What’s Moving Markets: Key Updates
- Futures Dip Slightly as December Kicks Off
U.S. stock futures started the month on a lower note. By early morning:- Dow futures dropped 72 points (-0.1%).
- S&P 500 futures declined 8 points (-0.1%).
- Nasdaq 100 futures slipped 21 points (-0.1%).
This follows a strong November where U.S. stocks, buoyed by post-election optimism, reached new record highs, including the Dow and S&P 500 posting their best monthly gains for 2024.
- Focus on U.S. Economic Data and Fed Commentary
Investors await the U.S. jobs report on Friday for insights into economic health ahead of the Federal Reserve’s December meeting. Strong job numbers could influence expectations about future rate cuts.
Monday’s agenda includes ISM manufacturing data and construction spending reports, alongside remarks from Fed officials Christopher Waller and John Williams. - Stellantis CEO Steps Down Abruptly
Stellantis (NYSE: STLA) shares fell 8% following CEO Carlos Tavares’ sudden resignation due to disagreements with the board. The company, facing challenges from slumping North American sales, has issued profit warnings and seen a 40% drop in stock value this year. John Elkann, the board chairman, will temporarily oversee operations. - Canada Pledges Tougher Border Controls
In response to tariff threats from President-elect Trump, Canada promised stricter border measures to address concerns over migration and drug trafficking. Tariff imposition could significantly impact Canada’s economy, given its heavy reliance on U.S. trade. - Oil Prices Rebound Amid Geopolitical Tensions
Oil prices rose by 0.7% early Monday, with WTI at $68.48 per barrel and Brent at $72.41. Gains followed China’s robust factory activity and resumed Middle East tensions. However, last week saw a 3% decline amid easing supply concerns and expectations of an OPEC+ production delay until December 5.
Investors remain cautious as December unfolds, balancing optimism from historical trends with potential volatility from geopolitical and economic uncertainties.
