Stocks are down as investors await US inflation news, but M&A activity and Chinese stocks rise.

From Nasdaq: 2024-12-09 13:59:22

The S&P 500, Dow Jones, and Nasdaq are all down today, with markets waiting on US inflation news. Geopolitical risks in the Middle East are adding pressure as rebels topple Assad’s government in Syria. On a positive note, M&A activity is up, with Omnicron Group acquiring Interpublic Group and Mondelez International eyeing Hershey Co.

Investors are eyeing the US consumer price report for November, expecting a slight increase in CPI. Global markets are boosted by China’s shift to a “moderately loose” monetary policy. Markets predict an 89% chance of a -25 bp rate cut at the upcoming FOMC meeting. Overseas markets are mixed, with Euro Stoxx 50 up and Shanghai Composite down.

Interest rates are down for March 10-year T-notes, with WTI crude oil prices impacting inflation expectations. European bond yields are mixed, with the Eurozone Dec Sentix investor confidence index falling. Swaps predict a -25 bp rate cut by the ECB. Stock movers include Nvidia down, Omicron Group down after acquisition, and Comcast down due to projected subscriber losses.

US-listed Chinese stocks are up following China’s stimulus signals. PDD Holdings leads gainers in the Nasdaq 100, with Alibaba, Baidu, and NetEase also up. VeriSign is up after an upgrade, while Super Micro Computer gets an extension to file financial reports. Newell Brands and Macy’s are up on upgrades and activist investor news. Earnings reports for 12/9/2024 include Casey’s General Stores, MongoDB, Oracle, Toll Brothers, and Vail Resorts.



Read more at Nasdaq: Stocks Weaken Ahead of US Nov CPI Report