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Pre-Market Futures Taking a Breather on Cyber Monday
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So today is Cyber Monday — the first weekday after Black Friday, which follows Thanksgiving Thursday and marks the unofficial start of holiday shopping season. But in reality, these lines are blurred these days, with e-commerce playing an ever more significant part in even big-box retailers’ revenues throughout the shopping cycle.
That said, Shopify ((SHOP - Free Report) is up another +4% this morning, as compared to +1% from Amazon ((AMZN - Free Report) so far in today’s pre-market. This is impressive, considering Shopify has already risen a heroic +97% year to date. And the company is helping the Nasdaq lead the way of major indices this morning, down just -7 points at this hour, better than the Dow’s -50.
Pre-market futures are taking a breather at the moment, or so it would seem; this November has thus far been extraordinarily good, coming as it has off late October lows. The Nasdaq leads the way, of course: +10.9% from the start of the month, followed by +8.7% on the S&P 500 and +7.1% for the Dow. It’s shaping up to be the best month of trading for the Dow since October 2022; for the Nasdaq and S&P, it’s their best month since July ’22.
Markets have been benefiting from plenty of good relative data: a better-than-expected Q3 earnings season, shrinking inflation without clear signs of a pending recession, low oil prices and falling bond yields. We still see plenty of risks, especially on the overall global markets, but according to a plurality of prognosticators we were supposed to have been wallowing in a recession right now. And, while economic headwinds do face plenty of our top trade partners (China among them), we see things clicking along at a decent pace, despite high interest rates.
The big economic report out this week comes on Thursday morning, when Personal Consumption Expenditures (PCE) for October are released. Currently, analysts are looking for core PCE year over year dropping to around +3.5% from +3.68% reported the previous month. This would make it three months in a row sub-4% on core PCE year over year; back in October 2022, we were looking at +5.33% on the core print. We’re still not where the Fed wants us to be, but it looks like we’re getting there.
Today we’ll get a look at New Home Sales after the opening bell is rung. (Pending Home Sales will be out Thursday.) We’ll also see more Fed governors and presidents making public appearances than you can shake a stick at today and throughout the week, as the next Fed meeting comes mid-December. Speeches this week and next will be ahead of the “blackout period” before the final meeting of the year.
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Pre-Market Futures Taking a Breather on Cyber Monday
So today is Cyber Monday — the first weekday after Black Friday, which follows Thanksgiving Thursday and marks the unofficial start of holiday shopping season. But in reality, these lines are blurred these days, with e-commerce playing an ever more significant part in even big-box retailers’ revenues throughout the shopping cycle.
That said, Shopify ((SHOP - Free Report) is up another +4% this morning, as compared to +1% from Amazon ((AMZN - Free Report) so far in today’s pre-market. This is impressive, considering Shopify has already risen a heroic +97% year to date. And the company is helping the Nasdaq lead the way of major indices this morning, down just -7 points at this hour, better than the Dow’s -50.
Pre-market futures are taking a breather at the moment, or so it would seem; this November has thus far been extraordinarily good, coming as it has off late October lows. The Nasdaq leads the way, of course: +10.9% from the start of the month, followed by +8.7% on the S&P 500 and +7.1% for the Dow. It’s shaping up to be the best month of trading for the Dow since October 2022; for the Nasdaq and S&P, it’s their best month since July ’22.
Markets have been benefiting from plenty of good relative data: a better-than-expected Q3 earnings season, shrinking inflation without clear signs of a pending recession, low oil prices and falling bond yields. We still see plenty of risks, especially on the overall global markets, but according to a plurality of prognosticators we were supposed to have been wallowing in a recession right now. And, while economic headwinds do face plenty of our top trade partners (China among them), we see things clicking along at a decent pace, despite high interest rates.
The big economic report out this week comes on Thursday morning, when Personal Consumption Expenditures (PCE) for October are released. Currently, analysts are looking for core PCE year over year dropping to around +3.5% from +3.68% reported the previous month. This would make it three months in a row sub-4% on core PCE year over year; back in October 2022, we were looking at +5.33% on the core print. We’re still not where the Fed wants us to be, but it looks like we’re getting there.
Today we’ll get a look at New Home Sales after the opening bell is rung. (Pending Home Sales will be out Thursday.) We’ll also see more Fed governors and presidents making public appearances than you can shake a stick at today and throughout the week, as the next Fed meeting comes mid-December. Speeches this week and next will be ahead of the “blackout period” before the final meeting of the year.