Markets look to open lower today, ahead of comments by Fed Chairman Powell. Recent data showing that inflation continues to cool, along with the job market and dovish commentary from other FOMC members, has boosted investor sentiment. According to CME's FedWatch tool, 43% of investors are expecting a first interest-rate cut next March (up from 24% last week). A majority now expect rates to begin to come down in May. Elsewhere, oil prices are steady following yesterday's additional production cuts by OPEC+ -- which amount to 2.2 million barrels per day (bpd) and includes the current 1.3 million bpd voluntary cuts by Saudi Arabia and Russia. Weaker economic growth is expected in the first part of next year and is expected to continue to pressure oil prices, but these latest cuts have, at this point, stabilized prices for economies that depend on oil sales. ... more
Turning to stocks, Pfizer (PFE) shares are down after the company stopped development of a twice-daily weight loss pill due to adverse side effects. Pfizer is still moving forward with a once-a-day phase 2 trial next year. Alibaba (BABA) shares are lower following a downgrade by Morgan Stanley, citing a slower turnaround and uncertainty related to reorganization plans after the company cancelled plans for its cloud business spin-off. Paramount Global (PARA) shares are up on reports that Apple and Paramount may bundle their streaming services at a discount. Marvell Technology (MRVL) shares are off after the company beat expectations for the past quarter, but offered guidance that fell short of expectations as softness in wireless carrier and enterprise business are expected to continue. Dell Technologies (DELL) shares are down following mixed earnings, with revenue falling short of expectations. Ulta Beauty (ULTA) shares popped on an earnings beat-and-raise, as the company sees healthy customer traffic. The company expects to resort to more promotions this holiday season to drive sales during this holiday season. The Nasdaq is down 0.29%, the S&P is down 0.20%, and the Dow Jones is down 0.04%.
Stocks in Asia are mixed. The Mumbai Sensex is up 0.74%, the Shanghai SE Composite Index is up 0.06%, the Australia ASX All Ordinaries is down 0.17%, the Nikkei 225 is down 0.17%, and the Hang Seng is down 1.25%.
In Europe stocks are up. The DAX is up 0.67%, the FTSE 100 is up 0.58%, the Euro Stoxx 50 is up 0.53%, and the CAC 40 is up 0.23%.
Energy futures are down today. The price for West Texas Intermediate crude oil is down $0.40 at $75.56 per barrel. Brent crude is down $0.49 at $80.37 per barrel. Natural Gas is down $0.03 at $2.78. Precious metals are mixed this morning. Gold is down $0.70 at $2,056.50 per ounce. Platinum is up $0.27 at $929.80, while silver is down $0.13 at $25.53. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the yen, and down against the pound. Bitcoin is down 0.06% to $37,688.89 while Ethereum is up 0.71% to $2,036.80.
Constellation Brands Inc-A (STZ), Freeport-Mcmoran Inc (FCX), and Sempra (SRE) are higher this morning, while Tesla Inc (TSLA), Intel Corp (INTC), and Netflix Inc (NFLX) are lower. Aspen Technology Inc (AZPN), Fortrea Holdings Inc (FTRE), Rio Tinto Plc-Spon Adr (RIO), Norfolk Southern Corp (NSC), and Johnson & Johnson (JNJ) were upgraded this morning, while Alibaba Group Holding-Sp Adr (BABA), and Texas Roadhouse Inc (TXRH) were downgraded.
[Argus Research, various news and data sources]
Turning to stocks, Pfizer (PFE) shares are down after the company stopped development of a twice-daily weight loss pill due to adverse side effects. Pfizer is still moving forward with a once-a-day phase 2 trial next year. Alibaba (BABA) shares are lower following a downgrade by Morgan Stanley, citing a slower turnaround and uncertainty related to reorganization plans after the company cancelled plans for its cloud business spin-off. Paramount Global (PARA) shares are up on reports that Apple and Paramount may bundle their streaming services at a discount. Marvell Technology (MRVL) shares are off after the company beat expectations for the past quarter, but offered guidance that fell short of expectations as softness in wireless carrier and enterprise business are expected to continue. Dell Technologies (DELL) shares are down following mixed earnings, with revenue falling short of expectations. Ulta Beauty (ULTA) shares popped on an earnings beat-and-raise, as the company sees healthy customer traffic. The company expects to resort to more promotions this holiday season to drive sales during this holiday season. The Nasdaq is down 0.29%, the S&P is down 0.20%, and the Dow Jones is down 0.04%.
Stocks in Asia are mixed. The Mumbai Sensex is up 0.74%, the Shanghai SE Composite Index is up 0.06%, the Australia ASX All Ordinaries is down 0.17%, the Nikkei 225 is down 0.17%, and the Hang Seng is down 1.25%.
In Europe stocks are up. The DAX is up 0.67%, the FTSE 100 is up 0.58%, the Euro Stoxx 50 is up 0.53%, and the CAC 40 is up 0.23%.
Energy futures are down today. The price for West Texas Intermediate crude oil is down $0.40 at $75.56 per barrel. Brent crude is down $0.49 at $80.37 per barrel. Natural Gas is down $0.03 at $2.78. Precious metals are mixed this morning. Gold is down $0.70 at $2,056.50 per ounce. Platinum is up $0.27 at $929.80, while silver is down $0.13 at $25.53. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, down against the yen, and down against the pound. Bitcoin is down 0.06% to $37,688.89 while Ethereum is up 0.71% to $2,036.80.
Constellation Brands Inc-A (STZ), Freeport-Mcmoran Inc (FCX), and Sempra (SRE) are higher this morning, while Tesla Inc (TSLA), Intel Corp (INTC), and Netflix Inc (NFLX) are lower. Aspen Technology Inc (AZPN), Fortrea Holdings Inc (FTRE), Rio Tinto Plc-Spon Adr (RIO), Norfolk Southern Corp (NSC), and Johnson & Johnson (JNJ) were upgraded this morning, while Alibaba Group Holding-Sp Adr (BABA), and Texas Roadhouse Inc (TXRH) were downgraded.
[Argus Research, various news and data sources] less