Futures Pointing To Extended Pullback On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 05 December 2023 08:57:39 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Tuesday, with stocks poised to extend the pullback seen in the previous session. Traders may continue to cash in on recent strength in the markets amid concerns optimism about the outlook for interest rates have led to overbought conditions. While the Federal Reserve is widely expected to leave interest rates unchanged in the coming months, traders may need more evidence to solidify hopes of a rate cut in the near future. The Labor Department?s closely watched monthly jobs report, which is due to be released on Friday, could have a significant impact on the outlook for rates. Economists currently expect employment to increase by 185,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9 percent. Stocks showed a notable move to the downside in early trading on Monday, giving back ground after turning in a strong performance last Friday. The major averages subsequently climbed well off their worst levels but still ended the day in negative territory. The Nasdaq slid 119.54 points or 0.8 percent to 14,185.49 and the S&P 500 fell 24.85 points or 0.5 percent to 4,569.78, while the narrower Dow edged down 41.06 points or 0.1 percent to 36,204.44 after falling more than 200 points early in the session. The early pullback on Wall Street partly reflected profit taking, with some traders looking to cash in on the recent strength in the markets. The Dow and the S&P 500 ended last Friday's trading at their best closing levels since early 2022, while the Nasdaq reached a four-month closing high. Stocks have recently benefited from optimism about the outlook for interest rates, as the Federal Reserve is widely expected to leave rates unchanged until cutting rates as early as March 2024. A rebound by treasury yields may also have contributed to the weakness on Wall Street, as the yield on the benchmark ten-year note bounced off its lowest levels in three months. Selling pressure waned over the course of the session, however, as traders looked ahead to the release of the Labor Department's closely watched monthly jobs report on Friday. Reports on private sector jobs, weekly jobless claims and consumer sentiment may also attract attention in the coming days. The Commerce Department released a report Monday morning showing factory orders pulled back by much more than expected in the month of October. The report said factory orders plunged by 3.6 percent in October after jumping by a downwardly revised 2.3 percent in September. Economists had expected factory orders to tumble by 2.6 percent compared to the 2.8 percent surge originally reported for the previous month. Gold stocks showed a substantial move to the downside on the day, with the NYSE Arca Gold Bugs Index plunging by 2.5 percent after ending last Friday's trading at a four-month closing high. The sell-off by gold stocks came as the price of gold pulled back sharply after reaching a record intraday high earlier in the day. Software, computer hardware and semiconductor stocks also saw considerable weakness, contributing to the pullback by the tech-heavy Nasdaq. Meanwhile, significant strength was visible among airline stocks, as reflected by the 10.8 percent spike by the NYSE Arca Airline Index. The index reached its best closing level in almost four months. Shares of Hawaiian Holdings (HA) skyrocketed after the parent of Hawaiian Airlines agreed to be acquired by Alaska Air Group (ALK) for $18.00 per share in cash. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Institute for Supply Management is scheduled to release its report on service sector activity in the month of November at 10 am ET. The ISM?s services PMI is expected to inch up to 52.0 in November from 51.8 in October, with a reading above 50 indicating growth. Also at 10 am ET, the Labor Department is due to release its report on job openings in the month of October. Job openings are expected to decrease to 9.35 million in October after rising to 9.55 million in September. Federal Reserve Division of Supervision and Regulation Director Michael Gibson is also scheduled to testify before the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion at 10 am ET. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of GitLab (GTLB) are moving sharply higher in pre-market trading after the developer tool software maker reported better than expected fiscal third quarter results and provided upbeat guidance. Branded foods company J.M. Smucker (SJM) is also likely to see initial strength after reporting fiscal second quarter earnings that exceeded analyst estimates. Meanwhile, shares of Nokia (NOK) are seeing notable pre-market weakness after the telecom company lost a $14 billion contract to modernize AT&T (T) wireless network to rival Ericsson (ERIC). Swiss bank UBS (UBS) may also move to the downside after Bank of American downgraded its rating on the company?s stock to Neutral from Buy. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks are turning in a mixed performance on Tuesday, giving up some of the gains recorded in recent sessions, as investors await fresh data for more clues about the outlook for central banks' monetary policy stance. Dovish comments from an ECB official have aided sentiment a bit in some of the markets in the region. While the U.K.?s FTSE 100 Index is down by 0.6 percent, the German DAX Index and the French CAC 40 Index are both down by 0.4 percent. In the UK market, British Land Company is gaining 2.3 percent. Land Securities, Segro, BT, United Utilities, Berkeley Group Holdings, Barratt Developments, DCC and Taylor Wimpey are gaining 1 to 1.5 percent. Ashtead Group is declining 4 percent and Entain is lower by 3.6 percent. Barclays Group, EasyJet, Centrica, Prudential, IAG, Anglo American Plc, Smurfit Kappa Group, Smith & Nephew and HSBC Holdings are lower by 1 to 2 percent. In the German market, Vonovia is climbing 2.65 percent. Siemens Energy is up nearly 2 percent. Siemens and RWE are up 1.3 percent and 1.1 percent, respectively. Daimler Truck Holding and Puma are moderately higher. Fresenius is declining 2.8 percent. Fresenius