As investors gear up for the opening bell on Monday, the benchmark US stock measures were indicating a positive trend amidst anticipation for fresh labor market data expected later this week. Pre-opening activities saw Standard & Poor's 500 climb by 0.7%, the Dow Jones Industrial Average by 0.3%, and the Nasdaq community add 1%.
While the majority of Asian exchanges displayed a bearish sentiment, midday updates from Europe revealed most bourses trending upwards, signaling a more optimistic outlook on the continent. In the upcoming week, crucial economic indicators are set to be released, starting with the Job Openings and Labor Turnover Survey for November, which will be published on Tuesday.
Wednesday will follow with the ADP Employment report for December, providing further insights into employment trends. On Thursday, investors will get access to the Challenger Job Cut data for December, leading into Friday’s release of the government’s nonfarm payroll data, which is anticipated to offer definitive clarity on the labor market. Monday's economic calendar is particularly noteworthy, starting with the December Purchasing Managers' Index Composite Final Report from S&P Global at 9:45 am ET, which gives a comprehensive view of the manufacturing and service sectors.
The Factory Orders report for November will follow at 10 am. Furthermore, Federal Reserve Governor Lisa Cook is scheduled to provide remarks at 9:15 am, which could influence market sentiment as well. In a moment of national reflection, US markets will observe a closure on Thursday in honor of former President Jimmy Carter. On the trading front, shares of Rivian Automotive gently nudged up by 0.1% before the opening bell after closing the last trading session with a remarkable 24% gain.
This surge was attributed to the automaker surpassing market expectations with its fourth-quarter vehicle deliveries. Meanwhile, Nvidia saw an increase of 2.1%, while Advanced Micro Devices experienced a more robust climb of 2.9% in premarket activities. Commercial Metals is also in focus, as it is set to announce its latest financial results prior to the opening. Before the opening, cryptocurrency movements showed that Bitcoin increased by 0.9%, reaching $99,182.
In the commodities market, West Texas Intermediate crude oil appreciated by 0.3%, settling at $74.21 per barrel. Additionally, yields on 10-year Treasuries slipped by 0.3 basis points to 4.59%, while gold prices edged up by 0.2% to $2,660 an ounce. Investors are closely monitoring these developments as they prepare to make informed decisions. Overall, the week ahead is poised to deliver critical insights into economic performance and trends that will shape market activities.
Stay tuned for the results and developments that can impact investment strategies..