Veterans Day Stock and Bond Markets: What’s Open
Veterans Day is not a day off for the US stock markets. The exchanges will proceed as usual.
However, it is a public holiday for the bond market. There will be no trading on US Treasuries.
Futures contracts are trading slightly higher before the opening bell.
The main futures indices suggest a gain of 0.4% at the start of Thursday’s session on Wall Street.
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No economic report is scheduled for release, but traders will digest the earnings results.
Retail names that report include Dillard’s, Coach, Tapestry, Parent of Kate Spade, and Sally Beauty Holdings.
In Europe, the London FTSE gained 0.4%, the German DAX by 0.2% and the CAC of France by 0.3%.
In Asia, Japan’s Nikkei 225 gained 0.6%, Hong Kong’s Hang Seng 1.0%, while China’s Shanghai Composite gained 1.2%.
CONSUMER PRICES INCREASE AT THE HIGHEST IN 31 YEARS
In the United States, prices for beef, electricity and other items paid by consumers in October jumped from last year’s levels at the fastest overall pace since 1990, suggesting that the Federal Reserve will need to raise short-term interest rates faster from their record lows.
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The S&P 500 lost 0.8% to 4,646.71 for its second consecutive decline. He’s just come out of a strong race where he set a record in each of the previous eight days.
The Dow Jones Industrial Average fell 0.7% to 36,079.94. The Nasdaq composite, which has more tech stocks, fell further. It lost 1.7% to 15,662.71.
Driven by the inflation report, investors are now banking on a 66.5% probability that the Fed will hike rates by the end of June. A day earlier, this probability was 50.9%.
A 3.3% drop in the price of US oil also helped push energy stocks to the biggest loss among the 11 sectors that make up the S&P 500.
MUSK SELLS APPROXIMATELY $ 5B IN TESLA SHARES
Tesla regained some of the ground lost the previous two days after its CEO, Elon Musk, announced he would sell 10% of his stake in the company. Shares are up 2% in pre-market. Musk sold about $ 5 billion in Tesla shares this week while exercising stock options. After selling less than 1% of his holdings on Monday, he sold about 2% over the next two days, according to the Wall Street Journal.
DISNEY + SUBSCRIBER GROWTH, COMPANY PROFITS ARE MISSING WALL STREET EXPECTATIONS
Walt Disney shares fell more than 4% in after-hours trading, after the entertainment giant’s streaming service rose at a slower-than-expected pace in a fourth quarter in which the company missed Wall Street projections across the board.
Rivian Automotive, an electric truck maker backed by Amazon and Ford, rose 29.1% on its first day of listing.
DoorDash rose 11.6% after reporting higher than expected revenue for its last quarter and announcing it was purchasing Finnish delivery service Wolt Enterprises, expanding its reach into Europe and other markets.
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In energy trading, benchmark US crude added 49 cents to $ 81.83 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 47 cents to $ 83.11 a barrel.
The Associated Press contributed to this report.