Medical Care is down 1.8 percent, while Brenntag, Sartorius, Covestro, Infineon Technologies and MTU Aero Engines are lower by 1 to 1.5 percent. In Paris, Unibail Rodamco is rising 2.7 percent. STMicroElectronics is gaining 1.3 percent, while Michelin, Saint Gobain, Vinci, Schneider Electric and Capgemini are up 0.7 to 1.1 percent. Alstom is down 1.4 percent. Renault, Thales, Sanofi, Airbus Group, WorldLine and Stellantis are also weak. In economic news, a report from S&P Global said The HCOB Eurozone Services PMI was revised higher to 48.7 in November 2023 from a preliminary of 48.2, compared to 47.8 in October. The HCOB Eurozone Composite PMI was revised higher to 47.1 in November 2023, up from a preliminary estimate of 47.1 and above October's 35-month low of 46.5. A report from Eurostat showed industrial producer prices in the Euro Area rose by 0.2 percent month-over-month in October 2023, following a 0.5 percent increase in September, matching market expectations. It was the third consecutive month of increases in producer prices. Year-on-year, industrial producer prices dropped by 9.4 percent in October, following a record 12.4 percent decline in September. Meanwhile, the European Central Bank said in a report that median consumer expectations for Euro Area inflation over the next year remained unchanged at 4 percent in October. Data from S&P Global showed the HCOB Germany Services PMI was revised sharply higher to 49.6 in November from a preliminary reading of 48.7, compared to 48.2 in October. The HCOB Germany Composite PMI was revised upward to 47.8 in November, from a preliminary estimate of 47.1. The reading came in at 45.9 in October. Data from statistical office INSEE showed industrial production in France fell 0.3 percent month-on-month in October, falling for a third successive month, following an upwardly revised 0.6 percent slump in September. Year-on-year, industrial production increased 1.9 percent in October after a 0.3 percent drop in September. The HCOB France Services PMI came at 45.4 in November 2023, compared to October's 45.2 and initial estimates of 45.3. The HCOB France Composite PMI was revised marginally up to 44.6 in November 2023, from the flash estimate of 44.5 and matching the reading seen in October. The reading marked a sixth straight month of contraction. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Equity markets in Asia closed on an overwhelmingly negative note on Tuesday, tracking the weak closing on Wall Street on Monday amidst anxiety about how the U.S. labor market update could sway the Fed's interest rate trajectory. China's trade data update due on Wednesday as well as the inflation update due on Friday added to the anxiety. News of Moody's cutting the Chinese sovereign bonds rating also dampened sentiment. China's Shanghai Composite Index tumbled 1. 7 percent to finish trading at 2,972.30. The day's trading ranged between 3,017.01 and 2,972.30. The Shenzhen Component Index also plunged 2.0 percent to close at 9,470.36. The Japanese benchmark Nikkei 225 Index slumped 1.4 percent to end trading at 32,775.82, tracking the negative sentiment on Wall Street. The day's trading range was between 33,089.82 and 32,726.68. A downward revision in Japan's Services PMI readings also impacted sentiment. Cyber Agent was the top gainer with a surge of 2.7 percent. Subaru Corp,. Toppan Printing, Mitsui Engineering and Shipbuilding all gained more than 2 percent. T&D Holdings added 1.93 percent. Advantest Corp. plunged 6.2 percent. Dainippon Screen Manufacturing followed with a loss of 5.3 percent. Tokyo Electron, Yaskawa Electric Corp. and NEC Corp. all slid more than 3 percent. The Hang Seng Index of the Hong Kong Stock Exchange shed 1.9 percent from the previous close to finish trading at 16,327.86. The day's trading range was between a high of 16,606.54 and a low of 16,228.52. Korean Stock Exchange's Kospi Index dropped 0.8 percent to close trading at 2,494.28. The day's trading range was between 2,492.55 and 2,509.74. Australia's S&P/ASX200 Index closed trading at 7,061.60, falling 0.9 percent amidst the Reserve Bank of Australia's widely expected status quo on interest rates. The day's trading range was between 7041.10 and 7,124.70. Evolution Mining, Coronado Global Resources, utilities business Origin Energy and healthcare equipment business Nanosonics all rallied more than 2 percent. Collins Foods gained 1.9 percent. Mining stocks led the decline amid weaker commodity prices. Core Lithium extended losses with a plunge of close to 10 percent. Liontown Resources also dropped 9.2 percent. Pilbara Minerals and Capricorn Metals both slumped more than 8 percent. IGO also extended losses with a decline of close to 7 percent. The NZX 50 Index of the New Zealand Stock Exchange slipped 0.2 percent to close trading at 11,356.99 versus the previous close of 11,367.81. Trading ranged between 11,311.78 and 11,380.88. Vital Healthcare Property Trust rebounded, adding 2.9 percent. Food business Sanford, freight and logistics business Mainfreight and healthcare distribution business EBOS all gained more than 1 percent. Investore Property, a REIT, also added 1.0 percent. Software business Serko tumbled 4.9 percent. Synlait Milk, software business Vista Group International, healthcare business Pacific Edge all fell more than 4 percent. Restaurant Brands New Zealand declined 3.7 percent. Wall Street closed on a negative note on Monday as markets reassessed the monetary policy outlook. Anxiety ahead of monthly labor market update also weighed on sentiment. The Nasdaq Composite slid 0.8 percent to close at 14,185.49 whereas the Dow Jones Industrial Average edged down 0.1 percent to finish trading at 36,204.44. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are falling $0.57 to $72.47 a barrel after slumping $1.03 to $73.04 a barrel on Monday. Meanwhile, after plummeting $47.50 to $2,042.20 an ounce in the previous session, gold futures are inching up $4.10 to $2,046.30 an ounce. On the currency front, the U.S. dollar is trading at 146.91 yen compared to the 147.21 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0822 compared to yesterday?s $1.0836. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49