Manufacturing Data Signals Economic SlowdownLatest data shows a continued economic slowdown in the US, with the Institute for Supply Management’s manufacturing PMI remaining unchanged at 46.7 in November. This marks the 13th consecutive month of PMI slumps, indicating a deceleration in manufacturing activity. According to analysts, this data signifies another indicator of an emerging economic slowdown in 2024.
Oil Prices Continue DownturnThe slide continues for oil prices, falling over 2% due to OPEC+ production cut skepticism and a slight increase in US oil rigs. Despite OPEC+’s commitment to boosting prices, traders remain wary of their ability to follow through.
Market Rally Favors Legacy Tech StocksFormer technological leaders such as Intel and IBM have witnessed a strong rally in recent weeks, contributing to the market’s performance. The surge in tech stocks is seen as a promising sign of reaching the end of the current economic cycle and entering a new one.
Wendy’s Awaits Activist ActivityReports of activist hedge fund Blackwells Capital preparing to demand board representation buoyed Wendy’s shares by over 3% amid movements in the market. Nelson Peltz’s Trian, with a substantial stake in Wendy’s, also captured attention for its prior dealings with Disney.
Altimmune Soars with Positive Drug Trial ResultsAltimmune’s innovative obesity drug trial posted promising results, sparking a surge in its stocks and opening doors for potential partnerships. With some participants achieving significant weight loss, the drug signals a competitive advantage in the industry.
Dow Outperforms, Led by Tech FirmsThe Dow has outperformed this week, primarily driven by rallies from companies like Salesforce, Boeing, and American Express. While the S&P 500 and Nasdaq Composite also saw gains, some constituents indicate mixed results for the week.
Midday Movers: Tesla, Disney, AlibabaSeveral companies, including Tesla and Disney, experienced midday movements as investors assessed market developments and companies’ strategic decisions. Notably, Tesla’s long-anticipated Cybertruck launch garnered attention from Wall Street.
Tech-Focused ETF Sees Extended Winning StreakThe TrueShares Technology, AI and Deep Learning ETF (LRNZ) recorded a fifth straight week of gains, driven by solid performances from companies such as Elastic, UiPath, and Samsara. The ETF’s upward trajectory ultimately bolsters confidence in the tech industry.
Powell Optimistic on Rate Hikes, Cautions Against DecisionsFederal Reserve Chairman Jerome Powell emphasized the importance of exploring further interest rate hikes, deeming discussions of rate cuts “premature.” Reiterating the need to maintain a restrictive monetary policy, Powell highlighted the potential for more tightening measures.
Watch Powell’s Remarks for Insight on Economic PolicymakingFederal Reserve Chairman Jerome Powell’s recent statements provide key indicators of the central bank’s policymaking direction, setting the stage for potential market movements and economic implications.
