ADP National Employment Report for November; Trade for October;
Revised Productivity and Costs for 3Q; EIA Weekly Petroleum Status
Report; Canada Trade for October; Bank of Canada Rate Decision
Today's Top Headlines/Must Reads:
- Nvidia's CEO Still Plans to Sell High-End Chips in China
- SEC Head Warns Against 'AI Washing,' the High-Tech Version of
- Big Bank CEOs Warn Congress About Tougher Regulations
Stock futures rose on Wednesday, a day after equities struggled
even with more relief from bond yields.
There's more jobs data on tap in the form of the ADP
private-sector employment report, though the report is not a
reliable predictor of the jobs data produced from the government
that is due on Friday.
Investors will also be listening to the testimony of top bank
CEOs including JPMorgan Chase's Jamie Dimon, who will be in front
of the Senate Banking Committee.
Bank of America CEO Brian Moynihan, at a Goldman Sachs
conference on Tuesday, gave a warning to the Fed that the central
bank will have to be wary about slowing the economy down too
Apple ended Tuesday with a value of more than $3 trillion for
the first time since August. The stock ticked higher premarket.
British American Tobacco fell 8% after BAT said it expected to
take a $31.5 billion impairment on its U.S. brands due to
lackluster sales. Shares in U.S. rival Altria traded down ahead of
the opening bell.
Nvidia's CEO said it was working with U.S. authorities to create
new products that comply with regulations on exports to China,
Reuters and other media outlets reported. Shares rose slightly.
Plug Power fell 4%. Its shares have been under pressure for
months, along with other clean-energy stocks.
Tuesday's Post-Close Movers
IGM Biosciences said it would cut its workforce by 22% as part
of a broader overhaul. The company is focusing resources on
treatments for colorectal cancer and autoimmune diseases. Shares
MongoDB's revenue rose 30% in the third quarter and beat
analysts' estimates, but slowed from the 40% rate seen in the
second quarter. Shares fell 5.9%.
SentinelOne's revenue surged 42% in the fiscal third quarter as
demand for cybersecurity products stayed strong. The company's
adjusted earnings also topped analysts expectations. Shares rose
The euro weakened and looked vulnerable to further falls against
the dollar due to increasing expectations of interest-rate cuts by
the ECB next year and the U.S.'s growing yield advantage over the
eurozone, Helaba Research said.
The euro has fallen below its 21-day and 200-day moving averages
and is coming very close to support at the 100-day moving average,
which if broken could see the euro drop, it said.
"If prices fall below this level, a significant correction would
have to be considered."
The case for the fixed income asset is the strongest it has been
for years, Invescosaid.
The potential peak in interest rates is "offering the
opportunity to lock in a higher level of income for the years to
come," it added.
Heading into 2024, the market consensus is generally that
interest rates have peaked, "which is exciting news for bond
Oil prices were slightly higher after closing at their lowest
level since July as skepticism around OPEC+ cuts continued to weigh
Saudi Arabia cut its official selling prices for its flagship
Arab Light crude to Asia and other regions despite extending
voluntary output curbs as part of an OPEC+ deal.
In an interview with Bloomberg earlier this week, the Saudi
energy minister said OPEC+ curbs would be delivered in full and
that the group could extend the cuts further into 2024 if needed.
Yet, "the news has had a muted response so far," according to
Metal prices were rising, as a weaker dollar helped support
commodities backed by the greenback.
"The outlook for gold futures in coming months remains largely
contingent on the U.S. dollar," Commonwealth Bank of Australia
"The dollar has weakened since the beginning of November as
markets have looked to price in more Fed Fund rate cuts over 2024.
However, there is likely a limit to dollar weakness being tied to
Fed Fund rate cut expectations next year," CBA added.
TODAY'S TOP HEADLINES
Rio Tinto Plans $6.2 Billion Investment in Guinea Iron Ore
Rio Tinto's single biggest investment over the next few years is
likely to be a huge African iron ore project that could reshape
global supplies of the steelmaking ingredient.
