| What to watch today: Wall Street looks lower as tech stocks come under pressure again | | |  | WED, NOV 24, 2021 | | | | AS OF WED, NOV 24, 2021 • 08:53 ET | | Dow Jones Fut | | 35,813.80 | | Current: | 35,581.00 | | Change: | -185.00 | | Impl. Open: | -171.80 | | | S&P 500 Fut | | 4,690.70 | | Current: | 4,664.25 | | Change: | -24.25 | | Impl. Open: | -22.95 | | | NASDAQ 100 Fut | | 16,306.72 | | Current: | 16,193.25 | | Change: | -118.75 | | Impl. Open: | -109.47 | | | Russell 2000 Mini | | 2,327.86 | | Current: | 2,312.70 | | Change: | -16.60 | | Impl. Open: | -16.66 | | 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) | | 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) | | | | 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) |  | 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. | | 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) | | |
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