In the pre-market on Friday, U.S. index futures are showing
mixed behavior, reflecting investors’ caution. The focus is on the
awaited Producer Price Index (PPI) report, marking the second major
inflation report of the week. The anticipation surrounding the
start of the fourth-quarter financial results season is also on the
radar, as it offers crucial insights into corporate health in a
challenging economic period.
At 05:23 AM, Dow Jones futures (DOWI:DJI) rose 56 points, or
0.15%. S&P 500 futures fell 0.01% and Nasdaq-100 futures
retreated 0.16%. The yield on 10-year Treasury bonds was at
3.975%.
In the commodities market, West Texas Intermediate crude oil for
February rose 3.24% to $72.35 per barrel. Brent crude oil for March
rose 3.04%, near $79.76 per barrel. Iron ore with 62%
concentration, traded on the Dalian exchange, closed down at
approximately $133.42 per metric ton.
On Friday’s economic agenda, the day starts at 08:30 AM with the
release of the December Producer Price Index (PPI). At 11:00 AM,
investors await the participation of Neel Kashkari, president of
the Federal Reserve Bank of Minneapolis, in an event. Finally, at
1:00 PM, Baker Hughes data on operational oil wells in the U.S.
will be released.
European markets are showing an optimistic scenario, with the
Stoxx 600 up 0.9% and all sectors rising. Construction, media, and
retail stocks stand out, with increases above 1.3%. Despite this,
Burberry (LSE:BRBY) faced difficulties, with a
significant drop following a profit warning due to reduced demand,
negatively impacting other luxury brands. Meanwhile, the UK economy
showed resilience, growing 0.3% in November, mainly driven by the
services sector, exceeding economists’ expectations.
Asian markets showed a downward trend, impacted by China’s first
annual drop in exports in seven years. Hong Kong’s Hang Seng index
fell 0.61% and China’s CSI 300 dropped 0.35%, closing at 3,284.17.
Despite this, Japanese stocks, including the Nikkei 225 and Topix,
reached their highest levels since 1990, continuing their record
recovery. South Korea’s Kospi also fell, while Australia’s ASX 200
saw a slight decline.
Thursday’s session in the U.S. stock market was marked by an
impressive recovery in the second half of the day. After an initial
drop in the morning, driven by the analysis of the Department of
Labor’s inflation report, the indices recovered, closing almost
stable. The Dow Jones, which had fallen 270 points, closed up 15.29
points, or 0.04%, at 37,711.02 points. The S&P 500 fell 0.07%,
closing at 4,780.24 points. The Nasdaq closed stable at 14,970.19
points. The report indicated a higher-than-expected rise in
consumer prices, initially raising concerns. However, the
expectation of an interest rate cut by the Federal Reserve in
March, indicating a 70% probability suggested by the CME Group’s
FedWatch tool, appears to have influenced the market’s recovery.
Despite this, sectors sensitive to interest rates, such as
utilities and natural gas, remained weak, contrasting with the
strength in sectors like software and oil.
On the quarterly earnings front this Friday, major banks like
Bank of America (NYSE:BAC), Wells
Fargo (NYSE:WFC), JPMorgan Chase
(NYSE:JPM), Citigroup (NYSE:C), as well as
Bank of New York Mellon (NYSE:BK),
BlackRock (NYSE:BLK), UnitedHealth
Group (NYSE:UNH), and Delta Air Lines
(NYSE:DAL) are scheduled to present their financial reports.
Wall Street Corporate Highlights for Today
Microsoft (NASDAQ:MSFT), Apple
(NASDAQ:AAPL) – On Thursday, Microsoft briefly surpassed Apple as
the world’s most valuable company for the first time since 2021,
due to Apple’s stock performance at the start of the year, affected
by concerns about demand. Microsoft’s shares rose due to
investments in generative artificial intelligence, such as OpenAI.
Microsoft closed with a market valuation of $2.859 trillion, while
Apple closed at $2.886 trillion.
Alphabet (NASDAQ:GOOGL) – Alphabet’s Google
Cloud announced that it will not charge network fees for data
transfer when switching to another cloud provider, in contrast to
practices by others, such as Microsoft Azure
(NASDAQ:MSFT) and Amazon Web Services
(NASDAQ:AMZN). This change aims to facilitate migration, but
licensing issues remain. In other news, an adviser to the EU’s top
court recommended that the $2.7 billion fine imposed on Alphabet’s
Google unit for antitrust practices in 2017 be upheld. The fine was
for favoring its price comparison service. The final decision will
be made in the coming months.
