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Tesla slips after its China-made EV sales drop in Nov
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October JOLTS data due at 10 a.m. ET
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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.