The world's second-largest miner by market value said Wednesday
it expects to contribute roughly $6.2 billion to the initial
development of the Simandou mine, including port and rail
infrastructure needed to export the ore.
Elon Musk's AI Startup Seeks to Raise $1 Billion
Elon Musk's artificial-intelligence company, xAI, is looking to
raise $1 billion, according to a new SEC filing.
Musk launched xAI in July, with the company saying its mission
is "to advance our collective understanding of the universe." Musk
spent months recruiting researchers and has envisioned the new
effort as becoming a rival to OpenAI, whose ChatGPT sparked an AI
frenzy in the tech industry.
New York Could Be the Latest State to Ban Noncompete
ALBANY, N.Y.-A ban on noncompete agreements could soon be coming
to New York-potentially with a carve-out for higher earners.
New York Gov. Kathy Hochul is considering whether to sign or
veto a bill that would prohibit noncompete agreements, which
typically prevent workers from taking a new job or starting a
business for a period after leaving an employer.
Kamala Harris Works to Bridge Democratic Divide Over
WASHINGTON-During more than a dozen phone calls to discuss the
war in Gaza between President Biden and Prime Minister Benjamin
Netanyahu, a U.S. official, who has become increasingly involved in
the administration's handling of the conflict, was listening in:
Vice President Kamala Harris.
In her private talks with top administration officials, Harris
has emerged as one of the top policy makers bridging the divide
within the Democratic Party between a hard core of Israel
supporters and groups that are sharply critical of the Biden
administration's approach to the war in Gaza, according to people
familiar with the discussions.
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TODAY IN CANADA
Evertz Tech 2Q
North West 3Q
Economic Calendar (ET):
0830 Q3 Labour productivity, hourly compensation & unit
0830 Oct International merchandise trade
1000 Bank of Canada interest rate announcement
1000 Nov Ivey Purchasing Managers Index
Stocks to Watch:
D2L 3Q Rev $46.1M; 3Q Loss/Shr 1c
Descartes Systems 3Q Rev $144.7M; 3Q EPS 31c
IGM Financial Net Outflows at C$290M During November; AUM at
C$234.9B as of End-November Vs C$250.3B as of End-October; Had AUM
of C$256.7B at End-November 2022; Assets Declined Due to Closing of
Sale of Investment Planning Counsel
Expected Major Events for Wednesday
02:00/JPN: Nov Imported Vehicle Sales
07:00/GER: Oct Manufacturing orders
07:00/GER: Oct Manufacturing turnover
09:30/UK: 3Q Household Finance Review
09:30/UK: Nov S&P Global / CIPS UK Construction PMI
09:30/UK: Nov Narrow money (Notes & Coin) and reserve
12:00/US: 12/01 MBA Weekly Mortgage Applications Survey
13:15/US: Nov ADP National Employment Report
13:30/CAN: 3Q Labour productivity, hourly compensation &
unit labour cost
13:30/CAN: Oct International merchandise trade
13:30/US: Oct U.S. International Trade in Goods &
13:30/US: 3Q Revised Productivity and Costs
15:00/CAN: Nov Ivey Purchasing Managers Index
15:00/US: 3Q Quarterly Financial Report - Industry
15:00/US: 3Q Quarterly Financial Report - Retail Trade
15:00/CAN: Bank of Canada interest rate announcement
15:30/US: 12/01 EIA Weekly Petroleum Status Report
23:50/JPN: Nov International Reserves / Foreign Currency
23:50/JPN: Nov Provisional Trade Statistics for 1st 20 days of
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Alico Inc (ALCO) is expected to report $-0.34 for 4Q.
Amtech Systems Inc (ASYS) is expected to report $0.06 for
AstroNova Inc (ALOT) is expected to report for 3Q.
Barnes & Noble Education Inc (BNED) is expected to report
$0.44 for 2Q.
Brown-Forman Corp - B Share (BFA,BFB) is expected to report
$0.51 for 2Q.
C3.ai Inc (AI) is expected to report for 2Q.
Campbell Soup (CPB) is expected to report $0.87 for 1Q.
Celularity Inc (CELU) is expected to report for 3Q.
