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5 issues it is best to know earlier than the inventory market opens on Tuesday, November 23rd

Here are the key news, trends, and analysis investors need to start their trading day:

1. Wall Street looks stable after tech stocks hit

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on October 25, 2021.

Spencer Platt | Getty Images

US stock futures were relatively flat on Tuesday, with technology stocks ahead of the market under pressure as bond yields rose. Tech-heavy Nasdaq took the brunt of sales on Monday as 10-year treasury yields rose to around 1.63% following President Joe Biden’s re-appointment of Jerome Powell as chairman of the Federal Reserve. Wall Street initially rose on the Powell announcement, with the Nasdaq and S&P 500 making record intraday highs before falling 1.26% and 0.3%, respectively. The Dow rose more than 300 points at times before finally giving up most of those gains. The 30-share average was down over 2% from its November 8th high.

2. USA, other nations will tap into their strategic oil supplies

Bloomberg | Bloomberg | Getty Images

The US announced Tuesday that it would tap into its strategic oil reserves as part of a global effort by energy-consuming nations to calm this year’s rapid rise in fuel prices. The coordinated release by the US, India, China, Japan, South Korea and the UK is a first of its kind. It is intended to stop soaring energy prices after OPEC and its allies rejected repeated requests from the US and other nations to pump faster, to meet the increasing demand. Biden faces low approval ratings during the economic recovery from the pandemic, partly due to high prices for gasoline and other consumer goods.

3. The White House says the US will not use lockdowns to fight Covid

Jeff Zients, White House Covid-19 Coordinator, speaks during a press conference at the White House on April 13, 2021.

Leigh Vogel | Bloomberg | Getty Images

The Biden government has no plans to contain future Covid spikes through a nationwide lockdown, Jeff Zients, White House coronavirus response coordinator, told a briefing Monday. The federal government would instead rely on vaccines and therapeutics to keep the country up, he said. The Covid cases in the US stagnated between 70,000 and 75,000 per day for almost three weeks from the end of October. They recently went back up to the mid-range of 90,000 a day. Zients’ comments came as Austria began its fourth nationwide lockdown and the Netherlands rolled out a partial lockdown as infections increased across Europe.

4. Zoom stocks decline as sales growth continues to slow

Zoom founder Eric Yuan speaks at the opening bell of Nasdaq on April 18, 2019 in New York City.

Hit by Betancur | Getty Images

Zoom Video Communications shares fell more than 8.5% in the premarket on Tuesday, the morning after the company reported a continued slowdown in sales growth due to the explosive activity of Covid’s early days. Revenue of $ 1.05 billion for the last quarter ended October 31st beat estimates, increasing 35% year over year. In the previous quarters, 54% and 191% sales growth were recorded compared to the previous year. For the next quarter, the company expects sales to grow by 19%. Zoom outperformed earnings estimates for the October quarter and higher for the next quarter.

5. Best Buy, Urban Outfitters stock declines due to higher costs

An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.

Paul Hennessy | SOPA pictures | LightRakete | Getty Images

Best Buy fell 11% in the premarket on Tuesday as investors worried about rising shipping costs and weaker consumer electronics demand. Before the bell, the company reported quarterly earnings and earnings that beat estimates. However, analysts fear that Best Buy could see a difficult combination in the coming year as consumers shift their spending to other areas like travel and entertainment.

PASADENA, CA – MAY 22: The exterior of Urban Outfitters signage is seen in Pasadena, California on May 22, 2021. (Photo by RBL / Bauer-Griffin / GC Images)

RBL / Bauer-Griffin | GC images | Getty Images

Urban Outfitters was down 11% in pre-hours trading after the retailer’s final quarter reflected a shift to more online sales, which increased spending on higher delivery costs and higher wages at its distribution and fulfillment centers. Still, Urban Outfitters reported earnings and revenue per share on Monday that exceeded expectations.

Correction: Zoom Video Communications expects revenue growth of 19% for the fourth fiscal quarter. An earlier version misrepresented the numbers.

– Reuters contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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