The S&P 500 futures are down 26 points and are trading 0.5% below fair value, the Nasdaq 100 futures are down 117 points and are trading 0.7% below fair value, and the Dow Jones Industrial Average futures are down 146 points and are trading 0.4% below fair value.
Stock futures indicate a lower open, cooling off following big gains of late. Gold futures are holding steady near the record high they hit last week, trading down 0.6% to $2,077.20/ozt now. Other commodity futures are trading down. WTI crude oil futures are down 0.8% to $73.45/bbl and natural gas futures are down 4.3% to $2.69/mmbtu.
Crypto-related stocks are up big this morning as cryptocurrency prices surge. Bitcoin is up 3.6% to $40,420 and Ethereum is up 2.6% to $2,241.16.
On the M&A front, Hawaiian Holdings (HA) will be acquired by Alaska Air (ALK) for $18.00 per share.
Treasury yields are moving higher. The 2-yr note yield is up six basis points to 4.62% and the 10-yr note yield is up two basis points to 4.25%.
Today’s economic data is limited to October Factory Orders at 10:00 ET.
In other news, a US destroyer and several commercial ships were attacked in the Red Sea, according to The Wall Street Journal.
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–Originally Posted December 4, 2023 – Lower open indicated after big gains of late
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