Dow jumps 250 points, building on 2023 gains as traders hope the Fed is done hiking:

33 Mins Ago

These are the stocks moving the most midday

Here are some of the companies making the biggest moves during midday trading:

  • Tesla — Tesla shares slipped less than 1% as Wall Street assessed the company’s long-anticipated Cybertruck following a delivery launch event Thursday in Texas.
  • Disney — Disney shares were virtually flat after the entertainment giant reinstated its dividend at 30 cents per share amid a renewed proxy battle with Nelson Peltz and Trian Fund Management.
  • Alibaba — Alibaba shares fell 2% after Morgan Stanley downgraded the China-based e-commerce company to equal weight, citing a slower-than-expected turnaround in its cloud business.

Read the full list of movers here.

— Samantha Subin

An Hour Ago

Tech-focused ETF heads for fifth straight positive week

The TrueShares Technology, AI and Deep Learning ETF (LRNZ) climbed nearly 3% in Friday’s session and was on track for its fifth straight winning week.

Elastic gave the ETF upward momentum on Friday with a rally of more than 30%. UiPath and Samsara were also among the top performers, gaining more than 24% and 14%, respectively.

The stocks were also the three best performers within the index on the week, with Elastic and UiPath both slated to close more than 30% higher.

Elsewhere, a handful of members are on pace to end the week lower. Mobileye led the losers down with a drop of more than 7%. Okta followed, shedding more than 6%.

If the gains hold through Friday’s close, the ETF will end the week about 5% higher. With five winning weeks in a row, it would mark the longest positive streak since a seven-week long one that ended in June.

See Chart…

The TrueShares Technology, AI and Deep Learning ETF this week

An Hour Ago

Powell says rate cut talks are ‘premature’ and more hikes could come

Federal Reserve Chairman Jerome Powell described discussion of cutting interest rates as “premature,” saying more hikes could be on the horizon.

“It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease,” Powell said in prepared remarks for an audience at Spelman College in Atlanta. “We are prepared to tighten policy further if it becomes appropriate to do so.”

His remarks come ahead of the central bank’s next meeting on Dec. 12-13. The Fed has kept rates level at its last two meetings.

“The strong actions we have taken have moved our policy rate well into restrictive territory, meaning that tight monetary policy is putting downward pressure on economic activity and inflation,” Powell said. “Monetary policy is thought to affect economic conditions with a lag, and the full effects of our tightening have likely not yet been felt.”

— Alex Harring, Jeff Cox

2 Hours Ago

How to watch Powell’s remarks in Atlanta

Federal Reserve Chairman Jerome Powell is about to begin speaking at Spelman College in Atlanta. He will participate in a fireside chat after his speech.

Investors will keep an eye out for any insights into the health of the economy and state of inflation, as well as for any clues into the future of monetary policy.

His remarks, which are slated to begin around 11 a.m. ET, can be watched here.

— Alex Harring

2 Hours Ago

Morgan Stanley’s Wilson sounds alarm on earnings headwinds

Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, cautioned that the near-term backdrop for earnings remains tough.

“The combination of weaker earnings revisions breadth, cautious corporate commentary, weaker leading survey data, and a decelerating fiscal impulse suggest that earnings headwinds will likely persist into early next year before a durable recovery takes hold,” Wilson said in a note to clients.

Wilson has been one of the biggest bears on Wall Street with the lowest S&P 500 year-end target of 3,900 among top strategists, according to CNBC Market Strategist Survey.

— Yun Li

3 Hours Ago

Stocks open slightly lower

Here’s how the major indexes opened on Friday:

— Pia Singh

4 Hours Ago

The Fed will need the all clear on inflation before cutting rates, one analyst says 

More investors are anticipating a rate cut in the first half of 2024, but one analyst expects the Federal Reserve will need the all clear on inflation before it starts to ease. In fact, Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said the first rate cut will happen in the third quarter. 

