Wake Up Wall Street (SPY) (QQQ): Powell to finally kick-start this market
Here is what you need to know on Wednesday, November 30:
The last day of the month often sees some contraflow moves, but more so when it is the end of the quarter. Nonetheless, this month has seen the US Dollar lower and equities higher, so it is worth bearing in mind as we approach the close. All eyes will be on Powell as nothing much is happening beforehand. China continues to open up, but the expected follow-through yesterday did not materialize. Equities were mostly flat apart from tech dropping and energy rising. Today we already have conflicting data from the US. ADP reports weak job growth, while US GDP comes in strong. Really we will just have to wait for Powell. I expect him to be hawkish.
The Dollar Index has dropped to 106.50, while Gold is higher at $1,757 as yields fall. Oil is still recovering to $81, and Bitcoin has risen to $16,800.
European markets are higher, Eurostoxx +0.35, FTSE +0.7%, and Dax +0.1%.
US futures are slightly positive.
Wall Street top news
US GDP is better than expected.
US ADP jobs figures were worse than expected.
Powell will speak at 1830 GMT.
Hormel (HRL) down on earnings. Sales were short of forecasts.
Petco (WOOF) up on earnings beat.
Crowdstrike (CRWD) down on Q4 guidance.
NetApp (NTAP) down on weak forecast.
Workday (WDAY) up on strong outlook and share buyback.
Reuters top headlines
Royal Bank of Canada (RBC): The largest Canadian lender reported a modest drop in fourth-quarter profit, as bigger provisions for potential loan defaults and weaker underwriting activity overshadowed gains from higher interest rates.
Brookfield Asset Management: The Canadian asset manager will buy a 49% stake in the education portfolio of Sweden's SBB, for 9.2 billion Swedish crowns in cash.
Foot Locker Inc (FL): The footwear retailer said on Tuesday finance chief Andrew Page will move out of his role to pursue other opportunities following the company's fourth quarter 2022 earnings.
Horizon (HZNP) with a market capitalization of about $18 billion is in talks with Amgen, Sanofi and Johnson & Johnson unit Janssen Global Services.
Boeing (BA): A key US lawmaker is proposing an extension of a certification deadline for two new versions of Boeing's 737 MAX.
Coterra Energy (CTRA) The US shale producer pleaded no contest for contaminating well water in Dimock, Pennsylvania, and will pay $16.29 million to construct a new means of water supply to its residents, the state attorney general said on Tuesday.
Walt Disney Co (DIS) said it anticipates organizational and operational changes in the company that could result in impairment charges, according to a regulatory filing.
Upgrades and downgrades
Source: WSJ.com
Economic releases
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
