From Nasdaq, Inc.:

Asia-Pacific equity markets closed lower except for India’s SENSEX, which gained 0.69%. European markets had mixed midday trading, while U.S. equity futures point to a positive open. Equities aim to bounce back after recent sell-offs and dashed hopes for a Santa Claus Rally. Analysis shows a potential pushback on 1H 2024 rate cut expectations.

The Caixin China General Service PMI rose to 52.9, beating expectations and marking the 12th consecutive month of growth in service activity. In the Eurozone, the Services PMI increased to 48.8, while the UK Services PMI rose to 53.4. Inflation rate data for Germany is expected to rise to +3.7% YoY from 3.2% in November.

ADP reported faster-than-expected hiring in the private sector, with payrolls rising 164,000 for the month. S&P Global will publish its December U.S. Services PMI, with a forecasted figure of 51.3. The sharp rise in input cost inflation in the UK services sector has led to subdued hiring and higher output charges.

U.S. bankruptcy filings jumped 18% in 2023, reaching 445,186 filings, up from 378,390 in 2022. Energy prices are rising due to disruptions in Libya and tensions in the Middle East. Market sectors such as Energy and Utilities posted gains, whereas Technology and Real Estate saw losses.

Eli Lily shares rose 4.31% following observations that the company’s weight loss drug is gaining market share and has the potential to lead the market. Dow, S&P 500, Nasdaq Composite, and Russell 2000 were down, while Bitcoin rose 1.97% and Ether fell 3.71%.

Conagra, Lamb Weston, RPM Inc., and other companies are expected to release quarterly earnings before trading begins. Cal-Maine Foods’ shares fell after missing expectations and experiencing an HPAI outbreak, while Microsoft announced a major change to its PC keyboard.

FuboTV is trading higher following a new multi-year distribution agreement with Nexstar Media, and Microchip Technology received a $162 million grant from the Biden administration to support domestic semiconductor production.

No companies are expected to report their quarterly results after equities stop trading today. Upcoming reports and events include Eurozone Inflation Rate, U.S. Employment Report, ISM Services PMI, and Factory Orders. Nasdaq’s Earnings Calendar provides more details on upcoming quarterly earnings reports.



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