Wake Up Wall Street: Strong NFP, but market waits for FOMC


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. 

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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.

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Source: WSJ.com

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