from pension funds in the region for refusing Swedish mechanics’
union demands regarding wages and working conditions. Tesla, known
for avoiding collective agreements, faces solidarity strikes and
stock sales by some pension funds. Additionally, the RDW, the Dutch
automotive authority, stated that it does not plan a recall of
Tesla in Europe following a recall in the US due to concerns with
autopilot. The RDW issues approvals for Tesla cars in Europe,
citing differences in autopilot functions and maintaining contact
with Tesla.
General Motors (NYSE:GM) – General Motors
announced the layoff of 1,300 employees at two Michigan factories,
with 945 workers from the Orion assembly plant affected by the
conversion to electric truck production and 350 from Lansing Grand
River due to the end of the Chevrolet Camaro. Cruise, a subsidiary
of General Motors, announced the layoff of 900 employees, 24% of
its staff, primarily affecting commercial and administrative areas.
The decision follows the dismissal of key leaders and an October
incident with an autonomous vehicle that injured a pedestrian.
Cruise will offer severance packages to those affected.
First Solar (NASDAQ:FSLR), Enphase
Energy (NASDAQ:ENPH), SunRun (NASDAQ:RUN)
– Jefferies initiated coverage of alternative energy stocks, rating
First Solar, Enphase Energy, and SunRun as Buy. Companies with
exposure to utilities, strong order books, and balance sheets are
preferred in uncertain times. SunPower
(NASDAQ:SPWR) and Array Technologies (NASDAQ:ARRY)
received a Hold rating. Catalysts include clear regulations and
stability in interest rates. First Solar is the top pick, due to
its robust order book, competitive pricing, and growing
margins.
Shell (NYSE:SHEL) – Shell agreed to sell its
37.5% stake in the German refinery PCK Schwedt to the Prax Group,
as part of its efforts to reduce its global refining portfolio. The
transaction is expected to be completed in the first half of 2024,
subject to regulatory approvals. Financial details were not
disclosed.
Boeing (NYSE:BA) – Boeing appointed Chris
Raymond, head of sustainability, as CEO of its services division,
succeeding Stephanie Pope. Raymond takes the position on January 1,
after leading sustainability since 2020. Global Services remain
profitable, with $17.6 billion in revenue in 2022. Brian Moran,
vice president of global sustainability policies and partnerships
at Boeing, will take over as head of sustainability.
RTX Corp (NYSE:RTX) – Christopher Calio,
current chief operating officer of RTX, was named to succeed
Gregory Hayes as CEO of the aerospace and defense company. Under
Hayes, RTX, formerly Raytheon, became the largest defense company
in revenue after merging with United Technologies Corp in 2020.
Calio, who restructured the company into three units, will take
over the position until the annual shareholders’ meeting in May,
with Hayes becoming executive chairman of the board.
Starbucks (NASDAQ:SBUX) – The US labor agency
accuses Starbucks of closing 23 stores to discourage union
campaigns, demanding their reopening. Eight of these stores were
already unionized when they closed. Starbucks denies wrongdoing,
justifying closures for legitimate reasons. The complaint from the
National Labor Relations Board (NLRB) seeks the rehiring of
employees and negotiations with unions.
Costco Wholesale (NASDAQ:COST) – Costco
exceeded first-quarter profit forecasts, with earnings per share of
$3.58 and revenue of $57.8 billion, surpassing expectations. The
company announced a special dividend of $15 per share and also
recorded growth in net sales and membership fee revenue.
Citigroup (NYSE:C) – Citigroup decided to close
its municipal underwriting and market operations, according to
Reuters. The reason is the economic unviability of these activities
for the company’s global returns. Most employees in the unit will
leave the bank in the first quarter. Elsewhere, Citigroup’s Mexican
retail unit, Banamex, plans to disengage from the parent company by
the second half of 2024, according to the bank’s head in Mexico,
Manuel Romo. After the separation, Banamex will begin the process
of going public in 2025. Citigroup previously canceled the sale of
the unit for $7 billion, maintaining its corporate and investment
banking operations in Mexico as Citi Mexico.
Goldman Sachs (NYSE:GS) – Following his
economic reform plan, Argentine President Javier Milei gained
support from Goldman Sachs, which recommended the country’s bonds.
The peso remained stable, and the Central Bank managed to roll over
short-term notes. The economic recovery under Milei generated
optimism, with hopes of normalizing the economy and eliminating the
difference between the official and parallel peso rate. The
International Monetary Fund also praised the Argentine government’s
“bold initial actions.”
Deutsche Bank (NYSE:DB) – TC Ziraat Bankasi,
Turkey’s main lender, is close to securing a $1.92 billion loan
from Deutsche Bank, signaling the willingness of international
companies to do business in Turkey. The loan will support SMEs and
international trade.
BlackRock (NYSE:BLK) – BlackRock launched the
BlackRock Total Return ETF, an ETF version of its successful mutual
fund. Active bond ETFs, due to lower costs and easy intraday
trading, are gaining popularity among notable asset managers,
reflecting the growing interest in active bond management.
PayPal Holdings (NASDAQ:PYPL) – Dan Schulman,
former CEO of PayPal, will leave the company’s board earlier than
planned, ending his direct involvement sooner. He originally
planned to stay until the next annual shareholder meeting in
May.
Lincoln National (NYSE:LNC) – Lincoln National
will sell its wealth management unit, Lincoln Wealth, to Osaic,
with estimated capital benefits of $700 million. The transaction is
expected to be completed in the first half of 2024, as part of the
brokerage sector consolidation.
Quanex Corp (NYSE:NX) – Quanex reported a 3.9%
decrease in fiscal fourth-quarter sales compared to the previous
year, totaling $295.5 million. The company is cautious for the
first half due to economic challenges and seasonality, but expects
improvement in the second half with the recovery of consumer
confidence.
Lennar (NYSE:LEN) – Lennar reported profits in
the fourth quarter and for the year that exceeded estimates. Lennar
reported earnings of $4.82 per share on revenue of $11 billion,
surpassing expectations. Mortgage rates fluctuated during the
quarter, impacting homebuyer sentiment.
Scholastic (NASDAQ:SCHL) – Scholastic reported
a decline in revenue for the back-to-school quarter due to the
decline in the book club business. The company also lowered its
profit projections for fiscal year 2024, facing challenges in US
schools. In the second fiscal quarter, it reported a profit of
$76.9 million and revenue of $562.6 million, a 4% decrease.
SunPower (NASDAQ:SPWR)
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