We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
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.
Pre-Markets Trim Monday Rally; Trade Deficit Comes Down
Read MoreHide Full Article
Pre-market futures have cooled again, following a strong-than-expected Monday trading session which blossomed on positive news about A.I., personal computers and health care offerings. The S&P 500 put up its best single trading day since early November, and is within striking distance of fresh all-time highs. That said, the Dow is -195 points at this hour, the S&P is -27 and the Nasdaq has slipped -135 points.
The U.S. Trade Deficit for the month of November came in better than expected: -$63.2 billion versus expectations of -$65 billion and the previous month’s -$64.50 billion. It also marks the first down month in the past three — the lowest print, in fact, since September’s -$61.5 billion. We’re also a long way — thankfully! — from all-time lows struck in April of 2022: -$107.7 billion. Heading back toward zero-balance — where we’d been historically until the early-mid 1980s — will not be easy, but it will quietly bring rewards to the economy over time.
Boeing (BA - Free Report) shares are down another 1.2% so far this morning, after hearings regarding ongoing investigations about two incidents on 737 MAX jets, which not only blew out a window in one and a door in another, but further turned up loosened screws upon spot inspections elsewhere. Sales of the 737 MAX going back a couple years — back when there was some question whether the commercial plane was viable following two crashes overseas — had kept a floor under Boeing shares to some extent; with these new issues, we may see further pressure on the stock, which is still down -35% over the past five years.
Later today, Fed Vice Chair for Supervision Michael Barr speaks, following Fed Governor Michelle Bowman’s address yesterday, where she made some news when she stated that inflation may be expected to come down further without additional rate hikes. This has generally been priced into the market already; in fact, what needs to happen now is market participants reconsider their projections for the number of quarter-point rate cuts currently expected for 2024. New York Fed President John Williams speaks tomorrow, Richmond Fed President Tom Barkin is Thursday and Minneapolis’ Neel Kashkari gives his take on Friday.
Image: Bigstock
Pre-Markets Trim Monday Rally; Trade Deficit Comes Down
Pre-market futures have cooled again, following a strong-than-expected Monday trading session which blossomed on positive news about A.I., personal computers and health care offerings. The S&P 500 put up its best single trading day since early November, and is within striking distance of fresh all-time highs. That said, the Dow is -195 points at this hour, the S&P is -27 and the Nasdaq has slipped -135 points.
The U.S. Trade Deficit for the month of November came in better than expected: -$63.2 billion versus expectations of -$65 billion and the previous month’s -$64.50 billion. It also marks the first down month in the past three — the lowest print, in fact, since September’s -$61.5 billion. We’re also a long way — thankfully! — from all-time lows struck in April of 2022: -$107.7 billion. Heading back toward zero-balance — where we’d been historically until the early-mid 1980s — will not be easy, but it will quietly bring rewards to the economy over time.
Boeing (BA - Free Report) shares are down another 1.2% so far this morning, after hearings regarding ongoing investigations about two incidents on 737 MAX jets, which not only blew out a window in one and a door in another, but further turned up loosened screws upon spot inspections elsewhere. Sales of the 737 MAX going back a couple years — back when there was some question whether the commercial plane was viable following two crashes overseas — had kept a floor under Boeing shares to some extent; with these new issues, we may see further pressure on the stock, which is still down -35% over the past five years.
Later today, Fed Vice Chair for Supervision Michael Barr speaks, following Fed Governor Michelle Bowman’s address yesterday, where she made some news when she stated that inflation may be expected to come down further without additional rate hikes. This has generally been priced into the market already; in fact, what needs to happen now is market participants reconsider their projections for the number of quarter-point rate cuts currently expected for 2024. New York Fed President John Williams speaks tomorrow, Richmond Fed President Tom Barkin is Thursday and Minneapolis’ Neel Kashkari gives his take on Friday.
Questions or comments about this article and/or author? Click here>>