Here are five important things investors should know before the trading day starts:
1. S&P Losing Streak
S&P 500 futures went up slightly on Thursday morning after three days of losses for the index. They rose by over 0.4%. Meanwhile, Dow Jones futures dropped about 0.1%, and Nasdaq 100 futures climbed 0.7%. For the week, all three major indexes have lost more than 1%, with the Dow down 1.75%.
2. EV Gains
Elon Musk, CEO of Tesla, predicted a 20% growth in vehicle sales next year, driven by “lower cost vehicles” and “autonomous driving.”
This growth estimate is higher than Wall Street’s expectation of 15% sales growth, which would bring deliveries to 2.04 million, according to FactSet. Musk’s comments followed Tesla beating profit expectations for the third quarter, even though revenue was slightly below estimates, as per LSEG. Tesla’s shares rose by more than 10% in after-hours trading.
3. Strike Continues
Boeing machinists voted against a new labor contract, extending a strike that has now lasted more than five weeks. The rejected contract offered a 35% wage increase over four years but was turned down by 64% of the voters on Wednesday. This is the machinists’ first strike since 2008 and has stopped most of Boeing’s aircraft production.
4. Slowest Since 2010
Existing home sales dropped last month to their lowest level since October 2010, according to data from the National Association of Realtors. The seasonally adjusted annual rate of 3.84 million homes sold shows a 1% drop from the previous month and a 3.5% decrease from last year.
Lawrence Yun, the association’s chief economist, said, “Home sales have been stuck around the four-million mark for the past year, but conditions that usually lead to more sales are starting to appear.”
5. Interview with Silver
CNBC’s Alex Sherman interviewed NBA Commissioner Adam Silver in the first episode of CNBC Sport’s new videocast series. They talked about the NBA’s shift away from its media partner, TNT, possible future changes in officiating, and strategies to boost WNBA revenue.
Summary
Investors should know about key updates like S&P futures improving a bit, Tesla’s expected sales growth, Boeing’s ongoing strike, a drop in home sales, and NBA Commissioner Adam Silver’s thoughts on media changes and WNBA growth. Stay updated!
