U.S. index futures indicate a positive opening on Monday, driven
by the anticipation of an end to the Federal Reserve’s interest
rate hike cycle.
As of 06:28, Dow Jones futures (DOWI:DJI) rose 19 points, or
0.06%. S&P 500 futures gained 0.17%, and Nasdaq-100 futures
increased by 0.20%. The yield on 10-year Treasury notes stood at
4.595%.
In the commodities market, West Texas Intermediate crude for
December rose 1.66%, to $81.86 a barrel. Brent crude for December
gained 1.53% to near $86.19 a barrel. Iron ore with a 62%
concentration, traded on the Dalian Commodity Exchange, increased
by 0.05%, priced at $127.15 per tonne.
The economic agenda for this Monday will not be busy, with the
only highlight being a speech by Cleveland Fed President Loretta
Mester scheduled for 11:00 AM.
In the Middle East, the Israeli military struck 450 Hamas
targets in Gaza and seized a militant complex. Concurrently, U.S.
Secretary of State Antony Blinken visited the West Bank for
diplomatic meetings. In Asia, financial markets closed higher,
responding to U.S. economic data and comments from the Bank of
Japan’s president regarding deflation. The Hong Kong, Shanghai, and
Tokyo stock indices recorded significant gains. In Europe, German
industrial data exceeded expectations, while other economic
indicators for the region pointed to a slowdown.
US stocks closed higher on Friday, driven by optimism following
the announcement of lower-than-expected debt issuance by the US
Treasury and the Federal Reserve’s decision to maintain stable
interest rates. The Dow Jones increased by 0.66%, the S&P 500
rose by 0.94%, and the Nasdaq advanced by 1.38%. Over the course of
the week, the Nasdaq saw a remarkable surge of 6.6%, the S&P
500 soared by 5.9%, and the Dow Jones recorded a 5.1% increase. The
Treasury has plans to offer $112 billion in bonds, leading to a
decline in long-term interest rates. Federal Reserve President
Jerome Powell expressed caution and uncertainty about the
appropriate adjustments to monetary policy to manage inflation,
which will be a crucial factor for the December meeting.
On the corporate earnings front for Monday, investors will be
closely monitoring reports from Dish Network
(NASDAQ:DISH), BioNTech (NASDAQ:BNTX),
Axsome Therapeutics (NASDAQ:AXSM), Kosmos
Energy (NYSE:KOS), prior to the market opening. After the
market closes, reports from Realty Income
(NYSE:O), NXP Semiconductors (NASDAQ:NXPI),
Diamondback Energy (NASDAQ:FANG),
Coterra (NYSE:CTRA), Tripadvisor
(NASDAQ:TRIP), among others, are eagerly anticipated.
Wall Street Corporate Highlights for Today
Amazon (NASDAQ:AMZN), Meta
Platforms (NASDAQ:META) – The UK competition regulator has
accepted commitments from Meta and Amazon to promote fair
competition on their retail platforms. Amazon will not use rival
sellers’ market data for unfair advantages, while Meta will refrain
from exploiting advertising customer data to enhance Facebook
Marketplace.
Apple (NASDAQ:AAPL) – Apple has warned that its
revenue in the next quarter will remain virtually flat compared to
the previous year, disappointing investors who were expecting
growth. Overall sales will remain similar, with the iPhone slightly
boosting revenue, while iPad and wearables will experience
declines. The company faces challenges in China due to US tech bans
and local competition.
Alphabet (NASDAQ:GOOGL) – Epic Games Inc. is
challenging Alphabet in an antitrust trial, alleging that the
Google Play Store restricts competition by forcing developers to
install their apps only through the Play Store. Epic is not seeking
financial compensation but rather changes in Google’s practices.
The trial is expected to last several weeks, with a witness list
that includes executives from both companies.
Berkshire Hathaway (NYSE:BRK.B) – Berkshire
Hathaway reported a 40.6% jump in third-quarter operating profits,
totaling $10.761 billion, while amassing a record $157.2 billion in
cash. Warren Buffett invested in Treasury bonds and reduced stock
buybacks.
General Motors (NYSE:GM) – The provisional
agreement between the United Auto Workers and General Motors
includes salary increases of up to 33% for full-time workers,
faster progression opportunities for temporaries, $4 billion in
investments in electric vehicle factories, and improvements in
working conditions. Additionally, General Motors reversed its
decision to lay off 1,245 workers in Brazil after the Labor Court
rejected the company’s request. The union considers this reversal a
“historic victory.”
Tesla (NASDAQ:TSLA) – Tesla plans to produce a
$26,838 car at its Berlin factory, aiming for mass acceptance of
electric vehicles. The production start date has not been
disclosed. Elon Musk aims to make electric vehicles more
affordable. Tesla also announced wage increases for its employees
in Gruenheide, Germany.
