Market Resilience: S&P 500 Futures Show Minor Change Despite Recent Downturn
S&P 500 futures exhibited marginal movement on Friday, holding steady after the broader market experienced an eight-day winning streak. While S&P 500 futures saw a modest uptick of 0.09%, Nasdaq 100 single stock futures dipped by nearly 0.07%, and Dow Jones Industrial Average futures options edged up by 0.17%.
Post-market activities witnessed a substantial impact on certain stocks. Trade Desk faced a downturn of nearly 30% following weak revenue guidance for Q4, while Plug Power saw a 25% decline due to a larger-than-expected Q3 loss and a revenue miss.
Fed Chair’s Impact: Market Reaction to Powell’s Caution on Inflation
The market faced a sell-off after Federal Reserve Chair Jerome Powell expressed uncertainty about the effectiveness of current measures against inflation. Bond yields surged in response to Powell’s comments, indicating the bond market’s role in predicting rate movements.
As the week concludes, attention turns to November’s preliminary consumer sentiment data for insights into consumer health. Central bank officials, including San Francisco Fed President Mary Daly and Atlanta Fed President Raphael Bostic, are scheduled to make remarks, influencing market sentiment.
Wynn Macau FTSE Futures Plummet Amidst Labor Disputes
Hong Kong Slide: Wynn Macau’s Shares Drop 9.33% to Near-Yearly Lows
Wynn Macau’s Hong Kong-listed shares experienced a significant decline of 9.33%, reaching their lowest point in almost a year. The dip followed the company’s announcement of a smaller quarterly net loss compared to the previous year.
Wynn Macau’s parent company, Wynn Resorts, faces the threat of a strike in Las Vegas if an agreement with workers is not reached before the union’s Friday deadline. Up to 5,000 workers could potentially walk out, affecting operations.
Industry-Wide Impact: Other Casino Stocks Respond to Wynn’s Challenges
Shares of other casinos operating in both Macao and Las Vegas experienced declines in Hong Kong trading. MGM China fell by 1.73%, Sands China by 3.29%, and the broader Hang Seng index dropped by 1.62%.
Market Recap: Stock Decline Ends S&P 500’s Prolonged Winning Streak
Yield-Driven Sell-Off: Bond Yields Rally, Prompting Hot Futures Downturn
The S&P 500’s impressive eight-day winning streak came to an end as stocks faced a sell-off triggered by a surge in bond yields. The S&P 500 dropped by 0.8%, the Dow Jones slipped by 0.6%, and the Nasdaq Composite fell by approximately 0.9%.
Federal Reserve Chair Jerome Powell’s comments expressing uncertainty about the effectiveness of current inflation-fighting measures had a notable impact. The 10-year Treasury yield rose by about 10 basis points to 4.63%, influencing the broader market.
Earnings and Economic Data: Disney’s Positive Results Amidst Weekend Futures
As earnings season winds down, Disney’s shares rose after beating estimates. Meanwhile, Arm faced a decline in shares following its first post-IPO results, and SoftBank posted a $6.2 billion quarterly loss.
Oil prices rebounded slightly after reaching a three-month low due to concerns about global consumption. West Texas Intermediate crude single stock futures and Brent crude futures added about 0.3%, trading at around $75 and almost $80 a barrel, respectively.