5 things you need to know before the market opens on Wednesday, November 24

Read Time:3 Minute, 55 Second


Here are the most important news, trends and analysis investors need to start a trading day:

1. With tech stocks under pressure again, Wall Street looks lower

On Thursday, November 18, 2021, a trader conducts the Sweetgreen Initial Public Offering (IPO) in front of the New York Stock Exchange (NYSE).

Michael Nagel | Bloomberg | Getty Images

Dow futures fell by about 150 points on Wednesday, as investors prepared for a series of economic data, while struggling to cope with the pre-market depressed Gap and Nordstrom stock prices and the lack of earnings in Europe on Covid concerns, Germany will decide to adopt more stringent mitigation Measures, including possible complete lockdown and vaccine authorization.

  • As technology stocks are under pressure again, the Nasdaq Index fell 0.5% on Tuesday, the second consecutive day of decline.
  • The Dow Jones Index rose by 194 points, or nearly 0.6%, making the average index of 30 stocks rise for two consecutive days.
  • The Standard & Poor’s 500 Index rose 0.17%, ending two consecutive days of decline.
  • The Nasdaq Index and the Dow Jones Index are less than 2% lower than the record high closing prices set on November 19 and November 8, respectively. The S&P 500 index is 0.3% below the record closing price set on November 18.

2. There is a lot of economic data before Thanksgiving

On Wednesday, the day before the market closes on Thanksgiving, the economic calendar is overflowing. The stock market closed early on Friday. At 8:30 a.m. Eastern Time, one hour before the market opens on Wednesday, the government will release the number of people applying for unemployment benefits for the first time each week, durable goods orders in October, and revised third-quarter gross domestic product data. At 10 am Eastern Time, investors will receive October personal income and expenditures and the Fed’s favorite inflation indicator: the core personal consumption expenditure price index. New home sales in October and final consumer confidence data in November will also be released.

3. After earnings were lower than expected, Gap and Nordstrom’s stock prices fell

On August 18, 2020, in San Francisco, California, a pedestrian walks past the closed GAP flagship store.

Justin Sullivan | Getty Images

Gap shares fell 20% before the market on Wednesday, while Nordstrom shares plunged 25% after the two retailers reported lower-than-expected earnings. Gap lowered its full-year outlook because its third-quarter results were affected by severe product delays caused by Covid-related factory closures. At Nordstrom, labor costs have affected quarterly profits and sales, and its Nordstrom Rack business is difficult to return to pre-pandemic levels. The department store operator reiterated its full-year revenue outlook, although rivals Macy’s and Cole have raised their forecasts.

4. Elon Musk sells more Tesla shares worth more than $1 billion

Maja Hitij | Getty Images News | Getty Images

A day after the regulatory documents showed that CEO Elon Musk exercised his option to buy 2.15 million shares of the electric car manufacturer and sell 934,091 shares valued at just over US$1 billion, Tesla pre-market on Wednesday The transaction fell by about 1%. Since asking him on Twitter on November 6 whether he should sell the stock, Musk has sold 9.2 million shares worth $9.9 billion. Most people who participated in the poll said he should sell. Tesla’s stock price encountered difficulties earlier this month and has more than doubled in the past year. The market value of the stock is still more than $1 trillion.

5. Biden will once again pick the White House budget director

US President Joe Biden announced the release of 50 million barrels of oil from the US Strategic Petroleum Reserve as part of a coordinated effort with other major economies to help ease rising natural gas prices. He also spoke on the economy and “reducing prices.” Speech at the South Court Auditorium of the Eisenhower Executive Office Building of the White House in Washington, USA on November 23, 2021.

Evelyn Hokstein | Reuters

According to media reports, President Joe Biden will nominate Saranda Young as the director of the White House Office of Management and Budget. The current acting OMB Director Young must be confirmed by the Senate to hold this position. Biden’s first candidate, Neera Tanden, withdrew from consideration in March, after she faced strong opposition for tweets that disturbed lawmakers. Former Capitol Hill worker Yang will become the first black woman to lead the budget office.

— Reuters contributed to this report.Follow all market behaviors like a professional CNBC Professional Edition. Get the latest information about the pandemic CNBC’s Coronavirus Report.


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