Stock Market Today: December 2, 2024 Market Update
Major Indexes Performance and Market Trends
As we kick off the first trading day of December 2024, the stock market is showing mixed signals following a robust performance in November. The three major U.S. stock indexes are experiencing slight fluctuations in early trading :
– The S&P 500 futures are down 0.19%
– The Nasdaq 100 futures have dipped 0.15%
– The Dow Jones Industrial Average futures have slipped 0.18%
These minor setbacks come on the heels of an impressive November, which marked the best monthly performance of 2024 for both the Dow and S&P 500 . Last month, the Dow surged 7.5%, the S&P 500 climbed 5.7%, and the Nasdaq Composite rose 6.2% .
Why Is the Market Up Today? November’s Strong Performance
The question “why is the market up today?” can be answered by looking at the recent market rally. November’s stellar performance was largely driven by a post-election rally following President-elect Donald Trump’s victory . This political shift has instilled confidence in investors, particularly benefiting small-cap stocks as represented by the Russell 2000, which soared over 10% last month .
Upcoming Market Events and Economic Data
Investors are closely watching several key economic events and data releases that could impact market news today:
1. Manufacturing and Construction Data: The S&P final U.S. Manufacturing Purchasing Managers’ Index (PMI) and Construction Spending reports are due today .
2. Federal Reserve Speeches: Speeches from Federal Reserve Governor Christopher Waller and New York Fed President John Williams are anticipated .
3. Labor Market Data: Later this week, crucial labor market statistics will be released, including the U.S. Unemployment Rate .
4. Fed Chair Jerome Powell’s Address: The Federal Reserve Chair is scheduled to speak later in the week, which could provide insights into future monetary policy .
Major Stock News and Corporate Announcements
Several notable companies are making headlines in today’s market news:
– Salesforce (CRM), Marvell (MRVL), and ChargePoint (CHPT) are among the companies scheduled to release earnings reports this week .
– Zscaler (ZS), a cybersecurity firm, is set to announce its quarterly earnings today .
– Stellantis (STLA) is facing leadership changes with the unexpected departure of CEO Carlos Tavares, which has impacted European markets .
Global Market Outlook
The stock market today is also influenced by international trends:
– Asian markets showed strength, with Japan’s Nikkei closing up 0.80% and China’s Shanghai Composite rising 1.13% .
– European indices opened lower, affected by political uncertainties in France and corporate leadership changes .
– The U.S. 10-year Treasury yield has increased, hovering around 4.205% .
– WTI crude oil futures are trending higher, near $68.35 per barrel .
As we navigate the final month of 2024, investors should keep a close eye on these market indicators, upcoming economic reports, and corporate earnings releases. The stock market today reflects a cautious optimism, balancing the previous month’s gains with anticipation of future economic developments.
