INVESTING.com – U.S. stock futures rose slightly in Friday’s pre-market, but the weekly line is still down, possibly ending a five-week winning streak. During the day, investors must pay close attention to the consumer confidence index released by the University of Michigan to understand the impact of inflation on consumption.
For now, inflation concerns dominate market sentiment, sparking speculation of an early rate hike by the Federal Reserve. The Fed Rate Observer shows that the market now expects the Fed to raise interest rates in June next year with a 68.8% probability, higher than before.
At the same time, investors also need to pay attention to the trend of the U.S. bond market. Currently, the U.S. 2-year Treasury yield is 0.536%, which is more than twice the Fed’s target range of 0% to 0.25%.
The previous trading day, U.S. stocks were mixed, the Dow fell 0.44%, the S&P 500 rose 0.06%, the Nasdaq rose 0.52%.
As of 19:45 GMT (06:45 a.m. EDT), Investing.com U.S. stock quotes show that the S&P 500 futures rose 8.9 points or about 0.19%, at 4,658.20 points; Dow futures rose 98.9 points or about 0.28%, at 36,020.10 points; Nasdaq 100 futures rose 39.2 points or about 0.24%, at 16,071.20 points.
Pre-disc stocks
Johnson & Johnson (NYSE: JNJ) rose 4.32 percent. Johnson & Johnson reportedly plans to split into two public companies, spinning off its consumer division (Home, Bondi, Paracetamol) from its pharmaceuticals and medical devices units.
Apple Inc (NASDAQ:AAPL) rose 0.19% despite Apple foundry Foxconn warning today that the chip shortage will continue into the second half of next year.
General Mills (NYSE:GIS) is up 0.06%. General Mills reportedly intends to sell its canned soup brand Progresso and pasta brand Helper for $3 billion.
Tesla (NASDAQ:TSLA) rose 0.49%. Musk sold 639,737 Tesla shares on Nov. 11 and still needs to sell at least 11.9 million Tesla shares to meet his commitment to sell 10% of his Tesla stock, SEC filings show.
AstraZeneca (NASDAQ:AZN) fell 3.39%. The company reported a net loss of $1.651 billion in the third quarter, a turnaround from a year ago. Total revenue rose 50% year-over-year to $9.866 billion, with New Crown vaccine revenue reaching $1.05 billion. However, remains committed to not making a profit from New Crown Vaccines, and the fourth quarter remained dominated by unprofitable vaccine contracts.
Electric vehicle charging equipment maker Blink Charging Co. (NASDAQ:BLNK) rose 4.56% after total revenue for the third quarter jumped 607% year-over-year to $6.4 million. It signed up or sold 3,016 charging stations during the quarter, up 351% year-over-year.
Coupang (NYSE: CPNG) fell 4.35 percent after the company’s third-quarter revenue missed market expectations and its loss exceeded market expectations.
Lordstown Motors (NASDAQ:RIDE) fell 11.32 percent. The company’s third-quarter net loss widened to $95.8 million, according to its earnings report released after the bell on Thursday. In addition, Royal Bank of Canada lowered its price target on Lordstown Motors to $4 from $5.
Netflix (NASDAQ:NFLX) rose 0.36 percent, Microsoft Corporation (NASDAQ:MSFT) rose 0.35 percent, Amazon.com (NASDAQ:AMZN) rose 0.24 percent, Google parent Alphabet (NASDAQ:GOOG) rose 0.29 percent and Facebook parent Meta Platforms (NASDAQ:FB) rose 0.59%, and Twitter (NYSE:TWTR) rose 0.27%.
Chinese stocks
Daily Fresh (NASDAQ:MF) rose 13.25%. Third-quarter revenue rose 47.2% year-over-year to CNY2.12 billion. Meanwhile, GMV rose 41% year-over-year to RMB2.6 billion; order volume increased 34% year-over-year to 28.7 million units. However, net loss attributable to shareholders was RMB 973.7 million (US$151.1 million), a widening loss compared to RMB 616.2 million in the same period of 2020. Daily Best expects the company’s Q4 net income to grow 35%-40% year-over-year, while the non-GAAP operating loss ratio will narrow by 8-10 percentage points sequentially.
Xiaopeng Auto (NYSE: XPEV) rose 4.58 percent after the company likely unveiled its large and midsize SUV P9 next week. meanwhile, Citi raised its price target on the company from HK$207.5 to HK$338 with a buy rating. The bank expects the new energy automaker to do well in the race to achieve self-driving technology.
Azera (NYSE:NIO) rose 2.46 percent and Ideal Auto (NASDAQ:LI) rose 2.77 percent. Maverick Electric (NASDAQ:NIU) rose 2.31%.
Alibaba (NYSE:BABA) fell 0.29%. Alibaba reportedly posted record-low sales growth of 8.5% on Double 11 this year, but sales still reached a record high of CNY 540.3 billion.
By comparison, Jingdong (NASDAQ: JD)’s Double Eleven sales rose 28.6% to CNY 349.1 billion. However, Jingdong also fell 0.63% in pre-market.
In addition, Poundland (NASDAQ:PDD), which has yet to release data, fell 0.55% in pre-market.
Bili Beili (NASDAQ:BILI) fell 0.66%, while Akiyoshi (NASDAQ:IQ) rose 0.22% and Tiger (NYSE:HUYA) fell 0.93%.
Futu Securities (NASDAQ:FUTU) rose 0.82%, Tiger Securities (NASDAQ:TIGR) rose 0.42%.
Baidu (NASDAQ: BIDU) fell 0.07%. DIDI (NYSE: DIDI) rose 1.34 percent.
Weibo (NASDAQ:WB) rose 1.80 percent. NetEase (NASDAQ:NTES) rose 0.36 percent.
Featured Commentary
With shares plunging 7% overnight to yearly lows, is it a good time to bottom out on Disney?
Disney’s theme park business is recovering much more slowly than expected. The Disney + subscription growth curve is also moving up more slowly than the market expected. According to Bloomberg analyst Geetha Ranganathan, the key to the future of Disney shares is whether the company can continue to drive subscriber growth without sacrificing profitability.
Will Nvidia, which started the meta-universe, be the next member of the trillion dollar club?
Nvidia’s recent surge owes a lot to the explosion of the meta-universe. Wells Fargo even claims that the future meta-universe will provide Nvidia with $10 billion in value-added market share due to the fact that Nvidia will be the hardware portal to the meta-universe. Wells Fargo also raised its price target for Nvidia by about 30% to $320 from a $245 price target.
Other Markets
As of 19:51 GMT (06:51 a.m. EDT), most European stock markets were at record highs, according to Invesco Investing.com’s European stock quotes. Germany’s DAX rose 0.23% to a record high; France’s CAC 40 rose 0.41% to a record high; London’s FTSE 100 fell 0.34% and the pan-European Stoxx 50 rose 0.16% to a record high.
The dollar index futures, which measure the dollar’s movement against a basket of six major currencies, rose 0.01% to 95.180.
Comex gold futures on the New York Mercantile Exchange were down $13.80, or about 0.74%, at $1,850.10 an ounce.
Brent crude oil in London was down $1.20 or about 1.45 percent at $81.67 per barrel. U.S. WTI crude oil futures prices were down $1.39 or about 1.7 percent at $80.20 per barrel.
