Dow Gains Almost 200 Po𝓀ints in Last Full Trading Session of the Week

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average rose 184 points, or about 0.5%, extending the index’s November rally and 🍃putting it on track to notch its best month of the year next week.

3M (MMM) shares rose 1.5% to end a four-session slide. Nike (NKE) shares moved up 1.3% for its thirꦅd straight positive day. 

Home Depot (HD)🔥 gained 1.3%, putting its one-month return at 9%.

Microsoft (MSFT) shares gained 1.3% after 澳洲幸运5官方开奖结果体彩网:OpenAI reinstated Sam🌌 Altman as CEO of the Microsoft-backed startup. Microsoft chief executive Satya Nadella praised the changes to the OpenAI board that accompanied the decision.

Apple (AAPL) shares gained 0.4% despite a report that a regional 澳洲幸运5官方开奖结果体彩网:National Labor Relations Board office registered a complaint on charges the iPhone maker excluded unionized employees from enhanced benefits last year.

Walgreens Boots Alliance (WBA) shares dropped 1.4%, its third cons✤ecutive losing session. 

Caterpillar (CAT)  shares fell 1.2% after competitor Deere & Co.’s (DE) 澳洲幸运5官方开奖结果体彩网:2024 profit forecast fell short of analyst estimates as high inflation and interest rates cut into demand foജr industria✤l equipment. Shares of Deere fell more than 3%. 

Walmart (WMT) shares fell 0.8% ahead of 澳洲幸运5官方开奖结果体彩网:Black Friday.

-Terry Lane

N♏ordstrom Shares Fall on Signs of Weakening Consumer Spending

Shares of Nordstrom (JWN) fell 5% Wednesday after it🍃s third-quarter sales missed analyst estimates, falling victim to a pullback in discretionary spending that hit most retailers last quarter. 

Nordstrom reported third-quarter revenue of $3.32 billion, a year-over-year decline of more than 6%. Gross merchandise value droppe꧟d 7%. Sales held up better at its discount Nordstrom Rack locati🔯ons, where sales decreased less than 2%. 

Still, the company reiterated its prior guidance, expressing confidence in its ability to weather the holiday season despite “continued uncertainty and softening consumer spending.”

But Nordstrom joins a long list of retailers who have warned that a recent slowdown in consumer spending could 澳洲幸运5官方开奖结果体彩网:drag on sales this quarter. Walmart (WMT), Target (TGT), and Best Buy (BBY) all forecast softer sal🍸es this quarter compared to last year.

Bitcoin Recovers from Binance Sell-Off

The price of Bitcoin rose more than 1% Wednesday, recovering almost all the value it lost yesterday after Binance, the world’s largest crypto exchange, and 澳洲幸运5官方开奖结果体彩网:CEO Changpeng Zhao pleaded guilty to violating U.S. anti-moꦦney-laundering laws. 

Bitcoin started yesterday trading around $37,500 before the news🃏 of Binance’s plea triggered a slide that took the cryptocurrency as low as $35,880 Tuesday evening. Since then, Bitcoin prices slowly and steadily rose before jumping back above $37,000 Wednesd🐓ay afternoon. 

Despite the dramatic downfall of yet another crypto tycoon, investors remain bullish on Bitcoin as they look forward to what many consider to be the inevitable approval of a 澳洲幸运5官方开奖结果体彩网:spot Bitcoin exchange-traded fund. The 澳洲幸运5官方开奖结果体彩网:put/call ratio of December options contracts traded on the exchange Deribit ranged from 0.49 to 0.37. The put/call ratio on March options was an even more bullish 0.29. 

Deere Shares Tumble After the Farm Equipment Maker's 2024 Guidance Misses Estimates

Shares of Deere & Co. (DE) sank 3% Wednesday after the farm equipment maker’s 澳洲幸运5官方开奖结果体彩网:guidance fell short of estimates asꦗ high inflation and interest rat🐷es cut into demand.

Deere said it expects 2024 profit to be in a range of $7.75 billion to $8.25 billion.🅰 Analysts had been loo✨king for more than $9.3 billion.

In its fiscal 2023 third quarter, Deere reported 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $8.26, with revenue down 0.8% fro💜m a year ago to $15.41 billion.🌟 Both exceeded forecasts.

Sales dropped 6% at its Production and Precision Agriculture unit, and 13% at its Small Agriculture & Turf division. 🅰In both, Deere noted it had a decline in volumes, which was partially offset by higher prices.

With Wednesday's decline, Deere shares have lost about 15% of their value in 2023. 

-Bill McColl

HP Shares Rise on Hope of PC Market Recovery

Shares of HP Inc. (HPQ) rose Wednesday afte꧃r the personal computer maker reported a slight uptick in profit despite sales falling in the most recent quarter. 

HP earnings by the numbers

• Adjusted net income: $902 million vs. $896 million expected, according to analyst estimates compiled by Visible Alpha
• Adjusted earnings per share: $0.90 (in line with expectations)
• Net revenue: $13.8 billion vs. $13.7 billion

Sales fell 6.5% from nearly $15 billion in the year-ago quarter, but analysts were expecting a ꦑlarger decline. 

The company forecast current-quarter adjusted ear♏nings of between 76 cents and 86 cents a share, a slight increase from the 75 cents a share it earned in the year-ago quarter. 

