US equity futures point to a higher Monday opening bell for Wall Street; positive sentiment lightening the mood after Black Friday chalked up a $6.22 billion sales record.
This follows suit to last week’s trading session where the stock market recorded its worst Thanksgiving week performance since 2011 – Shares of the collective “FAANG” group; Facebook (FB: -2.29%), Amazon (AMZN: -0.9%), Apple (-2.5%), Netflix (-1.26%) and Alphabet (-1.28%) all fell on Friday, while oil dipped further into bear market territory.
The benchmark S&P 500 finished -0.67% lower by the 1pm closing bell, Energy (-3.14%) being the worst sector performer; the S&P now remains positioned down -10.2% from its record high on September 20, marking the indices’ third technical correction for the year.
The Dow Jones Industrial Average, fell -0.75%, now down -9.5% from its October peak, while the Nasdaq Composite ended -0.7% lower, -14.4% below its August record close.
Investors will likely keep attuned to this week’s political news with the G-20 summit and Brexit dominating headlines. The world’s most powerful political leaders, President Donald Trump and Chinese President Xi Jinping, are set to meet each other on November 30 during a time of intense trade tensions between the two countries. While the UK has gained the backing of the European Union on its deal to withdraw from the EU.
Monday marks a quiet day for earnings; Buckle (BKE) is one of the few companies set to report its results today, after the closing bell.
In the economic data front; Chicago Federal Reserve data is due for release at 8:30am ET, followed by Dallas Fed manufacturing survey data 10:30am ET.
TODAY’S TOP HEADLINES:
Italy: Italy Studying Lower Deficit Goal After EU Talks. (Bloomberg)
Italian officials are studying scenarios for a lower 2019 budget deficit target after weeks of pressure from the European Union. Italian assets jumped.
Brexit: UK, EU Approve Hard-Fought Brexit Divorce Deal. Now the Harder Work Begins. (The WSJ)
European Union leaders approved on Sunday a treaty outlining divorce terms with the UK, a milestone in Britain’s bid to extract itself from the bloc that now leaves Prime Minister Theresa May with a tough task selling the deal to skeptical lawmakers in Parliament.
Cryptocurrency: Bitcoin extends losses, slides under $3500 to lowest since September 2017. (CNBC)
The world’s largest cryptocurrency is now down more than -35% over seven days, hitting a new low for the year at $3,447.58 on Sunday.
Space: NASA spacecraft due to land on Mars. (USA Today)
The InSight launched in May is the first spacecraft to make a Mars landing since the Curiosity rover in 2012. You can watch its descent and arrival on NASA’s website between 2pm ET and 3:30pm ET.
Today’s Economical Announcements
08:30AM – Chicago Fed National Activity (Oct) (Previous: 0.17)
10:30AM – Dallas Fed Mfg Business Index (Nov) (Previous: 29.4)
STOCKS IN THE SPOTLIGHT:
Pre-Market Movers & News Related Stocks.
Amazon.com (AMZN), Walmart (WMT), Macy’s (M), Target (TGT): [NEWS] Retailers are on watch as shopping results from the holiday weekend, including Black Friday, roll in.
Nvidia (NVDA): [RATING] Credit Suisse began coverage of the graphics chip maker with an “outperform” rating, saying the recent slump in the stock provides an attractive entry point even with earnings coming in at its worst-case scenario.
Intuit (INTU): [UPGRADE] Intuit was upgraded to “outperform” from “sector perform” at RBC Capital Markets.
Cleveland-Cliffs (CLF): [NEWS] Announced a new $200 million stock buyback program.
Campbell Soup (CPB): [NEWS] Campbell is near a deal with activist investor Third Point. The proposed deal would add two Third Point nominees to the board of directors, although the source said a deal has not been finalized and may not be consummated.
PayPal (PYPL): [NEWS] PayPal’s Venmo unit was hit by a wave of payment fraud earlier this year, according to the Wall Street Journal.
Tesla (TSLA): [NEWS] CEO Elon Musk told Axios that the automaker was within “single digit weeks” of collapse due to the costs of ramping up Model 3 production earlier this year.
American Eagle (AEO): [UPGRADE] American Eagle was upgraded to “buy” from “hold” at Deutsche Bank.
General Motors (GM): [NEWS] Planning a major announcement today, according to Canadian union officials.
AT&T (T), Comcast (CMCSA), Charter Communications (CHTR) and Dish Network (DISH): [NEWS] These companies are among the cable and satellite providers who will give refunds to those who paid $19.99 to watch Friday’s golf match between Tiger Woods and Phil Mickelson.