financetom
Market
financetom
/
Market
/
US STOCKS-Wall St on track for muted open ahead of data, Fed commentary
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US STOCKS-Wall St on track for muted open ahead of data, Fed commentary
Dec 3, 2024 6:23 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Tesla slips after its China-made EV sales drop in Nov

*

October JOLTS data due at 10 a.m. ET

*

Futures: Dow down 0.02%, S&P 500 up 0.04%, Nasdaq down

0.05%

(Updates before market open)

By Shashwat Chauhan and Purvi Agarwal

Dec 3 (Reuters) -

Wall Street was set for a flat open on Tuesday after the S&P

500 and the Nasdaq notched record high levels in the last

session, with focus on a crucial jobs report later this week

along with more data and commentary from Federal Reserve

officials.

October's job openings and labor turnover survey (JOLTS)

report is due at 10:00 a.m. ET, ahead of hotly anticipated

monthly payrolls figures on Friday, a crucial metric in gauging

the Fed's interest rate trajectory.

Traders currently see a more than 72% chance of the Fed

cutting interest rates by 25 basis points when it meets later

this month, as per CME's FedWatch Tool.

A November reading of private payrolls is also due on

Wednesday.

Fed Governor Christopher Waller, whose views are often a

bellwether for U.S. monetary policy, said on Monday that with

inflation still forecast to fall to 2% he is inclined "at

present" to support another interest rate cut later this month.

New York Fed President John Williams said late on Monday

that while it was clear interest rates are likely go down over

time, he could not yet say what the central bank's next move

will be.

"We're hearing from different Fed officials, some saying we

should wait and pause and others saying a quarter point is

certainly doable," said Paul Nolte, senior wealth adviser and

market strategist for Murphy & Sylvest.

"(The Fed's decisions) is still up in the air and the

data over the next 10 days or so will make that decision a

little bit easier for the Fed."

On the docket for Tuesday, comments from Chicago Fed

President Austan Goolsbee and Fed Board Governor Adriana Kugler

would be parsed through.

The Nasdaq and the S&P 500 scored to record

closing highs in the last session, as the tech rally spilled

into December after U.S. equities' stellar November performance.

Former U.S. President Donald Trump recaptured the White

House in last month's election and his Republican Party swept

both houses of Congress, boosting stocks in November.

Analysts have cited Trump's potential plans for tax cuts and

deregulation as a positive for stocks, though tariffs could be a

negative on concerns of fresh inflationary pressures and a

global trade war.

At 8:18 a.m. ET, Dow E-minis were down 10 points,

or 0.02%, S&P 500 E-minis were up 2.25 points, or 0.04%

and Nasdaq 100 E-minis were down 10.5 points, or 0.05%.

Among individual movers, Zscaler ( ZS ) dropped 7.1% in

premarket trading after analysts noted that the cybersecurity

firm's second-quarter revenue forecast failed to impress.

Tesla slipped about 1% after the automaker's sales

of China-made electric vehicles fell 4.3% year-on-year to 78,856

in November, data from the China Passenger Car Association

showed.

U.S. Steel shed 7.3% after Trump reiterated his

opposition to Nippon Steel's ( NISTF ) planned $15 billion the

purchase of the company.

Live Nation fell 2% after the concert promoter

launched an offering of $1 billion in convertible senior notes.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2025 - www.financetom.com All Rights Reserved