We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
We’re tepidly negative in today’s pre-market, similar in mood to where we closed regular trading yesterday. November has been an excellent month for the stock market, bouncing nicely off cycle lows from late October. But without any major new catalysts — Q3 earnings season is practically over, and big economic prints don’t arrive until PCE and Weekly Jobless Claims Thursday morning — we appear to be stuck in neutral for a second day.
There will be Case-Shiller home price data for September, but we’ll get into that in this space for our afternoon column. There will also be a new Consumer Confidence read for November out after today’s opening bell (which is expected to tick down slightly month over month). So to say we’re devoid of economic reports is an oversimplification, as much as saying earnings season is completely over — it’s not.
After today’s close, we’ll hear from cybersecurity major CrowdStrike ((CRWD - Free Report) and Hewlett Packard Enterprises ((HPE - Free Report) , among others. This morning, we see results from Chinese online retail giant PDD Holdings ((PDD - Free Report) , commonly known as Pinduoduo, and the company — which has a U.S.-based online component Temu — blew away estimates on both top and bottom lines in its Q3 earnings report.
Earnings of $1.56 per American Depositary Share (ADS) for PDD trounced the $1.23 expected (and $1.21 per share reported in the year-ago quarter) on the bottom line, while $9.44 billion (U.S.) in revenues zoomed ahead of the $7.22 billion Zacks consensus, for year-over-year top-line growth of +94%. As a result, shares of the agriculture-situated Chinese e-commerce company have shot up more than +14% in today’s pre-market, adding to the +39% gains PDD has made year to date.
Today also brings us plenty of Fed members opining on interest rates and the state of the U.S. economy. Fed Governors Christopher Wallace, Michelle Bowman and Michael Barr will make appearances today, as will Chicago Fed President Austan Goolsbee. Reflecting on the release of last week’s minutes from the last FOMC meeting and forecasting the next meeting, which begins two weeks from today, will clearly be on the agenda. Next week, Fed members enter a “blackout period” where they are no longer public in their ruminations.
The Dow is currently -5 points at this hour, as is the S&P 500. The tech-heavy Nasdaq, the leader among all indices year to date, is down -20 points at this hour. Bond yields have remained less hot than we saw a few weeks ago: 4.87% on the 2-year and 4.38% on the 10-year. Holiday shopping season set a new record yesterday, with shoppers spending $12.4 billion — not such a recessionary data point.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Wall Street Awaits PCE/Core PCE Data
We’re tepidly negative in today’s pre-market, similar in mood to where we closed regular trading yesterday. November has been an excellent month for the stock market, bouncing nicely off cycle lows from late October. But without any major new catalysts — Q3 earnings season is practically over, and big economic prints don’t arrive until PCE and Weekly Jobless Claims Thursday morning — we appear to be stuck in neutral for a second day.
There will be Case-Shiller home price data for September, but we’ll get into that in this space for our afternoon column. There will also be a new Consumer Confidence read for November out after today’s opening bell (which is expected to tick down slightly month over month). So to say we’re devoid of economic reports is an oversimplification, as much as saying earnings season is completely over — it’s not.
After today’s close, we’ll hear from cybersecurity major CrowdStrike ((CRWD - Free Report) and Hewlett Packard Enterprises ((HPE - Free Report) , among others. This morning, we see results from Chinese online retail giant PDD Holdings ((PDD - Free Report) , commonly known as Pinduoduo, and the company — which has a U.S.-based online component Temu — blew away estimates on both top and bottom lines in its Q3 earnings report.
Earnings of $1.56 per American Depositary Share (ADS) for PDD trounced the $1.23 expected (and $1.21 per share reported in the year-ago quarter) on the bottom line, while $9.44 billion (U.S.) in revenues zoomed ahead of the $7.22 billion Zacks consensus, for year-over-year top-line growth of +94%. As a result, shares of the agriculture-situated Chinese e-commerce company have shot up more than +14% in today’s pre-market, adding to the +39% gains PDD has made year to date.
Today also brings us plenty of Fed members opining on interest rates and the state of the U.S. economy. Fed Governors Christopher Wallace, Michelle Bowman and Michael Barr will make appearances today, as will Chicago Fed President Austan Goolsbee. Reflecting on the release of last week’s minutes from the last FOMC meeting and forecasting the next meeting, which begins two weeks from today, will clearly be on the agenda. Next week, Fed members enter a “blackout period” where they are no longer public in their ruminations.
The Dow is currently -5 points at this hour, as is the S&P 500. The tech-heavy Nasdaq, the leader among all indices year to date, is down -20 points at this hour. Bond yields have remained less hot than we saw a few weeks ago: 4.87% on the 2-year and 4.38% on the 10-year. Holiday shopping season set a new record yesterday, with shoppers spending $12.4 billion — not such a recessionary data point.