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U.S. stocks fell on Tuesday, with the Dow experiencing its longest losing streak since February 1978, dropping for the ninth consecutive session. Investors are cautious ahead of the Federal Reserve's policy announcement, anticipating a 25 basis point rate cut, while economic data shows solid consumer spending. The S&P 500 and Nasdaq also declined, though Tesla's stock rose significantly after a price target increase.
Stock futures are mostly flat as investors await key inflation data, with Dow futures up 18 points and S&P 500 and Nasdaq 100 futures each rising 0.1%. Economists expect November's consumer price index to increase by 0.3% from October and 2.7% year-over-year, while core CPI is projected to rise 0.3% monthly and 3.3% annually. Market participants are in a "waiting mode" ahead of the data, with concerns about inflation impacting trading momentum.
Stock futures were little changed as investors awaited a key jobs report, with Dow futures dipping 24 points and S&P 500 and Nasdaq 100 futures down 0.1%. Strong quarterly results from companies like Ulta Beauty and GitLab boosted their shares, while economists expect nonfarm payrolls to rise by 214,000 in November, influencing the Federal Reserve's upcoming rate decision.
Art Cashin, a prominent Wall Street figure and UBS director of floor operations at the NYSE, has passed away at 83. Known for his insightful market commentary on CNBC for over 25 years and his popular newsletter, Cashin was a beloved personality in the financial community, remembered for his humor and expertise. His career spanned more than six decades, beginning in 1959, and he was a fixture at Bobby Van's Steakhouse, where he shared stories and market insights with friends.
Stock futures are little changed as investors prepare for December, following a strong November where the Dow and S&P 500 achieved their best monthly performances of 2024. The Dow gained 7.5% and the S&P 500 rose 5.7%, driven by a postelection rally after Donald Trump's victory. Economic data on manufacturing and construction spending, along with key labor reports, are anticipated this week, alongside speeches from Federal Reserve officials.
Stock futures rose Friday, capping a strong month for equities, with the Dow gaining 1% this week and over 7% in November, its best month since last year. Chip stocks surged following reports of potential new U.S. restrictions on semiconductor sales to China, while gold and silver prices faced significant monthly declines. Trading is expected to be light ahead of the Thanksgiving holiday.
S&P 500 futures fell 0.3% and Nasdaq 100 futures dropped 0.4% after disappointing earnings from Meta and Microsoft, which saw shares decline nearly 3% and 4%, respectively. The market is also awaiting key inflation data, with economists predicting a 0.2% monthly increase in the personal consumption expenditures price index. Major tech earnings from Apple and Amazon are expected on Thursday, alongside the weekly jobless claims report.
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