Meta Platforms (NASDAQ:META) – Mark Zuckerberg
is redirecting Meta’s focus to artificial intelligence (AI)
following challenges faced with the metaverse. The company, which
lost market value with the metaverse, now sees AI as a priority to
drive innovation and revenue. Meta is standing out with AI projects
and adopting open-source approaches to attract developers.
Amazon (NASDAQ:AMZN) – Amazon is laying off 5%
of the staff at Audible, its audiobook and podcast division, as
part of broader cuts at the company. The CEO of Audible stated that
these decisions aim to strengthen the business in the long
term.
DocuSign (NASDAQ:DOCU) – Bain
Capital (NYSE:BCSF) and Hellman & Friedman
are competing to acquire DocuSign, valued at around $12.5 billion,
in one of the largest leveraged acquisitions of 2024.
Blackstone (NYSE:BX), previously involved, is no
longer in the race. The company reported an adjusted quarterly
profit of 79 cents per share and revenue of $700.4 million.
Walt Disney (NYSE:DIS) – Disney’s Pixar
Animation Studios is planning job cuts due to overstaffing
following the completion of some productions, although the exact
number of layoffs has not been determined. Disney is seeking to
control costs and license third-party content. Last June, Pixar
eliminated 75 positions, but the company continues to produce
successful films, such as “Elemental”.
AT&T (NYSE:T), Verizon
(NYSE:VZ) – The U.S. Environmental Protection Agency (EPA) plans
meetings with AT&T and Verizon to assess the impact of
lead-containing telecommunications cables. Initial tests do not
indicate urgent threats, but the EPA continues investigating.
AT&T and Verizon claim the cables pose no significant public
health risks.
ABB Ltd (NYSE:ABB) – ABB acquired Swiss company
Sevensense, specializing in improving the mobility of industrial
robots with AI and 3D vision. This acquisition reflects the growing
interest in autonomous industrial robots. Sevensense’s technology
gives robots eyes and brains to navigate factories. The autonomous
mobile robot (AMR) market is expected to grow 20% annually until
2026, according to ABB.
Exxon Mobil (NYSE:XOM),
Chevron (NYSE:CVX), BP (NYSE:BP)
– Shares were up in pre-market due to rising oil prices following a
U.S.-led coalition’s attacks on Houthi rebel targets in Yemen.
Hertz (NASDAQ:HTZ) – Hertz is selling about
20,000 electric vehicles, including Tesla
(NASDAQ:TSLA) units, from its U.S. fleet, opting for combustion
vehicles due to high expenses related to electric vehicle damage.
The decision reflects challenges faced by the electric vehicle
industry as sales slow and the hidden costs of owning an EV become
apparent. The company plans to improve the profitability of the
rest of its EV fleet and faces depreciation-related charges from EV
sales in the fourth quarter of 2023.
Tesla (NASDAQ:TSLA) – Tesla will suspend most
production at its factory near Berlin from January 29 to February
11 due to supply issues caused by attacks on ships in the Red Sea.
This disruption may affect other automakers, highlighting
vulnerabilities in the automotive supply chain. Additionally, Tesla
reduced prices for the Model 3 and Model Y made in China on January
12, as available on the company’s website.
Polestar Automotive (NASDAQ:PSNY) – Polestar
Automotive, an electric vehicle startup, reported delivering
approximately 12,800 cars in the last quarter, resulting in a
global increase of 6% in deliveries compared to the previous year,
totaling about 54,600 cars.
Stellantis (NYSE:STLA) – Stellantis revealed on
Friday its investment in the French sodium-ion battery startup
Tiamat as part of an initial €150 million fundraising. This
partnership aims to expand electric vehicle production and reduce
dependence on scarce resources, including building a battery
factory in northern France. Tiamat, founded in 2017, promises
competitive batteries without lithium, using more abundant sodium.
Although they offer less range, their batteries are more affordable
and have fast charging, aligning with Stellantis’ sustainable goals
for 2038.
Boeing (NYSE:BA), Alaska
Airlines (NYSE:ALK) – The United States Federal Aviation
Administration (FAA) has launched an official investigation
following an incident on an Alaska Airlines flight. The FAA has
grounded 171 MAX jets with the same issue, impacting both Alaska
Airlines and United Airlines (NASDAQ:UAL). Boeing
and the FAA have ended negotiations over revised inspections
without an agreement. Confidence in the aircraft manufacturer has
been shaken, with growing concerns about quality control.
