28-Nov-22 08:06 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -36.30. Nasdaq futures vs fair value: -127.50.
The S&P 500 futures are down 29 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 86 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 188 points and are trading 0.7% below fair value.
There's a negative tone in the equity futures market that is being fed reportedly by concerns over protests in China due to the zero-COVID policy. Also, it appears as if a consolidation mindset is kicking in after some strong gain of late and as the S&P 500 approaches its 200-day moving average (4054).
OPEC+ will decide on production amounts ahead of the planned December 5 EU ban on most Russian crude imports, according to The Wall Street Journal.
On a related note, energy complex futures are trading down this morning on growth concerns connected to China. WTI crude oil futures are down 3.0% to $74.03/bbl and natural gas futures are down 3.7% to $7.05/mmbtu.
There is no U.S. economic data of note today, but market participants have a big slate of data coming up this week that includes: November Consumer Confidence at 10:00 a.m. ET Tuesday, Q3 GDP Second Estimate at 8:30 a.m. ET Wednesday, October PCE Price Index at 8:30 a.m. ET on Thursday, and the November Employment Report at 8:30 a.m. ET on Friday.
In corporate news:
Williams-Sonoma (WSM 117.01, -5.41,, -4.4%): downgraded to Underweight from Equal Weight at Morgan Stanley
Anheuser-Busch InBev (BUD 58.97, +2.38, +4.2%): upgraded to Overweight from Underweight at JPMorgan
Las Vegas Sands (LVS 44.51, +1.34, +3.1%), Wynn Resort (WYNN 79.41, +4.48, +6.0%), and MGM Resorts (MGM 36.53, +0.80, +2.2%): Chinese government renewed casino licenses for Macau
Chevron (CVX 180.31, -3.39, -1.9%): U.S. government granted license to resume oil production in Venezuela, according to Bloomberg
Axsome Therapeutics (AXSM 64.30, +7.48, +13.2%): announces AXS-05 achieves primary endpoint in the ACCORD phase 3 Trial in Alzheimer's Disease Agitation
Biogen (BIIB 293.99, -11.16, -3.7%): Another death was linked to Lecanemab, according to Science.Org
Apple (AAPL 145.50, -2.61, -1.8%): could lose 6 million iPhone Pro models from events at the Foxconn plant, according to Bloomberg.