ChargePoint Holdings Inc (CHPT) is expected to report for
Couchbase Inc (BASE) is expected to report for 3Q.
DLH Holdings (DLHC) is expected to report $0.13 for 4Q.
Duckhorn Portfolio Inc (NAPA) is expected to report for 1Q.
Evertz Technologies (ET.T,EVTZF) is expected to report $0.23 for
Farfetch Ltd (FTCH) is expected to report $-0.39 for 3Q.
Fastenal Co (FAST) is expected to report.
Ford Motor Company (F) is expected to report.
GameStop Corp (GME,GMEB) is expected to report $-0.09 for
Greif Inc - A Share (GEF,GEFB) is expected to report $1.22 for
Inspired Entertainment (INSE) is expected to report $-0.12 for
J. W. Mays Inc (MAYS) is expected to report for 1Q.
John Wiley & Sons Inc (WLY) is expected to report $0.34 for
Korn Ferry (KFY) is expected to report $0.92 for 2Q.
Lovesac Co (LOVE) is expected to report $-0.30 for 3Q.
North West Co Inc (NWC.T) is expected to report $0.65 for
Ollie's Bargain Outlet Holdings Inc (OLLI) is expected to report
$0.45 for 3Q.
Oxford Industries (OXM) is expected to report $0.89 for 3Q.
Quantum Corp (QMCO) is expected to report $-0.09 for 2Q.
Scully Royalty Ltd (SRL) is expected to report for Interim.
Semtech Corp (SMTC) is expected to report $-0.68 for 3Q.
Sportsman's Warehouse Holdings Inc (SPWH) is expected to report
$-0.09 for 3Q.
Sprinklr Inc (CXM) is expected to report for 3Q.
TRX Gold Corp (TNX.T,TRX) is expected to report for 4Q.
Thor Industries (THO) is expected to report $0.96 for 1Q.
United Natural Foods Inc (UNFI) is expected to report $-0.50 for
Veeva Systems (VEEV) is expected to report $0.80 for 3Q.
Vera Bradley Inc (VRA) is expected to report $0.14 for 3Q.
Verint (VRNT) is expected to report $0.01 for 3Q.
VersaBank (VBNK.T) is expected to report $0.42 for 4Q.
Vince Holding Corp (VNCE) is expected to report for 3Q.
Yellow Corp (YELLQ) is expected to report for 3Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Albemarle Cut to Underweight From Neutral by Piper Sandler
Apellis Pharmaceuticals Raised to Buy From Neutral by B of A
Ares Commercial Real Est Cut to Market Perform From Market
Outperform by JMP Securities
Crown Castle Raised to Equal-Weight From Underweight by Wells
EastGroup Cut to Neutral From Buy by Mizuho
Equitable Cut to Market Perform From Outperform by Keefe,
Bruyette & Woods
First Industrial Raised to Buy From Neutral by Mizuho
Fund Manager Roundup: Bonds Expected to Shine in 2024, Equities
Global Payments Cut to Market Perform From Outperform by BMO
Integra LifeSciences Raised to Overweight From Equal-Weight by
Livent Cut to Underweight From Neutral by Piper Sandler
PJT Partners Cut to Neutral From Buy by Seaport Global
Prologis Cut to Neutral From Buy by Mizuho
Redwood Trust Raised to Buy From Neutral by BTIG
Science Applications Cut to Neutral From Overweight by JP
Sigma Additive Solutions Cut to Neutral From Buy by HC
Wainwright & Co.
Sonic Foundry Cut to Hold From Buy by Maxim Group
Staar Surgical Cut to Hold From Buy by Needham
Toro Cut to Neutral From Buy by DA Davidson
Travere Therapeutics Raised to Buy From Neutral by Citigroup
United Rentals Cut to Neutral From Buy by UBS
This article is a text version of a Wall Street Journal
newsletter published earlier today.
(END) Dow Jones Newswires
December 06, 2023 06:16 ET (11:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Grafico Indice FTSE 100
Da Gen 2024 a Feb 2024
Grafico Indice FTSE 100
Da Feb 2023 a Feb 2024