Gol Linhas Aereas Inteligentes (NYSE:GOL) –
Gol, the Brazilian airline, stresses the importance of assessing
quality issues in the aviation industry and implementing risk
mitigation plans following the incident with the Alaska Airlines
737 MAX 9. The company believes that quality evaluation and
improvement are necessary across the industry, with FAA audit
processes to prevent future problems. Gol operates MAX 8 aircraft
and is awaiting certification for the MAX 10.
United Airlines (NASDAQ:UAL) – United Airlines,
already dealing with flight cancellations due to regulatory issues
with its Boeing 737 MAX 9 jets, reported that it diverted its
flight 2434 from Sarasota to Chicago to Tampa International Airport
due to a potential mechanical issue in an Airbus A319. The plane
landed safely, resolved the issue, and continued its flight.
Morgan Stanley (NYSE:MS) – Morgan Stanley is
close to an agreement to pay less than $500 million to settle a
government investigation into its practices in large stock sales
trading. No criminal charges against the bank are expected as part
of the settlement. The investigation relates to block trades
conducted by the bank on behalf of clients. The penalty will be
split between the Department of Justice (DOJ) and the Securities
and Exchange Commission (SEC). James Gorman, the former CEO, will
remain as executive chairman during a transition to his successor,
Ted Pick, who will deal with the investigation.
Citigroup (NYSE:C) – Citigroup Research has
lowered its Brent oil price forecasts for 2024 by $1, now
predicting $74 per barrel, and for 2025 by $10.00, reaching $60 per
barrel, due to concerns about oversupply. However, they expect
prices to remain above $70 per barrel in 2024, due to the global
market balance maintained by OPEC+. Citi predicts that OPEC+ will
suspend production cuts in 2024 and start reducing them only in the
second half of 2025, due to a possible surplus of 1.2 million
barrels per day in global oil markets.
UBS (NYSE:UBS) – UBS has appointed Gail Kelly,
an Australian financial executive, to its board of directors,
highlighting her experience in banking mergers. Kelly, who was a
global senior advisor to UBS from 2016 to 2023, successfully led
the merger of St George Bank and Westpac Bank Corporation in
Australia in 2008. Additionally, UBS’s longest-serving director,
Dieter Wemmer, will resign after eight years on the board.
Coinbase Global (NASDAQ:COIN) – Shares of
Coinbase experienced a volatile day in the previous session
following the SEC’s approval of Bitcoin ETFs. Some analysts see
this as a positive boost, predicting that Coinbase will benefit as
the custodian for most of these funds, while others are concerned
about competition with ETFs and their impact on Coinbase’s
business.
Smith Douglas Homes (NYSE:SDHC) – Shares of
Smith Douglas Homes rose 14% on their first trading day, ending the
debut on the New York Stock Exchange at $24 per share, above the
IPO price of $21 per share, raising about $161 million. The company
is a rapidly growing residential homebuilder focusing on starter
and empty homes in Southern United States metropolitan areas.
Grifols (NASDAQ:GRFS) – Grifols has assured
investors that the sale of its stake in Shanghai RAAS for $1.8
billion will proceed as planned, despite a drop in shares following
a report by Gotham City Research questioning its accounting.
Cytokinetics (NASDAQ:CYTK) – Cytokinetics
experienced a 16% drop on Thursday due to news that
Novartis (NYSE:NVS), a Swiss pharmaceutical giant,
was backing off its attempt to acquire the heart drug development
company. Novartis was close to finalizing the purchase of
Cytokinetics, as reported on Monday, with a deal expected within
the same week. In pre-market trading, Cytokinetics’ shares fell
another 0.5%.
CVS Health (NYSE:CVS) – CVS Health Corp. will
close pharmacies in Target Corp. (NYSE:TGT) stores
starting in February, seeking to reduce stores and focus on
healthcare services due to falling pharmacy profits. The closures
will affect dozens of pharmacies, with prescriptions transferred to
nearby locations. Employees will receive comparable job offers.
Costco Wholesale (NASDAQ:COST) – The opening of
Costco’s first store in southern China attracted crowds, with long
lines of customers waiting hours to enter. The rise of thrifty
shopping due to China’s economic slowdown was evident, with popular
items including fruits, bread, meat, seafood, and Disney toys. As
Chinese consumers become more selective due to the economic crisis,
global brands compete for middle-class customers with smaller
wallets.
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