Futures Pointing To Flat Open On Wall Street As Fed Meeting Looms

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Monday, 11 December 2023 08:54:52 [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 roughly flat open on Monday, with stocks likely to show a lack of direction after ending last Friday?s trading at their best closing levels in well over a year. Traders may be reluctant to make significant moves ahead of the Federal Reserve?s monetary policy announcement on Wednesday. With the Fed widely expected to leave interest rates unchanged, traders are likely to focus more closely on the central bank's accompanying statement and projections. Reports on consumer and producer price inflation are also likely to attract attention in the coming days along with reports on retail sales and industrial production. Optimism the Fed could pivot to cutting interest rates as soon as March 2024 has contributed to the recent strength on Wall Street. Stocks fluctuated early in the trading day on Friday but moved mostly higher over the course of the session. The major averages added to the gains posted during Thursday's session, reaching their highest closing levels in well over a year. The major averages reached new highs late in the session but gave back some ground going into the close. The Dow rose 130.49 points or 0.4 percent to 36,247.87, the Nasdaq advanced 63.98 points or 0.5 percent to 14,403.97 and the S&P 500 climbed 18.78 points or 0.4 percent to 4,604.37. For the week, the Dow inched marginally higher, the S&P 500 edged up by 0.2 percent and the Nasdaq increased by 0.7 percent. The early volatility on Wall Street came following the release of a highly anticipated Labor Department report showing stronger than expected job growth in the month of November. The closely watched report said non-farm payroll employment jumped by 199,000 jobs in November after rising by 150,000 jobs in October. Economists had expected employment to climb by 180,000 jobs. The Labor Department also said the unemployment rate dipped to 3.7 percent in November from 3.9 percent in October. The unemployment rate was expected to remain unchanged. The data raised concerns strength in the labor market could lead the Federal Reserve to postpone cutting interest rates, with investors hoping the central bank would pivot to rate cuts as early as March 2024. "Despite the setback, markets are still pricing in a rate cut by May and four in total next year so it isn't that much of a setback," said Craig Erlam OANDA Senior Market Analyst, UK & EMEA. He added, "The jobs report just wasn't ideal and didn't really fit the narrative that had been building in the markets, some would say too much." Meanwhile, buying interest was generated in reaction to a University of Michigan report showing a pullback in consumers' inflation expectations in the month of December. The report said year-ahead inflation expectations plunged to 3.1 percent in December from 4.5 percent in November, falling to their lowest level since March 2021. Long-run inflation expectations also fell to 2.8 percent in December from 3.2 percent in November, matching the second lowest reading seen since July 2021. "For the Fed this is significant because it would be difficult for the Fed to formally complete its rate hike campaign if consumer expectations continued to climb higher, as 'unanchored' expectations would continue to feed inflationary pressures," said Quincy Krosby, Chief Global Strategist for LPL Financial. She added, "Still, a more confident consumer, coupled with a stronger labor market, could thwart the Fed's attempt to dampen consumer demand." Computer hardware stocks turned in a strong performance on the day, resulting in a 1.7 percent advance by the NYSE Arca Computer Hardware Index. Significant strength was also visible among financial stocks, with the NYSE Arca Broker/Dealer Index and the KBW Bank Index climbing by 1.5 percent and 1.4 percent, respectively. A substantial rebound by the price of crude oil also contributed to considerable strength among energy stocks, while gold and airline stocks moved to the downside over the course of the session. --------------------------------------------------------------- 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 Treasury Department is scheduled to announce the results of this month?s auction of $50 billion worth of three-year notes at 11:30 am ET. At 1 pm ET, the Treasury Department is due to announce the results of this month?s auction of $37 billion worth of ten-year notes. --------------------------------------------------------------- [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 Macy?s (M) are moving sharply higher in pre-market trading following reports an investor group consisting of Arkhouse Management and Brigade Capital has offered to acquire the department store chain for $5.8 billion. Health insurer Cigna (CI) is also seeing substantial pre-market strength after reportedly abandoning efforts to acquire rival Humana (HUM) and announcing a $10 billion increase in its share repurchase