Lucid Group (NASDAQ:LCID) – Lucid Group has cut
prices on its luxury sedan lineup, the Air model, due to fierce
competition and a slowdown in electric vehicle demand. High
interest rates have pressured EV demand, leading manufacturers,
including Tesla, to reduce prices. Lucid has reduced prices on
several models, with discounts of up to $10,000. The offer is valid
until November 30.
Polestar (NASDAQ:PSNYW) – Electric vehicle
manufacturer Polestar announced a deal with South Korean company SK
On to supply battery cell modules for its upcoming Polestar 5 EV
model.
Ryanair (NASDAQ:RYAAY) – Ryanair expects to
achieve a record annual profit of €1.85 to €2.05 billion due to
higher summer fares and limited capacity. The company plans to pay
regular dividends for the first time and anticipates strong growth
next year.
Morgan Stanley (NYSE:MS) – According to Michael
Wilson, a strategist at Morgan Stanley, the recent recovery in the
S&P 500 should not be seen as the start of a sustained recovery
but rather as a bear market rally. Concerns about higher interest
rates and weak economic data still persist. Wilson maintains a
bearish view on stocks this year.
UBS (NYSE:UBS) – Bosco Ojeda, former head of
small and mid-cap European stock research at UBS Group AG, is
transitioning to fund management. He has teamed up with Pedro
Yagüez to manage the Columbus European Equities mutual fund in
Madrid, focusing on small and mid-cap companies.
Barclays (NYSE:BCS) – Barclays has revised its
forecast for the Federal Reserve, anticipating a 25 basis point
rate hike in January instead of December. This is based on weak job
data and the Fed’s cautious approach to future projections. The
unemployment rate in October rose to 3.9%, the highest since
January 2022. Barclays economists believe the Fed will keep rates
elevated until September 2024.
KKR and Company (NYSE:KKR), Telecom
Italia (BIT:TIT) – KKR has successfully raised its second
global impact fund, garnering $2.8 billion, more than double its
2020 fund. This fund invests in sustainable initiatives aligned
with the UN Sustainable Development Goals and has already made 18
investments. In other news, Telecom Italia (TIM) approved the sale
of its fixed-line network to KKR for $20 billion. The decision was
contested by Vivendi, TIM’s largest shareholder.
BlackRock (NYSE:BLK) – According to Jean
Boivin, head of the BlackRock Investment Institute, stocks may face
continued pressure due to prospects of higher interest rates and
stagnant economic growth. However, other analysts like Savita
Subramanian of Bank of America (NYSE:BAC) see
upside potential, predicting a 15.5% price return for the S&P
500 over the next 12 months.
Bain Capital (NYSE:BCSF) – Bain Capital is
nearing the acquisition of Guidehouse, valued at $5.3 billion,
according to the Wall Street Journal. An announcement may be made
soon. Guidehouse is a government and business consulting firm that
was acquired by Veritas Capital from PricewaterhouseCoopers’ public
sector business in 2018.
Cinemark Holdings (NYSE:CNK) – Cinemark
reported a net profit of $90.2 million, an increase compared to the
$24.5 million loss from the same period last year. Revenue totaled
$874.8 million, surpassing estimates, driven by increased
admissions and concessions revenue, reflecting a 27.9% rise in
admissions and a 6.9% increase in the average ticket price.
Birkenstock Holding (NYSE:BIRK) – Shares of
Birkenstock Holding rose 1.2% in pre-market trading, reaching
$41.64, after analysts from institutions such as JP Morgan,
Jefferies, Citi, and Stifel initiated coverage of the German
footwear manufacturer with buy recommendations.
Tyson Foods (NYSE:TSN) – Tyson Foods is
conducting a voluntary recall of 30,000 pounds of chicken “Fun
Nuggets” after reports of metal pieces in the product.
Tyson-branded 29-ounce packages are affected. The product was
produced on September 5, 2023. A mild oral injury has been
reported, but no further injuries or illnesses associated with
it.
Unilever (NYSE:UL) – Lindsell Train, one of
Unilever’s major investors, has praised the recent management
changes at the consumer goods company and discussed future steps
with the new CEO, Hein Schumacher. Unilever plans to simplify its
business, focusing on 30 core brands.
Lumen Technologies (NYSE:LUMN) – Lumen
Technologies CEO Kate Johnson purchased 1 million company shares at
an average price of $0.97 per share, totaling $970,000 in spending.
Her acquisition came after a historic drop in Lumen’s stock, which
fell 32.9% to $0.98. Johnson now owns over 5.1 million Lumen
shares. The company has faced challenges and is seeking a
turnaround under her leadership.
Kosmos Energy (NYSE:KOS)
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