“As for the Fed, more speeches will create more concern, but the expectations of a first half cut appear to have taken over the majority opinion,” Silverblatt wrote Thursday. 

“I, however, remain in the minority: the Fed needs the cinders of inflation to be cold and won’t risk even a whiff of inflation, meaning they will hold off until Q3 2024 (with continued strong employment for the half of 2024 not helping the first cut schedule),” he added.

— Sarah Min

4 Hours Ago

These are the stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading.

  • Elastic N.V. — Stock in the search company surged more than 18% following an upgrade to overweight from Wells Fargo. Analyst Andrew Nowinski noted Elastic is in a strong position to take advantage of a generative artificial intelligence opportunity for its search platform which could drive revenue moving forward.
  • Walt Disney — Shares of the conglomerate ticked up 0.35% after the company announced it would reinstate a previous dividend of 30 cents per share, which follows a proxy battle from Nelson Peltz and his firm Trian Fund Management.
  • Alibaba — The Chinese multinational slipped roughly 2% after Morgan Stanley downgraded the stock to equal-weight, with the firm noting concern over a slower-than-expected rebound in Alibaba’s cloud segment.

Read the full list here.

— Brian Evans

4 Hours Ago

Paramount Global stock rises on report of potential streaming bundle with Apple

See Chart…

Paramount Global stock.

The discussions involved bundling Paramount+ with Apple TV+, the report said, and could see the companies ultimately offer the package at a discount which would amount to less than an individual subscription to each service.

The move comes as streaming service providers continually increase prices in order to streamline profitability amid a more competitive landscape.

— Brian Evans

4 Hours Ago

Disney reinstates dividends after three-year pause

Shares of Disney were up nearly 0.4% before the bell on Friday, a day after the entertainment conglomerate announced it would reinstate its stock dividend at 30 cents a share. The company plans to record this dividend on December 11, payable January 10, 2024.

“This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, Chairman of the Board. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.”

The announcement comes after Disney announced in February that it planned to reinstate its dividend by the end of the calendar year. The company had earlier paused its dividend payment in November 2020 due to the onset of the pandemic.

— Lisa Kailai Han

5 Hours Ago

Fed Chair Powell to deliver policy address in Atlanta

Federal Reserve Chairman Jerome Powell speaks Friday in what will be a closely watched speech as markets look for clues about the future of monetary policy.

The U.S. central bank leader will deliver remarks during an event at Spelman College in Atlanta starting at 11 a.m. ET. That will be followed by a fireside chat with a moderator, then a roundtable at 2 p.m. to discuss tech innovation and entrepreneurship with local leaders.

Following a series of economic reports showing that inflation is decelerating, markets expect that the Fed is done raising interest rates and in fact likely will start cutting next year.

—Jeff Cox

6 Hours Ago

Pfizer shares falling after it stops developing experimental weight loss drug

Pfizer shares were falling about 4% in premarket trading after the pharmaceutical maker decided to stop developing a twice-a-day version of its weight loss drug, citing adverse side effects.

“At this time, twice-daily danuglipron formulation will not advance into Phase 3 studies,” Pfizer said.

Pfizer said it would release phase two data on a once-a-day version in the first half of next year and then determine the path forward from there.

Pfizer shares have trailed other drugmakers this year as it falls behind in the weight loss race. Shares of Pfizer were down 40% year-to-date through Thursday’s close. By comparison, shares of Eli Lilly and Novo Nordisk, the two leaders in the burgeoning market, are up by 50% or more each in 2023.

-John Melloy, Annika Kim Constantino

15 Hours Ago

China’s manufacturing activity unexpectedly expands in November: Caixin survey

Workers assemble mini excavators in a factory of heavy machinery in Suzhou in east China’s Jiangsu province on Oct. 23, 2023.

Future Publishing | Future Publishing | Getty Images

China’s manufacturing sector unexpectedly expanded in November, according to a survey by Caixin.

