US stock futures trod water on Monday to hold near record highs, with investors looking ahead to a week of labor market data that could influence the scope of interest-rate cuts.
S&P 500 futures (ES=F) slipped 0.1%, coming off a record close, while Dow Jones Industrial Average futures (YM=F) were little changed on the heels of the index’s own all-time high. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were up slightly.
The S&P 500 (^GSPC) and Dow (^DJI) are entering December on a high note, having ended November with their best monthly gains in a year. The rally got a boost last month thanks to optimism around President-elect Donald Trump’s victory. Year to date, the benchmark S&P is up over 25%, while the Dow has gained nearly 20%.
Investors are starting to count down to the November jobs report on Friday, a key input for the Federal Reserve’s policy making, as well as to job openings and private payrolls readings.
A surprise monthly jobs print could reset the expectations for rate cuts that have supported stocks’ stellar performance this year. That said, bets on a slower path of Fed easing haven’t made a significant dent in recent appetite for stocks.
Meanwhile, the dollar (DX=F) climbed as investors assessed Trump’s latest tariff threat. The incoming president warned BRICS countries not to create a rival to the US currency, saying on Saturday that they will face 100% tariffs if they move away from it.
Trump has already put markets on alert with promises to hit Canada, Mexico, and China with big new tariffs. Wall Street is concerned about the likely impact on inflation, as well as the prospect of trade war with the US’s biggest trading partners.
In individual stocks, Stellantis (STLA) shares sank after CEO Carlos Tavares suddenly resigned. Meanwhile, Intel (INTC) stock jumped after the company said its CEO, Pat Gelsinger, had retired from the struggling chipmaker.
LIVE 3 updates
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Intel CEO Pat Gelsinger steps down
Intel (INTC) CEO Pat Gelsinger has retired and stepped down from the board of directors, effective Dec. 1, according to the company.
Intel shares were up more than 4% in pre-market trading following the announcement.
In a statement Intel said it has named David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new CEO.
The semiconductor giant has struggled to keep up with peers or implement an effective turnaround plan amid a series of quarters of declining revenue. The stock is down almost 50% year-to-date.
In November, Intel was removed from the Dow Jones Industrial Average (^DJI) and replaced by rival Nvidia (NVDA).
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Good morning. Here’s what’s happening today.
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Hot morning calls: Gap, Lululemon, Netflix
It may be holiday season on Wall Street, but that doesn’t mean analysts aren’t out and about making calls into year end!
Here are three notes that caught my attention pre-6 a.m. ET.
After a recent management meeting, JP Morgan’s long-time retail analyst Matt Boss is upgrading his rating on Gap (GAP) to overweight (buy equivalent). The price target goes to $30 from $28.
“With the foundation set under CEO Richard Dickson to support a consistent playbook of improved merchandising & marketing across all four brands, we see Gap at an inflection point to support low-to-mid-single-digit sales growth, annual operating margin expansion targeting historical levels of profitability,” Boss said.
A recent chat I had with Dickson that helps to shed light on Boss’ call. There is more going on here besides me shopping more at Banana Republic Factory. Additional insight on the analyst vibe on Gap via Yahoo Finance’s analyst recommendation tool.
Ahead of Lululemon’s (LULU) earnings on December 5, Citi analyst Paul Lejuez is sticking with a neutral rating (hold equivalent) on the stock. But it’s this call out on the stock from Lejuez that caught my eye:
“Short interest currently sits at 6% of the float, above the 4% level three months ago and the highest short interest level in two years. Based on our conversations with investors, sentiment on Lulemon remains negative on the trajectory of Lululemon’s US business, although most expect a sales/EPS beat in 3Q (driven by stronger international sales) and do not see another 2024 EPS guide down this quarter. Most bearish investors believe it will be difficult for Lululemon to grow EPS in 2025.”
More on Lululemon’s short interest and other stats from the Yahoo Finance platform.
Veteran tech analyst Mark Mahaney at EvercoreISI is hiking his price target on Netflix (NFLX) to $950 from $775 per share. Netflix stock currently trades at $886.
Mahaney calls Netflix shares a “small buy” for him, and reiterated an outperform rating.
“At a high level, what our survey results and recent events (e.g. Q3 EPS and the massive success of the Tyson-Paul fight) suggest is that Netflix is in the strongest position financially, fundamentally and competitively that we have ever seen,” Mahaney says.
“Its overall streaming leadership – in terms of both market share and content quality – is commanding. And the clearly positive churn intent and price sensitivity results across all three of this quarter’s surveys are material positives for a subscription business. We also see four notable near-term catalysts – Christmas Day NFL games, the 12/26 release of Squid Games II, WWE Raw in January, and pending price increases,” he added.
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