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U.S. index futures are slightly up in Wednesday’s pre-market, with investors awaiting new employment data, and the Dow and S&P 500 recovering part of the drop from the last two days.

At 5:53 AM, Dow Jones futures (DOWI:DJI) rose 47 points, or 0.13%. S&P 500 futures rose 0.26% and Nasdaq-100 futures increased by 0.37%. The 10-year Treasury bond yield was at 4.197%.

In the commodities market, West Texas Intermediate crude oil for January fell 0.68% to $71.83 per barrel. Brent crude for February dropped 0.60%, close to $76.76 per barrel. Iron ore with a 62% concentration traded on the Dalian exchange rose 2.76% to $131.08 per ton.

On this Wednesday’s economic agenda, investors are following the November private sector employment report at 08:15 AM. At 08:30 AM, the October trade balance and third quarter labor costs will be released. At 10:30 AM, oil inventory data will be announced.

European markets opened higher, recovering from mixed negotiations. There are expectations of cuts in European Central Bank rates next year. In Asia, most markets closed higher. In Shanghai, there were minor losses after Moody’s downgraded China’s outlook. In Tokyo, the market advanced 2% with bargain hunting. Hong Kong rose, driven by stock buyback plans, like Swire Pacific’s, which appreciated 17%.

U.S. stocks did not show a clear direction on Tuesday and closed with mixed results: the Dow Jones fell 0.22%, the S&P 500 retreated 0.06%, and the Nasdaq rose 0.31%. Initial volatility reflected concerns about excessive optimism regarding interest rates, while a report from the Department of Labor highlighted an unexpectedly sharp drop in job openings in October. These events impacted sectors like oil and gold, but the software and retail market showed some strength.

In Tuesday’s corporate earnings front, investors will be watching before the market opens for reports from Ollie’s (NASDAQ:OLLI), Lovesac (NASDAQ:LOVE), Campbell’s Soup Company (NYSE:CPB), Vera Bradley (NASDAQ:VRA), and more. After the close, reports from C3.AI (NYSE:AI), GameStop (NYSE:GME), Chewy (NYSE:CHWY), ChargePoint (NYSE:CHPT), Oxford (NYSE:OXM), Sprinklr (NYSE:CXM), among others, are awaited.

Apple (NASDAQ:AAPL) – Apple reached a market capitalization of $3 trillion for the first time in four months, with its shares closing up 2.1% on Tuesday. While it performed well in 2023, its growth has not been as notable as other major tech companies. In addition, Apple has requested an exemption or delay in implementing the EU’s universal charging port rule from India, arguing it would affect its local production targets. India plans to implement this rule by June 2025. On Wednesday, Apple informed component suppliers of its intention to procure batteries for the upcoming iPhone 16 from production facilities in India, according to the Financial Times.

Amazon (NASDAQ:AMZN) – Amazon’s streaming unit, Twitch, will end operations in South Korea in February due to high costs and network fees. CEO Dan Clancy mentioned significant losses and unsustainable operational costs. The debate over network fees pitted global tech giants against local providers. In 2022, Twitch limited video resolution in South Korea and laid off more than 400 employees following unsatisfactory results. Moreover, Amazon is cutting fees for apparel sellers priced below $20, aiming to compete with China’s Shein. The move aims to attract affordable fashion sellers and address new competitors. Amazon must also ensure fair treatment for rival robotic vacuums on its online marketplace to secure approval for the acquisition of iRobot (NASDAQ:IRBT). The European Commission issued a statement of objections due to antitrust concerns.

Microsoft (NASDAQ:MSFT) – Amazon (NASDAQ:AMZN) accused Microsoft of restrictive business practices in the cloud computing market, during a British antitrust investigation. Amazon claims Microsoft’s changes to service terms make it harder for customers to choose other cloud providers. Google (NASDAQ:GOOGL) also expressed similar concerns. Microsoft states that the market remains competitive. In other news, Shanghai authorities expressed their desire for Microsoft to promote artificial intelligence technology to boost business in the region, during a meeting with the company’s president and vice president, Brad Smith. Shanghai is also open to Microsoft’s collaboration in studying governance frameworks and standards related to technology.

Nvidia (NASDAQ:NVDA) – Nvidia is collaborating with the U.S. government to supply new chips to the Chinese market, in compliance with export restrictions. The company holds over 90% of China’s AI chip market, but restrictions may create opportunities for Chinese competitors. Nvidia expects a drop in fourth-quarter sales in China due to the new U.S. rules and is discussing investments in Singapore and collaboration in AI.

Box (NYSE:BOX) – The cloud company’s shares fell 13% in Wednesday’s pre-market after announcing adjusted earnings of 36 cents per share and revenues of $261.5 million in the fiscal third quarter. This fell short of FactSet analysts’ estimates, who expected 38 cents per share and revenue of $262.4 million.

