Friday, December 1, 2023
HomeTrading RoomBefore Tuesday's Stock Market Begins, Here are Five Things to Know

Before Tuesday’s Stock Market Begins, Here are Five Things to Know

To begin their trading day, investors should be aware of the following key news items:

1. Booming markets

After such a successful month thus far, stocks are still rising sharply. While the Nasdaq and the S&P 500 have been rising for five days, the Dow finished Monday’s trading session around 200 points higher. Treasury yields have somewhat decreased in anticipation of the Federal Reserve tapering down on its rate-hiking campaign to combat inflation.

2. The query about OpenAI

Satya Nadella, the CEO of Microsoft, is calling for reforms at OpenAI, the burgeoning business that threw itself into chaos over the weekend by firing chief executive and co-founder Sam Altman. “I believe it’s quite evident that something has to change around the governance at this point,” Nadella said in an interview with Jon Fortt of CNBC.

3. The final word on retail before Black Friday

Several retailers are scheduled to release their profits on Tuesday, providing investors with a final taste of what to anticipate from their businesses in the holiday quarter leading up to Thanksgiving. They’ve been mediocre thus far. Black Friday, the day after Thanksgiving, isn’t what it used to be because e-commerce is attracting more and more money, and discounts are starting earlier. But the homestretch is just getting started. Best Buy, Lowe’s, Dick’s Sporting Goods, and mall clothing retailers Abercrombie and Fitch will all be speaking with us on Tuesday morning. Following the closing bell, Nordstrom will report.

5. Being in a gas

It looks like Thanksgiving petrol prices will be the lowest since 2020, when travel was hampered by Covid restrictions. By now, the average drop in petrol prices has lasted more than two months. On Monday, the average price of a gallon was $3.31, which is 25 cents less than it was one month ago. In eleven states in the South and the Midwest, it is less than $3, according to AAA. But the dips might not last long. Crude oil prices would rise if OPEC decided to reduce production during its meeting the following week.

5. The spotlight is on Nvidia

Tuesdays are about more than simply store sales. One of the stars of the AI boom, Nvidia, is scheduled to release a report following the bell. Wall Street is also gushy. The stock, which has risen 245% this year and set the S&P 500 pace and then some, closed at an all-time high on Monday ahead of the quarterly report. Analysts predict a 170% increase in sales for the corporation. Investors are interested in learning what Nvidia management, who removed Sam Altman, think about the consequences from OpenAI, despite the numbers.

Source (CNBC)

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