US Stock Futures Climb Ahead of Jobs Data; Nvidia Surges: Market Summary

Crude Oil Prices Decline Amid OPEC+ Delays; Treasury Yields Slip

Stocks on the Rise; Thyssenkrupp and Sage Soar on Strong Earnings

US equity futures saw gains as investors awaited a barrage of US economic data, signaling a pause in trading for the upcoming holidays in both America and Japan.

Futures for the S&P 500 and Nasdaq 100 inched higher, with Wall Street poised for one of its most impressive November rallies in history. Nvidia Corp (NVDA), rebounded in pre-market trading after an initial dip following disappointing results.

Microsoft Corp (MSFT), climbed approximately 0.7% as Sam Altman returned to lead OpenAI after a period of turmoil in the artificial intelligence field. His reinstatement at the helm of the world’s most renowned AI startup marked a victory for its primary supporter, Microsoft, which collaborated with other investors to overturn Altman’s removal. Initially met with tepid investor response, this move followed Microsoft’s latest quarterly report. Investors are closely watching data on US jobless claims, durable goods orders, capital goods orders, and consumer sentiment scheduled for release later on Wednesday to gain insights into the trajectory of monetary policy. Meanwhile, the US dollar hovered near its lowest level in nearly three months, and Treasury yields declined.

Minutes from the Federal Reserve’s recent rate-setting meeting revealed a consensus among policymakers to proceed cautiously with future interest rate adjustments, with further tightening contingent on progress towards their inflation target. Swap contracts linked to Federal Reserve meetings currently imply a roughly 25% probability of a first-rate cut in March, a slight decrease from before the publication of the FOMC minutes.

The Stoxx Europe 600 index advanced, with the technology sector outperforming. Sage Group Plc, (SGE.L) an accounting software maker, surged after beating earnings expectations, while steelmaker Thyssenkrupp AG (TKA.DE), climbed following the release of its fourth-quarter results. However, Kingfisher Plc’s (KFG.L), profit guidance reduction led to a drop in its stock price.

Bitcoin declined after Binance Holdings Ltd. and its Chief Executive Officer Changpeng Zhao pleaded guilty to money laundering and sanctions violations as part of a comprehensive settlement with the US, allowing the cryptocurrency exchange to continue operating.

In the commodity markets, crude oil prices declined as the OPEC+ meeting scheduled for the weekend encountered challenges, with Saudi Arabia expressing dissatisfaction with other members regarding their oil production levels.

Key Market Movements:

Stocks:

• S&P 500 futures rose by 0.2% as of 7:43 a.m. New York time.
• Nasdaq 100 futures increased by 0.4%.
• Futures for the Dow Jones Industrial Average showed little change.
• The Stoxx Europe 600 index rose by 0.3%.
• The MSCI World index remained relatively stable.

Currencies:

• The Bloomberg Dollar Spot Index rose by 0.1%.
• The euro held steady at $1.0907.
• The British pound remained unchanged at $1.2539.
• The Japanese yen dipped 0.2% to 148.71 per dollar.

Cryptocurrencies:

• Bitcoin fell by 0.8% to $36,542.
• Ether rose by 1.5% to $2,015.82.

Bonds:

• The yield on 10-year Treasuries declined by three basis points to 4.37%.
• Germany’s 10-year yield dropped by four basis points to 2.52%.
• Britain’s 10-year yield declined by three basis points to 4.08%.