authorization. Shares of Snap (SNAP) may also move to the upside after Wells Fargo upgraded its rating on the Snapchat parent to Overweight from Equal Weight. --------------------------------------------------------------- [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 have struggled for direction on Monday after briefly hitting their highest level since February 2022 on Friday amid growing bets that central banks have finished raising rates and will start cutting rates early next year. A cautious undertone prevailed as investors looked ahead to a busy week of economic data and central bank decisions for directional cues. While the U.K.?s FTSE 100 Index is down by 0.5 percent, the German DAX Index is up by 0.1 percent and the French CAC 40 Index is up by 0.4 percent. Norway's Schibsted has soared after it entered into a non-binding agreement to sell its news media operations to Tinius Trust. Switzerland's Basilea Pharmaceutica has also surged after its license partner Astellas Pharma US, Inc. received U.S. FDA approval for expanded use of antifungal Cresemba (isavuconazole) in children with invasive aspergillosis and invasive mucormycosis. Germany's MorphoSys AG has also moved sharply higher after announcing positive results from a Phase III myelofibrosis trial. Sandvik AB, a Swedish engineering company, is marginally higher after winning a major order worth around 250 million Swedish kronor from Swedish mining company LKAB to supply automated loaders. Meanwhile, Casino Guichard Perrachon SA has slumped in Paris. The retail company said that Grupo Calleja has issued the first notice of the tender offer to be launched in Colombia to acquire Casino's stake in Almacenes Exito S.A. Renewable energy producer Encavis has also plunged after a downgrade of the stock's rating by Morgan Stanley to ?underweight.? --------------------------------------------------------------- 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]( Asian stocks ended mixed on Monday as investors awaited cues from a slew of central bank meetings and key U.S. economic data due later in the week that could dent market hopes for rate cuts next year. After an upbeat nonfarm payrolls report, investors have already scaled back expectations for a March cut by the Federal Reserve. The Fed meets this week, with analysts expecting no change in rates. The so-called dot plots for rates, Chair Jerome Powell's press conference and Tuesday's CPI report for November could influence interest rate expectations. The European Central Bank, Bank of England, Norges Bank and the Swiss National Bank also have their rate setting meetings this week, with Norway's Norges Bank facing a tough choice on whether or not to go ahead with a final quarter-point rate hike. China's Shanghai Composite Index recovered from an early slide to close higher as hopes persisted for more stimulus to boost growth. The benchmark Shanghai Composite Index climbed 0.7 percent to 2,991.44, while Hong Kong's Hang Seng Index dropped 0.8 percent to 16,201.49. Chinese consumer price inflation fell at the fastest pace in three years in November and factory gate deflation deepened, indicating rising deflationary pressures in the world's second-largest economy. Japanese shares bounced back after falling sharply last week. A weaker yen boosted sentiment after reports indicated that Bank of Japan (BoJ) Governor Kazuo Ueda's comments last week were taken out of context and were not meant to signal anything about the timing of a policy shift. The Nikkei 225 Index jumped 1.5 percent to 32,791.80 after tumbling 3.4 percent last week. The broader Topix Index settled 1.5 percent higher at 2,358.55. Sentiment among large Japanese manufacturers improved at the end of the year, quarterly survey results from the Ministry of Finance showed earlier in the day. The business survey index of large manufacturers rose to 5.7 in the fourth quarter from 5.4 in the preceding period. Seoul stocks eked out modest gains, with the Kospi rising 0.3 percent to 2,525.36 on signs of a resilient U.S. economy. Defense firm IG Nex1 soared nearly 30 percent after reports that it plans to acquire shares in a U.S. robot firm. Australian markets finished marginally higher after a choppy session. Energy stocks rallied as oil extended Friday's rally on reports that the United States would commence refilling its strategic petroleum reserves. Miners underperformed on concerns over Chinese economic recovery. --------------------------------------------------------------- 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 inching up $0.02 to $71.25 a barrel after surging $1.89 to $71.23 a barrel last Friday. Meanwhile, after plunging $31.90 to $2,014.50 an ounce in the previous session, gold futures are slipping $3.40 to $2,011.10 an ounce. On the currency front, the U.S. dollar is trading at 146.30 yen versus the 144.95 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0758 compared to last Friday?s $1.0763. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. 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