MongoDB (NASDAQ:MDB) – The database company’s shares decreased by 3.6% in Wednesday’s pre-market, despite MongoDB beating analysts’ earnings predictions for the third quarter. MongoDB’s adjusted earnings reached 96 cents per share, surpassing the expectations of 50 cents per share by analysts consulted by LSEG. The company also reported revenue of $433 million, surpassing the expectations of $404 million.

SentinelOne (NYSE:S) – The cybersecurity company SentinelOne exceeded Wall Street’s estimates for the third quarter and raised its annual revenue projections, due to growing demand for security solutions amid inflation and interest rates. The company also launched its Purple AI program and reported an increase in revenue and customer base, boosting its shares by nearly 18% in Wednesday’s pre-market. SentinelOne reported revenue of $164.2 million in the three months ending October 31, a 42% increase from the previous year, beating the estimates of $156.1 million.

C3.ai (NYSE:AI) – Shares of C3.ai rose 170% this year, but doubts emerged about its growth after revising earnings projections. The company plans to invest in its generative AI solutions and does not expect to be profitable in the fourth quarter of 2024. Fiscal second-quarter results will be announced soon, with revenue forecasts between $72.5 million and $76.5 million, and non-GAAP operating loss of $27 million to $40 million.

Asana (NYSE:ASAN) – Shares of the software company fell 13.4% in Wednesday’s pre-market. The movement occurred despite Asana reporting a smaller-than-expected adjusted loss, totaling 4 cents per share in the third quarter, compared to the expectation of an 11-cent per share loss by analysts consulted by LSEG. The company’s revenue reached $167 million, surpassing the estimate of $164 million.

Bill Holdings (NYSE:BILL) – Bill Holdings, a financial software company, plans to lay off 15% of its workforce and close its office in Sydney, Australia, as part of an initiative to resize the organization. CEO René Lacerte announced the measures in a letter to employees following disappointing financial results. Bill’s shares plummeted 41% in the past three months and fell about 36% year-to-date.

Exxon Mobil (NYSE:XOM) – Exxon Mobil’s CEO Darren Woods faced challenges in his first five years, but his acquisition of Pioneer Natural Resources (NYSE:PXD) for $60 billion brought redemption. Exxon seeks to balance oil profits with decarbonization services. On Tuesday, the U.S. Federal Trade Commission issued a second request for information about the acquisition agreement. Senator Charles Schumer expressed concerns about potential anticompetitive effects on gas prices.

Diageo (NYSE:DEO) – Diageo plans to sell its beer portfolio, except Guinness, to improve margins, according to Reuters. Diageo’s beer brands represent only 14% of sales, while spirits contribute 81%.

Toll Brothers (NYSE:TOL) – The homebuilder reported a beat in fourth-quarter fiscal earnings. Toll Brothers reported earnings of $4.11 per share with revenue of $2.95 billion, surpassing LSEG analysts’ expectations of $3.72 per share and revenue of $2.78 billion.

Dave & Buster’s (NASDAQ:PLAY) – Dave & Buster’s reported revenue of $466.9 million in the third quarter, below the analysts’ estimate of $473 million, according to LSEG. Additionally, the company announced a total stock repurchase program of $100 million, aiming to acquire 2.8 million of its own shares.

CVS Health (NYSE:CVS) – CVS Health plans to simplify drug reimbursement with its CostVantage model to increase transparency. The company anticipates revenues of at least $366 billion in 2024. CVS will also launch the TrueCost program in 2025 to offer more visibility on prescription drug prices and administrative fees, addressing political concerns related to intermediaries in the pharmaceutical industry.

Eli Lilly (NYSE:LLY) – Eli Lilly launched the obesity treatment Zepbound in the U.S., with a monthly cost of $550. The weight loss medication market is expected to grow, with sales projections of $2 billion in 2024. Zepbound achieved an average weight reduction of 20%.

Johnson & Johnson (NYSE:JNJ) – Johnson & Johnson forecasts a revenue growth of 5-6% for 2024 after the spin-off of its consumer health unit. It also projects adjusted operating earnings of $10.55 to $10.75 per share in 2024. The company plans to seek regulatory approvals for new therapies and expand the use of existing treatments through 2030. Johnson & Johnson also reached agreements with law firms related to allegations that its talc products caused cancer, aiming for a consensual pre-defined bankruptcy resolution. Details about the agreements, involving mesothelioma cases, were not disclosed. The company faces over 50,000 lawsuits due to talc.

Neurocrine Biosciences (NASDAQ:NBIX) – Neurocrine Biosciences announced that the biopharmaceutical company received the Food and Drug Administration (FDA)’s breakthrough therapy designation for crinecerfont, a treatment for congenital adrenal hyperplasia, a hormonal disorder. This designation accelerates the development and review of drugs for serious diseases. Shares are stable in Wednesday’s pre-market.

