Early Look
Monday, November 4, 2024
|
Futures |
Up/Down |
% |
Last |
|
Dow |
43.00 |
0.10% |
42,252 |
|
S&P 500 |
12.25 |
0.22% |
5,770 |
|
Nasdaq |
36.50 |
0.18% |
20,189 |
U.S. futures are bid slightly higher after ending last week lower, with the S&P 500 falling -1.38%, the Nasdaq declined -1.51%, and the Dow fell 0.16% after sharp declines last Thursday pushed major averages lower for the week and month. Earnings season roughly 70% complete with over 350 S&P companies having reported already, but this week very busy as well; but the two big catalysts this week are tomorrow’s Presidential election and Thursday’s FOMC policy meeting where a 25-bps rate cut is widely anticipated. In stock news, Nvidia (NVDA) and Sherwin Williams (SHW) shares both rose after being added to the Dow Jones Industrial Average (replacing INTC and DOW). Oil prices are higher by over 3% after OPEC+ agreed on Sunday to delay a planned December oil output increase by one month. Nuclear power plant stocks (CEG, TLN, VST) are trading lower after Federal Energy Regulatory Commission (FERC) rejected an amended interconnection agreement for an Amazon data center connected directly to a nuclear power plant in Pennsylvania. Ahead of Obesity Week conference, shares of VKTX jump pre mkt on released trial data. Treasury bonds are rallying (yields falling) and the dollar is weakening ahead of tomorrow’s Presidential election. In Asian markets, The Nikkei Index was closed for holiday, the Shanghai Index rose 38 points to 3,310, and the Hang Seng Index gains 61 points to 20,567. In Europe, the German DAX is flattish at 19,252, while the FTSE 100 is up 57 points to 8,234.
Market Closing Prices Yesterday
- The S&P 500 Index climbed 23.35 points, or 0.41%, to 5,728.80.
- The Dow Jones Industrial Average rose 288.73 points, or 0.69%, to 42,052.19.
- The Nasdaq Composite jumped 144.77 points, or 0.80%, to 18,239.92.
- The Russell 2000 Index advanced 13.48 points, or 0.61% to 2,210.13.
Economic Calendar for Today
- 10:00 AM ET Employment Trends for October
- 10:00 AM ET Factory Orders M/M for September
- 10:00 AM ET Durable Goods Orders M/M for September
Earnings Calendar:
- Earnings Before the Open: ALX AMG BCRX BEN CC CEG CHH CNTY DOCN ENTG FIS FOXA FRPT FTDR IART KNF KOS KRYS L MAR NYT OMI PEG RVTY SLAB SLQT SSP TGI TPG ZTS
- Earnings After the Close: ADUS AIG ALAB ANDE AOSL APLE AQST ATUS AVB AZPN BCC BCOV BFAM BOOM BOWL BRCC BWXT CBT CDNA CE CENX CLF CLW CRBG CRGY CRUS CSTL CVGI CWK DEI DHC EGHT EQH ES EVER FANG FWRD GAIA GKOS GOOD GT GXO HDSN HIMS HOLX HUN OCHR ILMN INSP INTA JELD LSCC MED MQ MTG MYE NVTS O OTTR PARR PLTR PRAA PRPL REAL RHP RRX SANM SEI ST SUPN SWAV TBI TCMD TDC TDUP VMEO VNO VNOM VOYA VRTX WOW WYNN
Other Key Events:
- Obesity Week 11/3-11/6
|
Macro |
Up/Down |
Last |
|
Nymex |
2.23 |
71.72 |
|
Brent |
2.19 |
75.29 |
|
Gold |
-0.70 |
2,748.50 |
|
EUR/USD |
0.0073 |
1.0907 |
|
JPY/USD |
-1.38 |
151.60 |
|
10-Year Note |
-0.078 |
4.285% |
World News
- OPEC+ agreed on Sunday to delay a planned December oil output increase by one month. The eight members of OPEC+, plus Russia and other allies, were due to raise output in December as part of a plan to gradually unwind the group’s most recent layer of output curbs – a cut of 2.2 million barrels per day (bpd). No reason was given for the move, which comes ahead of the U.S. presidential election on Tuesday.
