Markets on Wall Street started the final month of 2024 with a slight dip before the opening bell on Monday, aiming to maintain the momentum from November's strong performance. Futures for the S&P 500 and the Dow Jones Industrial Average showed marginal declines of less than 0.1% prior to the market opening. Both indexes had closed out November with their most impressive gains of the year.
Stellantis, the world's fourth-largest automaker, experienced an 8.6% drop in its shares following the announcement of CEO Carlos Tavares stepping down after nearly four years at the helm. The company, formed through the merger of PSA Peugeot and Fiat Chrysler Automobiles, recently disclosed plans to lay off around 1,100 workers at its Jeep factory in Ohio due to sales challenges and inventory issues.
Upcoming earnings reports from companies like Salesforce, Dollar Tree, Foot Locker, Dollar General, and Lululemon are anticipated this week. Additionally, a slew of labor market data, including the October job openings report, weekly unemployment benefits figures, and the crucial November jobs report, will be released.
Global markets saw positive movements, with China leading the way as manufacturing conditions improved, driven partly by a surge in orders ahead of the upcoming inauguration of President-elect Donald Trump. Trump's recent threat of 100% tariffs against the BRIC bloc of nations, including China, added to market dynamics.
European markets showed mixed results, with Germany's DAX surging 1.2%, the CAC 40 in Paris edging up 0.2%, and Britain's FTSE 100 rising 0.3%. Investors are looking forward to potential economic stimulus measures from China ahead of Trump's inauguration.
In Asia, markets displayed a positive trend, with Japan's Nikkei 225 index advancing 0.8%, Hong Kong's Hang Seng gaining 0.7%, and Taiwan’s Taiex surging 2.1%. Bitcoin experienced a slight decline, while U.S. benchmark crude oil and Brent crude prices rose.
Currency markets saw the U.S. dollar strengthening against the Japanese yen and the euro slipping. Overall, global markets are closely monitoring economic indicators and geopolitical developments for potential impacts on investment decisions.
