Here is what you need to know on Monday, December 5:
Equity markets remain rangebound on Monday after a similar performance on Friday. The initial sell-off after a strong nonfarm payrolls (NFP) report was reversed, and the market closed with little change. The NASDAQ lost 0.4%, while the Dow and S&P 500 revolved around flat. That trend is continuing with European markets little changed in their session. Asian markets were buoyed by another strong performance from the Hang Seng, but US futures are all currently pointing to a lower open. More indecision could be the theme for the week as we await the FOMC next week. The market had been pricing in a Fed pause, but now after that strong NFP we are back to uncertainty.
The US Dollar initially looked to be underpinned by the recovery in the front end of the yield curve, but that has reversed now with the Dollar Index back to 104.22. Yields are higher again this morning though, so again do not expect much follow-through. Oil is higher as China reopens and the $60 oil price cap by the EU boosts sentiment. Gold is struggling to break $1,800, and Bitcoin is $17,248.
European markets are mixed: the FTSE is up 0.4%, while the Dax and Eurostoxx are both -0.3%.
US futures are lower: Nasdaq, Dow and S&P all -0.5% currently.
Wall Street top news (SPX) (QQQ)
Reuters headlines
Tesla (TSLA) cuts Dec Model Y output at Shanghai plant by more than 20% versus Nov - sources.
Alphabet Inc (GOOG) & Meta Platforms Inc (META) The New Zealand government said it will introduce a law that will require big online digital companies such as Alphabet's Google and Meta to pay New Zealand media companies for the local news content that appears on their feeds.
Amazon.com Inc (AMZN) & Apple Inc (AAPL): The companies are planning to resume advertising on Twitter.
AT&T Inc (T) The company has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing.
Delta Air Lines Inc (DAL) The airline has offered a 34% cumulative pay increase to its pilots over three years in a new contract.
Horizon Therapeutics Plc (HZNP) & Johnson & Johnson (JNJ): The company’s Janssen Global Services unit said on Saturday that it does not intend to make an offer for biotech company Horizon Therapeutics.
Vodafone Group Plc (VOD): Nick Read will step down as head of Vodafone by the end of the year and be replaced on an interim basis by his finance director.
Upgrades and downgrades
Source: WSJ.com
Economic releases
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.