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December Starts With a Mixed Market | Live Stock
Good morning, traders. Happy Monday, the first trading day in December. The market is pulling back, with just three of 11 S&P 500 sectors climbing. Here are the stories and animal spirits moving markets you have to know:
$Super Micro Computer (SMCI.US)$ climbed more than 20% intraday Monday morning after the firm said its special committee found that Earnst and Young had made statements unsupported by any facts. EY had resigned and said they could not trust the management team, but the new committee- formed by the management team and an outside law firm and forensic accounting firm hired by management- said there was no problem. They also said they were looking for a new CFO.
$Intel (INTC.US)$ shares climbed 3% after news from the firm that CEO Pat Gelsinger would step down, serving since 2021 when he was hired to turn the chipmaker around. Intel has lost out data center market share dramatically in the past two years to chipmakers like $NVIDIA (NVDA.US)$, and Gelsinger's attempts to take on $Taiwan Semiconductor (TSM.US)$ and other companies in building chips directly has not taken off- the stock is down 50% this year and was removed from the Dow Jones.
$Stellantis NV (STLA.US)$ shares fell 7% intraday Monday after Bloomberg reported the surprise departure of Chief Carlos Tavares from the board of the Jeep maker.
$Bitcoin (BTC.CC)$ hovered $97k.
Gold and silver fell. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market was pulling back overall, though S&P was trying its best to climb.
Just past 11:09 am ET, the $S&P 500 Index (.SPX.US)$ traded +16 bps, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.31%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.91%.
Manufacturing input prices recovered in the past month, according to S&P and ISM PMI indices, but they were still in contraction, according to the data on Monday.
Later this week, watch for Unemployment numbers and Service and Composite PMI figures.
Traders, what do you think? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
Want to keep up to date with the market and all its feelings-driven swings, all in under three minutes? Click here to follow the Live Stock Podcast topic. Comment below or in the hot topic for a chance to appear on the podcast! I want to talk about what you are investing in!
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Kevin Travers
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Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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