Sector News Breakdown
Consumer
- Burberry (BURBY) shares rise jumped on a report that Moncler could be considering a bid for the U.K. trench coat maker, which is currently pursuing a turnaround. According to a report published in Miss Tweed, an independent Paris-based medium focused on fashion and luxury, the Italian maker of upscale puffer jackets could make an offer for the British group with an eye on creating a specialized outdoor giant – WSJ reported.
Energy
- Talen Energy (TLN) shares slide after the Federal Energy Regulatory Commission (FERC) on Friday rejected an amended interconnection agreement for an Amazon (AMZN) data center connected directly to a nuclear power plant in Pennsylvania; shares of other nuclear-power utilities down in reaction as well (CEG, PEG, VST).
- Toyota Motor Corporation (TM) and Joby Aviation, Inc. (JOBY), a company developing electric air taxis for commercial passenger service, today announced the completion of Joby’s first international exhibition flight which took place at Toyota’s Higashi-Fuji Technical Center in Shizuoka, Japan earlier this week.
- Vistra Corp. (VST) will replace The AES Corp. (AES) in the Dow Jones Utility Average.
- Xcel Energy (XEL) announces $1.2B offering of common stock
Financials
- B. Riley (RILY) plunges over -20% pre mkt after warning of additional impairments from Franchise Group investment; after the bank disclosed it would need to record additional impairments from its investment in Freedom VCM Holdings – the parent company of bankrupt retailer Franchise Group – Reuters.
- CNA Financial (CNA) reports Q3 core EPS $1.08, vs. consensus $1.07; Q3 P&C Core Income $346M, Q3 P&C combined Ratio 97.2%, and Q3 Pretax Catastrophe losses $143M.
Healthcare
- Viking Therapeutics (VKTX) shares up over 20% pre-market after the company presented data on the higher doses of its experimental oral obesity drug VK2735 at a conference, Obesity Week. Patients taking the 100mg dose of the drug showed 8.2% weight loss at 28 days in an early-stage trial.
- Integra LifeSciences (IART) Q3 adjusted EPS $0.41 vs. est. $0.39 and revs $380.8M vs. consensus $375.78M; narrows FY24 adj. EPS view to $2.41-$2.49 from $2.41-$3.57 and narrows FY24 revenue view to $1.609B-$1.619B from $1.609 to $1.629B (vs. consensus $1.61B).
- Integra LifeSciences (IART) announced that its board of directors has appointed Mojdeh Poul as the new president and CEO, effective January 6, 2025.
- Revvity (RVTY) Q3 adjusted EPS $1.28 vs. consensus $1.12; Q3 revs $684M vs. consensus $679.65M; announces $1B share repurchase program.
Industrials and Materials
- Anglo American (NGLOY) has agreed terms for the sale of its 33.3% minority interest in Jellinbah Group Pty Ltd, a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited for cash proceeds of A$1.6B, or approximately $1.1B.
- Chemours (CC) Q3 adjusted EPS $0.40 vs. est. $0.28; Q3 revs $1.50B vs. consensus $1.44B; said in Q4, TSS anticipates a sequential low-teens Net Sales decline driven by refrigerant seasonality, while expecting TSS to maintain overall double-digit year-over-year growth in Opteon Refrigerants. TSS Adjusted EBITDA is expected to decrease in the low-20% range sequentially due to refrigerant seasonality.
- Sherwin-Williams Co. (SHW) is replacing Dow Inc. (DOW) in the Dow Jones Industrial Average prior to the start of trading on Nov. 8, S&P Dow Jones Indices said in a statement late Friday.
Technology, Media & Telecom
- Nvidia Corp. (NVDA) will replace rival Intel Corp. (INTC) in the Dow Jones Industrial Average prior to the start of trading on Nov. 8, S&P Dow Jones Indices said in a statement late Friday.
- Charter (CHTR) was upgraded to Buy at Bank America and raised tgt to $450 from $385.
- Warren Buffett’s Berkshire Hathaway Inc. (BRKA) further reduced its position in Apple Inc. (AAPL) by 25% during the third quarter, the company’s latest quarterly report indicates. The latest position value was about $69.9 billion as of the end of the third quarter or roughly 300M shares, down from a stake of 400M at end of Q2 as per latest 13-F.
Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.