Search

What to watch today: Wall Street looks lower as tech stocks come under pressure again - CNBC

BY THE NUMBERS

Dow futures fell about 200 points Wednesday as investors get ready for a slew of economic numbers, while grappling with earnings misses that crushed shares of Gap and Nordstrom in the premarket and Covid concerns in Europe, with Germany set to decide on tighter mitigation measures, including a possible full lockdown and a vaccine mandate. (CNBC)

The Nasdaq on Tuesday fell 0.5%, its second straight down day. The Dow's gain of 194 points, or nearly 0.6%, put the 30-stock average on a two-session winning streak. The S&P 500's 0.17% advance snapped a two-day slide. The Nasdaq and the Dow were less than 2% from their record high closes on Nov. 19 and Nov. 8, respectively. The S&P 500 was 0.3% shy of its Nov. 18 record close. (CNBC)

* Cathie Wood says her firm is testing a more aggressive strategy that would be 'ARK on steroids' (CNBC)
* Cathie Wood says her funds should quadruple over the next 5 years (CNBC Pro)
* Cathie Wood explains why she bought a ton more Zoom Video on the dip (CNBC Pro)

The economic calendar is overflowing Wednesday, one day before the market closes for Thanksgiving Day. One hour before the opening bell, the government said initial jobless claims fell to 199,000, the first time below 200,000 during Covid and a number not seen since Nov. 15, 1969, when claims totaled 197,000. A revised third-quarter GDP advance of 2.1% was slightly above the previous reading, but it was slightly below estimates. October durable goods orders fell 0.5%. Economists had expected a 0.3% increase. (CNBC)

At 10 a.m. ET, investors get prints on October personal income and spending as well as the Federal Reserve's favorite inflation indicator: the core personal consumption expenditures price index. October new home sales and final November consumer sentiment numbers are also due. The stock market closes early Friday. "Morning Squawk" returns on Monday.

* Not since post-World War II-era has inflation run through the economy like now (CNBC)

Gap (GPS) shares sank 20% in Wednesday's premarket, while Nordstrom shares plunged 25%, the morning after the two retailers reported earnings that missed expectations. Gap cut its full-year outlook as third-quarter results were hurt by Covid-related factory closures that led to significant product delays. (CNBC)

At Nordstrom (JWN), labor costs ate into quarterly profits and sales and its Nordstrom Rack business struggled to return to pre-pandemic levels. The department store operator reaffirmed its full-year revenue outlook, even as rivals Macy's and Kohl's boosted forecasts. (CNBC)

Tesla (TSLA) dropped roughly 1% in Wednesday's premarket, one day after regulatory filings showed that CEO Elon Musk exercised options to buy 2.15 million shares of the electric vehicle maker and sold 934,091 shares worth just over $1 billion. Since his Twitter poll on Nov. 6, asking whether he should sell stock, Musk has unloaded 9.2 million shares worth $9.9 billion. (Reuters)

IN THE NEWS TODAY

Germany is set to decide Wednesday on tougher Covid restrictions and could even opt for a full lockdown as record daily infections put pressure on hospitals. The country's health minister already issued a dire warning to Germans this week, saying that by the end of winter "pretty much everyone in Germany will be vaccinated, recovered or dead. (CNBC)

* Only 54% of Europe is fully vaccinated, WHO official says (CNBC)
* Hundreds of Google employees sign manifesto against widened vaccine mandate (CNBC)

President Joe Biden will nominate Shalanda Young to be director of the White House Office of Management and Budget, according to media reports. Currently acting OMB director, Young must be confirmed by the Senate for the post. Biden's first pick for the job, Neera Tanden, withdrew from consideration in March. (Reuters)

The House select committee investigating the deadly Capitol invasion issued subpoenas to the Proud Boys and the Oath Keepers, two far-right organizations whose members were involved with the Jan. 6 attack. The House investigation has sought the cooperation of dozens of witnesses and subpoenaed a growing list of Trump's current and former allies and associates. (CNBC)

Apple (AAPL) is suing NSO Group, an Israeli firm that sells software to government agencies and law enforcement that enables them to hack iPhones. Amnesty International said earlier this year it discovered recent-model iPhones belonging to journalists and human rights lawyers that had been infected with NSO malware. (CNBC)

* South Korea's Samsung plans to build a $17 billion chip plant in Texas (CNBC)

JPMorgan Chase (JPM) CEO Jamie Dimon on Wednesday walked back his remarks on China's Communist Party, a day after he joked that his bank would last longer than the party. "I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company," Dimon said. (WSJ)

STOCKS TO WATCH

Deere & Co. (DE) reported quarterly earnings of $4.12 per share, beating the consensus estimate of $3.90, although revenue came in slightly below analyst forecasts. Deere said solid demand for its products helped cushion the impact of a month-long workers strike. Deere rallied 3.7% in the premarket.

VMware (VMW) beat forecasts by 18 cents with adjusted quarterly earnings of $1.72 per share. The software company also gave an upbeat current-quarter forecast amid growing global demand for cloud computing services. Nonetheless, the stock slid 2.6% in premarket action.

HP (HPQ) came in 6 cents above consensus with adjusted quarterly profit of 94 cents per share, with the computer maker also issuing a strong outlook as consumer and business demand for personal computers and printers remains robust. HP jumped 5.6% in premarket trading.

Dell Technologies (DELL) reported adjusted quarterly earnings of $2.37 per share, beating the $2.18 consensus estimate, with Dell seeing strong demand for its personal computers and servers. Dell also issued a stronger than expected current-quarter forecast. Dell added about 2% in the premarket.

Pure Storage (PSTG) surged 11.1% in premarket trading after beat estimates by 10 cents with adjusted quarterly profit of 22 cents per share. The maker of flash-based storage systems also issued a better-than-expected current-quarter revenue outlook.

Booking Holdings (BKNG), the parent of Priceline and other online travel services, is buying Swedish travel agency Etraveli from private equity firm CVC Capital for $1.83 billion.

WATERCOOLER

NASA launched a spacecraft last night on a mission to smash into an asteroid and test whether it would be possible to knock a speeding space rock off course if one were to threaten Earth. The spacecraft lifted off in California atop a SpaceX Falcon 9 rocket, in a $330 million project with echoes of the Bruce Willis movie "Armageddon." (AP)

Adblock test (Why?)



"come" - Google News
November 24, 2021 at 08:55PM
https://ift.tt/3l65WI1

What to watch today: Wall Street looks lower as tech stocks come under pressure again - CNBC
"come" - Google News
https://ift.tt/2S8UtrZ
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini

0 Response to "What to watch today: Wall Street looks lower as tech stocks come under pressure again - CNBC"

Post a Comment


Powered by Blogger.