| What to watch today: Dow set to rebound after its worst weekly losing streak of the year | | |  | MON, DEC 06, 2021 | | | | AS OF MON, DEC 06, 2021 • 08:56 ET | | Dow Jones Fut | | 34,580.08 | | Current: | 34,796.00 | | Change: | 230.00 | | Impl. Open: | 230.92 | | | S&P 500 Fut | | 4,538.43 | | Current: | 4,555.25 | | Change: | 17.75 | | Impl. Open: | 18.62 | | | NASDAQ 100 Fut | | 15,712.04 | | Current: | 15,698.25 | | Change: | -19.50 | | Impl. Open: | -12.19 | | | Russell 2000 Mini | | 2,159.31 | | Current: | 2,178.00 | | Change: | 18.70 | | Impl. Open: | 17.49 | | Dow futures rebounded Monday following a roller-coaster week driven largely by uncertainty over the Covid omicron variant. The 30-stock average saw its fourth straight weekly loss for the first time since September 2020. Friday's decline after the government's disappointing headline number on November jobs growth capped weekly drops of around 1% for the Dow and S&P 500 and almost 2% for the Nasdaq. The Dow on Friday did trim earlier losses as the internals of the employment were more reassuring. (CNBC)
The Dow, S&P 500 and Nasdaq were, respectively, 5%, nearly 3.7% and 6% away from their latest record high closes achieved last month. The 10-year Treasury yield ticked higher early Monday, but remained below 1.4%. The benchmark yield approached 1.7% last month and in October. It soared over that level back in March. The 10-year started the year under 1%. (CNBC) | | | Bitcoin traded under $49,000 on Monday after a terrible weekend for the world's biggest cryptocurrency. On Friday morning, bitcoin was around $57,000, but then tumbled more than 17% from Friday night into Saturday, hitting a low near $43,000, before stabilizing Sunday. Bitcoin was down about 30% from its all-time high of close to $69,000 in early November. (CNBC)
* Hackers steal $196 million from crypto exchange Bitmart, security firm says (CNBC)
* Bitcoin miners say they're helping to fix Texas' electric grid, Ted Cruz agrees (CNBC) | | | | The Federal Reserve is likely to decide to double the pace of its bond-buying taper at its upcoming December meeting, recent comments from Fed officials suggest. Initial discussions could also begin about when to raise interest rates and by how much next year. Fed Chair Jerome Powell, in testimony last week, supported the idea of a faster taper. (CNBC) | | After lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with its pessimistic comments condemning its stock to a record low just as direct state involvement raises hope of a managed debt restructuring. (Reuters) | | | | Lucid Group (LCID) slumped 14% in Monday's premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp. (Reuters) | | | FedEx (FDX) forecasts Monday will be its busiest day of the 2021 holiday season. The delivery giant estimates that it will drop off an estimated 100 million more packages than it did from Black Friday to Christmas in pre-pandemic 2019 and 10% more than the record 2020 season during Covid. (CNBC)
* Wall Street's top e-commerce picks as FedEx sees boom (CNBC Pro) | | | | Jack in the Box (JACK) is buying Del Taco (TACO), the second-largest Mexican fast-food chain in the U.S., in a deal valued at roughly $575 million. Del Taco surged nearly 65% to $12.36 per share in premarket trading, which would bring its market value from $274 million to $450 million. (CNBC) | | |  | MicroStrategy (MSTR) tumbled 7.9% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet. | | | | Kohl's (KSS) rallied 2.8% in the premarket following news that activist investor Engine Capital is urging Kohl's to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl's stake of approximately 1%. | | | | GCP Applied Technologies (GCP) agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 13.3% in premarket trading. | | | | FactSet Research (FDS) will join the S&P 500 prior to the market opening on Dec. 20, along with Signature Bank (SBNY) and SolarEdge Technologies (SEDG). They'll replace Leggett & Platt (LEG), Hanesbrands (HBI), and Western Union (WU), which will all move to the S&P MidCap 400. | | | | Alibaba (BABA) rose add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer. | | | | Nvidia (NVDA) slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction. | | |
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