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
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.