US index futures are up on Monday as investors brace for an
important week filled with crucial events, including Federal
Reserve rate decisions, job data releases, and Apple’s financial
results.
At 06:09 AM, Dow Jones futures (DOWI:DJI) rose 171 points or
0.53%. S&P 500 futures were up 0.65%, and Nasdaq-100 futures
increased by 0.76%. The yield on 10-year Treasury bonds stood at
4.871%.
In the commodities market, December West Texas Intermediate
crude oil fell 1.03% to $84.66 per barrel. Brent crude oil for
December dropped 0.85%, trading near $89.71 per barrel. Iron ore
with a 62% concentration traded on the Dalian Exchange increased by
0.15% to $119.85 per ton, with persistent fears of higher interest
rates in the U.S. limiting gains.
Asian markets closed with no clear trend, awaiting monetary
policy decisions in Japan and Malaysia, as well as inflation data
in South Korea and GDP figures in Taiwan and Hong Kong. The
Japanese Nikkei fell 0.95%, while the South Korean Kospi rose
0.34%. The Shanghai SE index advanced 0.12%, and the Australian ASX
200 retreated 0.79%. Shares of Chinese construction firm Evergrande
hit a historic low of 18.8 cents in Hong Kong due to the
postponement of the liquidation hearing by Judge Linda Chan. Shares
plunged over 20%, reaching their lowest point today. The hearing
was rescheduled for December 4th, with Evergrande required to
submit a restructuring proposal before that date to avoid
dissolution.
Despite Middle East volatility, European markets are trading
positively, driven by HSBC’s gains (NYSE:HSBC), while investors
closely monitor inflation data in Spain and Germany.
US stock markets closed sharply lower in Friday’s session as the
situation in the war in the Middle East worsened, with Israel
intensifying its operations in Gaza. The Dow Jones fell 366.71
points or 1.12% to 32,417.59 and the S&P 500 fell 19.86 points
or 0.48% to 4,117.37 points. The S&P 500 confirmed a 10.0%
drop from its peak in July and is heading for the third consecutive
month in the red. The Nasdaq Composite closed up 47.41 points
or 0.38% at 12,643.01, recovering from its lowest closing level in
five months.
With regard to commodities, the highlight was oil, which rose
again due to the increase in tensions in Gaza and the losses
recorded at the beginning of the week. In the economic
calendar, a consumer price index slightly above expectations did
not have a major impact on the markets, mainly because there was a
downward revision of September’s data and the core numbers were in
line with expectations. Data on short-term inflation
expectations, released alongside the University of Michigan
consumer confidence index, rose from 3.8% to 4.2%.
On Monday’s corporate earnings front, investors will be watching
reports from SoFi Technologies (NASDAQ:SOFI), McDonald’s
(NYSE:MCD), Western Digital (NASDAQ:WDC), HSBC (NYSE:HSBC),
Checkpoint (NASDAQ:CHKP), before the market opens. After the
closing, reports from Arista (NYSE:ANET), Pinterest (NYSE:PINS), VF
Corp (NYSE:VFC), Public Storage (NYSE:PSA), among others, will be
awaited.
Wall Street Corporate Highlights for Today
Alphabet (NASDAQ:GOOGL) – Google, a subsidiary
of Alphabet, plans to invest up to $2 billion in the artificial
intelligence company Anthropic. This follows Amazon.com’s
(NASDAQ:AMZN) announcement in September of an investment of up to
$4 billion in Anthropic, a competitor of OpenAI, the creator of
ChatGPT.
Apple (NASDAQ:AAPL), Goldman
Sachs (NYSE:GS) – The partnership between Apple and
Goldman Sachs, which produced the Apple Card and a savings account,
is facing financial challenges, costing Goldman more than $1
billion over three years. Apple seeks financial self-sufficiency
with Project Breakout, challenging traditional financial
institutions. Regulatory resistance and technical obstacles may be
challenges, but digital transformation indicates an inevitable
shift toward a technology-driven financial sector. Additionally,
Apple plans to capitalize on the resurgence of the computer market
with the launch of a new iMac and updates to the MacBook Pro. The
models are expected to benefit from the PC sector’s recovery
following demand during the pandemic.
HSBC (NYSE:HSBC) – HSBC announced a $3 billion
share buyback and reported a third-quarter profit that more than
doubled but fell short of expectations due to rising costs related
to salaries and technology. The bank reported a pre-tax profit of
$7.7 billion in the quarter, up from $3.2 billion a year earlier,
but the result lagged behind the average estimate of $8.1 billion
compiled by HSBC. The bank plans to increase costs by up to 5% this
year, excluding acquisitions, and offer a provisional dividend of
10 cents per share, raising the annual payout to 30 cents per
share. A $500 million impairment related to the commercial real
estate sector in China was highlighted, but the worst is believed
to be over for the sector.
JPMorgan Chase (NYSE:JPM) – JPMorgan
strategists recommended “short” positions in European banks and
changed their outlook for the sector from “neutral” to
“underweight” due to potential pressure on bond yields. Meanwhile,
they upgraded the healthcare sector from ‘neutral’ to ‘overweight’
due to exposure to the dollar and low volatility.