The Caixin purchasing managers’ index climbed to 50.7 last month from 49.5 in October, as a rise in new orders helped lift factory production.

The November PMI recorded the fastest expansion in three months and beat Reuters poll estimates of 49.8.

“Though modest, the rate of new order growth was the best seen since June, with firms often noting that firmer market conditions had helped to lift sales. However, new work from overseas continued to fall slightly, underscoring a relatively challenging external demand environment,” the survey said.

A reading above the 50-point mark signifies growth.

— Shreyashi Sanyal

16 Hours Ago

Japan November factory activity contracts, October unemployment dips

An employee checks gaskets after processing them in an automatic press machine at the Hamamatsu Gasket Co. factory in Hamamatsu, Shizuoka Prefecture, Japan, on Wednesday, Oct. 6, 2021.

Noriko Hayashi | Bloomberg | Getty Images

Japan’s factory activity contracted for a sixth straight month in November amid falling domestic and international demand, according to a private survey.

The final au Jibun Bank Japan manufacturing purchasing managers’ index fell to 48.3 last month from October’s 48.7, but was marginally better than the initial reading of 48.1.

A reading below 50 indicates contraction.

A separate reading showed Japan’s October unemployment rate fell to 2.5% from the prior month’s 2.6%.

The reading was also slightly below Reuters poll forecast of 2.6%.

— Shreyashi Sanyal

16 Hours Ago

South Korea factory activity unchanged, stops contraction for first time since June 2022

South Korea’s factory activity has stopped a 17-month contraction streak in November, according to private surveys by S&P Global.

The country’s manufacturing purchasing managers index came in at exactly 50, representing unchanged operating conditions for the sector.

S&P said that output levels broadly stabilized in November, leading to manufacturers increasing staffing levels and buying activity.

However, it added that “this masked a more subdued outlook for the coming year as firms signalled the weakest degree of optimism for five months amid concern over sustained economic weakness.”

— Lim Hui Jie

18 Hours Ago

Where the major averages stand ahead of December

This is where the major average stand after November’s rally and ahead of the start of the final trading month of 2023.

Dow Jones Industrial Average:

  • Up 1.6% for the week and headed for fifth straight winning week for the first time since November 2021
  • Gained 8.8% in November for its best month since October 2022
  • Up 8.5% for the year
  • Sits 2.7% off of its record high

S&P 500:

  • Up 0.2% for the week
  • Jumped 8.9% for the month to post its best monthly performance since July 2022
  • Up 19% in 2023
  • Sits 5.2% off its record high

Nasdaq Composite:

  • Down 0.2% for the week and set to snap a four-week winning streak
  • Surged 10.7% in November for its best month since July 2022
  • Up 35.9% in 2023
  • Sits 12.3% off its record high

— Samantha Subin, Chris Hayes

18 Hours Ago

Stocks making the biggest moves after the bell: Walt Disney, Ulta Beauty and more

These are some the stocks moving the mot in extended trading:

  • Walt Disney — Shares added about 1% after the entertainment giant reinstated its dividend at 30 cents a share. The move comes amid activist investor Nelson Peltz and his firm’s proxy fight.
  • Ulta Beauty — Ulta Beauty shares surged more than 11% on strong third-quarter results. The company also updated the low end of its full-year guidance.
  • Samsara — The Internet of Things company jumped 15% in extended trading after posting a top-and-bottom line earnings beat and sharing upbeat guidance.

Read the full list of stocks moving after the bell here.

— Samantha Subin

18 Hours Ago

Stock futures open slightly lower

Stock futures opened slightly lower in overnight trading Thursday after the major averages capped off a strong November.

Futures tied to the Dow Jones Industrial Average dipped 25 points, or 0.07%, while S&P 500 futures and Nasdaq-100 futures slipped 0.1% and 0.2%, respectively.

— Samantha Subin

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