CEO Enrique Lores called 2023 “a year of steady progress.” He also said he sees the PC returning to growth in 2024 before picking up steam in 2025 on demand for AI computers.

Trea♈sury Yields Rise on Higher Inflation Expectationꦦs

The yield on 10-year Treasurys jumped 4 basis points to about 4.43% Wednesday after the University of Michiga🐬n’s Consumer Sentiment report showed long-term iꦑnflation expectations are at thei🧸r highest in over a decade. 

Consumers expect inflation to be running at a rate of 4.5% a year from now, well above 澳洲幸运5官方开奖结果体彩网:October’s rate of 3.2%. And expectations for inflation in the next five to 10 years rose to 3.2%, the h🍷ighest since 2011, from 3% in October. 

The Index of Consumer Sentiment “fell a modest 2.5 index points, or 4%, from October,” wrote Surveys of Consumers Director Joanne Hsu. It may be the fourth consecutive month in which sentiment has declined but consumers' assessments and expectations of their personal finances actually improved. The index's decline was primarily attributable to "a notable deterioration in expected business conditions.”

Inflation expectations impact the 澳洲幸运5官方开奖结果体彩网:rea🍷l inflation rate෴ and monetary policy, both of which influ♒ence Treasury yields and interestꦚ rates across the entire economy. 

Oil Prices Slump as OPEC+ Delays Meeting Amid Production Cut Negotiations

Oil prices sank 5% Wednesday morning after OPEC+ delayed a meeting scheduled for this weekend to Nov. 30. 

The cartel gave no explanation for the delay, but reports have suggested it was due to Saudi Arabia's dissatisfaction with some OPEC+ members' compliance with voluntary production cuts.

Tighter supply stemming♍ from OPEC production cuts and a seasonal spike in demand propped up oil prices over the 𓆏summer. West Texas Intermediate futures contracts rose 38% between late June and late September. But they have since fallen about 20% amid concerns about slowing global growth.

Shares of oil companies fell Wednesday alongside oil futures. Oilfield services companies Baker Hughes (BKR) and Halliburton (HAL) each lost more than 2%, while producers Chevron (CVX) and ExxonMobil (XOM) both fell about 1%. 

Meanwhile, shares of airlines and cruise lines, for which fuel is a major expense, rose Wednesday. United Airlines (UAL), American Airlines (AAL), and cruise operator Carnival Corp. (CCL) each gained 4%, while Norwegian Cruise Line Holdings (NCLH) and Delta Air Lines (DAL) rose 3%.

Nvidia Stock Falls Despite Earnings Beat

Shares of Nvidia (NVDA), the semiconductor company at the heart of this year's artificial intelligence rally, fell 4% Wednesday morning after its quarterly earnings report 澳洲幸运5官方开奖结果体彩网:beat analysts' expectations 🍒but disappointed investors, whose sky-high expectations left li🎐ttle room for softness.

Nvidia reported net income of $9.2 billion on diluted EPS of $3.71 per share, up 1,274% from the same quarter last year. Revenue soared 206% to $18.1 billion amid massive data center revenue gains.

Nvidia expects revenue of $20 billion (plus or minus 2%) in the fourth quarter, above consensus estimates but 🔯below the most ambitio🅘us forecasts.

The firm's data center business has boomed alongside interest in AI. For the latest quarter, data center revenue hit a record $14.51 billion, up from $3.8 billion a year ago and higher than the $12.7 billion consensus among estimates analyzed by Visible Alpha.

-Nathan Reiff

Stocks Making the Biggest Moves Premarket

Gains:

• Spirit Airlines Inc. (SAVE): Shares of the regional airline gained about 2% as the price of oil, one of airlines’s largest expenses, slumped amid reports an OPEC+ meeting scheduled for this weekend may be delayed as members negotiate production cuts. Other major airlines and cruise lines also advanced.
• Baidu Inc. (BIDU): American depositary receipts of the Chinese search engine rose 2%, adding to yesterday’s gains on a better-than-expected quarterly earnings report.
• Microsoft Corp. (MSFT): Shares of the software giant rose 1% after Sam Altman, who agreed to join Microsoft after being removed as CEO of OpenAI, was reinstated as chief executive of the artificial intelligence start-up.
  

Losses:

• Autodesk Inc. (ADSK): Shares of the design software company fell more than 6% after it issued disappointing current quarter guidance, prompting a downgrade from analysts at Piper Sandler. 
• Deere & Co. (DE): Shares of the heavy machinery maker fell more than 5% after it also issued weaker-than-expected current quarter guidance as high interest rates and slowing growth weigh on global construction activity. Shares of competitor Caterpillar (CAT) fell as well. 
• ExxonMobil Corp. (XOM): Shares of the oil giant fell more than 1% as oil prices slumped. Other oil companies Chevron (CVX) and Shell (SHEL) fell. 

Stock 🔜Futures Up as Oil Prices, Treasury Yields Fall

Futures contracts cꦇonnec🎃ted to the Dow Jones Industrial Average were up about 0.1% in early trading Wednesday as oil prices slumped and Treasury yields retreated slightly.

S&P 500 futures were up 0.2%.

Nasdaq 100 futures gained nearly 0.4%.