Procter & Gamble (NYSE:PG) – P&G plans to record charges of up to $2.5 billion over two fiscal years due to the write-down of the Gillette business and restructuring in challenging markets, including Argentina and Nigeria. This follows the company recording charges of $1.3 billion in the Gillette business this quarter. P&G expects the Gillette business to grow around 5% and also considers divesting its tissue and home care unit in Argentina and making Nigeria an exclusively import market. The charges will be recognized in fiscal years 2024 and 2025.

Mastercard (NYSE:MA) – Mastercard approved a share buyback program of up to $11 billion and increased its quarterly dividend to 66 cents per share, up from the previous 57 cents. The new program will begin after the completion of the previous $9 billion program. Its competitor Visa also launched a $25 billion share buyback program in October.

JPMorgan Chase (NYSE:JPM), Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) – The CEOs of major U.S. banks are preparing to oppose planned U.S. government regulations that would increase capital requirements, in a Senate hearing. Jamie Dimon, CEO of J.P. Morgan, will argue that the proposed rules would harm the U.S. economy by limiting banks’ ability to mobilize capital. David Solomon, CEO of Goldman Sachs, will warn that the new rules will make credit more expensive and less accessible. James Gorman, CEO of Morgan Stanley, considers the Basel III rules “completely unnecessary”.

JPMorgan Chase (NYSE:JPM) – The integration of First Republic Bank by JPMorgan Chase is progressing well, with 90% of customers retained. Consumer spending is strong, and growth in credit card loans is predicted for the next year. The bank’s net interest income is expected to exceed previous expectations.

Wells Fargo (NYSE:WFC) – Wells Fargo CEO Charlie Scharf plans to set aside between $750 million and nearly $1 billion in severance expenses in the fourth quarter due to declining revenue and the need for internal efficiency. The bank also faces weakness in commercial real estate loans and anticipates losses in this area in the fourth quarter and in 2024.

HSBC (NYSE:HSBC) – HSBC has seen banker departures in Hong Kong due to a lack of business in the region, reflecting a trend of staff reduction due to macroeconomic concerns. Eric Bai, co-head of HSBC’s financial institutions group, resigned to start his own artificial intelligence venture, leaving Alexander Paul as the sole leader of the group.

Barclays (NYSE:BCS) – Citigroup (NYSE:C) and Bank of America (NYSE:BAC) retained shares of Barclays after failing to find enough demand for a 510 million pound stake sold by Qatar Holding. The offering represented 2.3% of Barclays. Qatar became the largest shareholder of Barclays during the 2008 financial crisis.

Nomura Holdings (NYSE:NMR) – Strategists at Nomura Holdings updated their North Asia equity allocation model, driven by the Federal Reserve’s policy shift and optimism about the chip sector and China. The brokerage expects a 10% increase in the MSCI Asia ex-Japan index by the end of 2024 but warns of potential political uncertainties.

General Motors (NYSE:GM) – General Motors is revoking its flexible work policy “Work Appropriately” and requiring employees to return to the office three days a week starting January 2024, with exceptions for those living more than 80 kilometers from the office. The decision follows the trend of companies tightening remote work policies.

Toyota Motor (NYSE:TM) – Toyota Motor will sell its entire stake in Japanese speed reducer manufacturer Harmonic Drive Systems in the open market abroad. This follows the sale of stakes in other affiliates, including KDDI, as Toyota accelerates electrification. The stake sale would be worth about $123 million (18.1 billion yen). Harmonic Drive Systems will buy back up to 700,000 of its own shares to minimize the impact on shareholders.

Ford Motor (NYSE:F) – Ford and Xcel Energy are collaborating to install 30,000 electric vehicle charging points in the U.S. by 2030 as part of Xcel’s Electric Vehicle Supply Infrastructure (EVSI) program. Financial details were not disclosed. The expansion will include states like Michigan, Minnesota, New Mexico, North Dakota, South Dakota, and Texas.

JetBlue Airways (NASDAQ:JBLU), Spirit Airlines (NYSE:SAVE) – A U.S. federal judge is considering blocking the proposed merger between JetBlue Airways and Spirit Airlines. The judge raised concerns about the merger’s impact on competition and suggested that JetBlue might divest more assets to address these concerns. The merger faces opposition from the Department of Justice and several U.S. states. The judge will decide the case after the trial in Boston.

Boeing (NYSE:BA) – In November, Boeing delivered 46 narrow-body 737 jets, including 45 MAX aircraft and 1 P-8 maritime patrol aircraft based on the NG. This brings Boeing’s single-aisle aircraft deliveries to 351 units for the year, nearing its revised target of 375-400 deliveries for 2023. Meanwhile, Airbus plans to announce 64 deliveries in November, falling short of its annual target of 720 deliveries.

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