Santander (NYSE:SAN) – Santander is planning to
sell up to €5 billion in toxic real estate assets, including
non-performing loans backed by mortgage guarantees. Spanish banks
are repackaging loans to recover money due to economic slowdown and
the pandemic.
UBS (NYSE:UBS) – The sign at the Credit Suisse
headquarters in London, located at One Cabot Square in Canary
Wharf, has been removed, indicating the relocation of employees to
the UBS Group AG building. The transfer is part of the rescue
agreement for Credit Suisse, with the goal of moving all employees
by the end of the year.
Blackstone (NYSE:BX) – Blackstone will acquire
a majority stake in India’s Care Hospitals, investing $1 billion
and holding over 75% of the hospital network. Blackstone’s entry
into the healthcare sector follows increased demand for private
healthcare in India.
Blackrock (NYSE:BLK) – Investors are missing
opportunities in the energy transition due to outdated views of the
mining and metals industry, warns Evy Hambro, Global Head of
Thematic and Sector Investing at BlackRock. He highlights the focus
on emission reduction and financial discipline in the sector,
pointing to underestimated opportunities amid the transition to a
low-carbon economy. Hambro emphasizes that the story will unfold
over the next 10 to 15 years, and companies should invest in
decarbonization.
SoFi Technologies (NASDAQ:SOFI) – SoFi
Technologies, a fintech that began as a student debt refinancer, is
set to reveal its third-quarter results soon. Investors are
particularly interested in its student loan business following the
temporary payment suspension due to the pandemic.
Chevron (NYSE:CVX), Hess
(NYSE:HES) – Chevron’s acquisition of Hess could slightly increase
oil production in Bakken, North Dakota. However, a return to
pre-pandemic peaks is not expected, as higher costs and distance
from export terminals affect the region’s profitability. Chevron is
likely to follow Hess’s plans for the region. Bakken oil production
has declined from pre-pandemic peaks and faces challenges for a
significant increase.
Ford Motor (NYSE:F) – The United Auto Workers
approved a tentative agreement with Ford, increasing wages by 30%
and eliminating old concessions. Ford will invest $8.1 billion in
the industry and allow the replacement of older workers with new
ones.
Stellantis (NYSE:STLA) – The Canadian union
Unifor initiated strikes at all Stellantis facilities in Canada due
to a lack of agreement in contract negotiations. They are seeking
better wages, pensions, and support for the transition to electric
vehicles. Stellantis expressed disappointment, and negotiations
continue.
General Motors (NYSE:GM) – The United Auto
Workers expanded the strike to include the GM factory in Spring
Hill, Tennessee, disrupting pickup production. GM is the only
Detroit automaker without an agreement. The strike could cost GM
$400 million per week.
Toyota (NYSE:TM) – Toyota announced a 1.5%
increase in global vehicle production in September, driven by
demand in Japan, the U.S., and Europe. The Japanese automaker’s
domestic production grew by 12.8%, offsetting the decline in
overseas production.
Tesla (NASDAQ:TSLA), BYD
(USOTC:BYDDY) – Chinese company BYD is closing in on Tesla as the
largest global seller of electric vehicles, with rising stock
prices and optimistic projections. Its profitability and strong
sales set it apart, while Tesla faces challenges. BYD plans to
expand globally while maintaining profitability.
Walt Disney (NYSE:DIS) – Activist investor
Nelson Peltz, with the support of Isaac Perlmutter, former Marvel
president, is intensifying pressure on Disney. Peltz seeks seats on
the company’s board, with most of the ownership being Perlmutter’s
shares. The nomination window for Disney’s board opens in December,
suggesting a potential proxy battle.
Glencore (USOTC:GLNCY) – Glencore lowered its
nickel production forecast due to maintenance and strikes but
expects solid profits in the trading division. The company’s own
nickel production fell by 16% for the year. Projections for copper,
zinc, coal, and cobalt remain unchanged for 2023.
Intuitive Machines (NASDAQ:LUNR) – Intuitive
Machines’ stock rose by 11.6% due to the scheduling of its lunar
mission with SpaceX in January, a two-month delay from the
previously planned date.
ArcelorMittal (NYSE:MTCN) – Steel company
ArcelorMittal announced an agreement to transfer its operations in
Kazakhstan to the government, following a fatal incident at a coal
mine over the weekend.
Pearson (NYSE:PSO) – Pearson raised its
adjusted operating profit projection to up to $24.3 million, driven
by demand for assessments and qualifications. The CEO highlighted
the continued momentum of the group, with positive feedback on its
generative AI tools.
Coherus BioSciences (NASDAQ:CHRS) – Coherus
BioSciences’ shares rose by 15.15% in pre-market trading on Monday
after the FDA approved its treatment for nasopharyngeal cancer.
This treatment is used in combination with chemotherapy and is
manufactured in partnership with Shanghai Junshi Biosciences.
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