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Friday, December 3, 2021

Futures pressed by optics in production; Tesla up in record delivery

U.S. stock indices continued to decline on Monday as most major technology stocks were weighed down by the rise in Treasury production, while Tesla shares rose after reporting a record number of electric vehicle supplies.

U.S. Treasury yields have been supported by recent data showing increased consumer spending, accelerated factory activity, and higher inflation, provided the Federal Reserve begins to tighten its consistent monetary policy more than expected.

Flying growth companies, including Apple Inc., Facebook Inc., Microsoft Corporation, Alphabet Inc. and Amazon.com Inc., fell between 0.2 and 0.9 percent in premarket trading.

“In an environment of increasing rates, histor has historically rewarded you with economically sensitive values ​​and cyclical stocks, related to technology. It’s not to say that technology will break down, it’s just to say that cyclists need to do better in the next few months.

“Markets are really focused on Washington and the uncertainty of not being able to come to an agreement on raising their infrastructure bills, social spending plans and debt limits.”

Major Wall Street indicators crashed in September, raising concerns about the extent of U.S. debt, the fate of massive infrastructure spending bills, and the collapse of the heavily ted-hit China Evergrand Group.

Shares of debt-ridden Evergrand were suspended on Monday, leaving markets unsettled about any damage from its problems, although media reports said the company would sell a portion of its asset management unit for 5 billion.

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The market was also waiting for US President Joe Biden’s new plan on China’s trade strategy, with US Trade Representative Catherine So Trump failing to deliver on a “first step” trade deal promise with former President Donald Trump day after day for new talks with Beijing.

At 8:24 a.m. ET, the Dow e-minis was down 86 points or 0.25 percent, the S&P 500 e-minis was down 13.25 points or 0.31 percent and the Nasdaq 100 e-minis was down 63.25 points or 0.43 percent.

Tesla Inc. rose 2.5 percent after delivering a record electric car in the third quarter, beating Wall Street estimates on Saturday.

Mark & ​​Co. added 3.5.5 percent, which has been gaining since Friday after developing an experimental antiviral pill that could halve the risk of death or hospitalization for people at risk of a severe Covid-1 contract infection.

Shares of 3M Co. fell 1.5 percent after JP Morgan Industrial Conglomerate stock rating was “neutral” from “overweight”.

The first trial of four major pharmacy chains over the deadly US opioid epidemic was set to begin on Monday, pushing shares of Walgreens Boots Alliance Inc., CVS Health Corporation and Walmart Inc. between 0.1 percent and 0.6 percent.

Written by Shreyasi Sanyal

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This News Originally From – The Epoch Times

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