Market Falls Monday Following Crazy Record Week | Wall Street Today

Kevin Travers joined discussion · Dec 10, 2024 05:39

Market Falls Monday Following Crazy Record Week | Wall Street Today

The market pulled back overall Monday, a slow start to a week that follows last week's record trading highs to start December.

Just past 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded -0.61%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.54%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.62%.

MACRO

This week, investors are watching for CPI inflation numbers coming in on Wednesday, expected at 2.7% and 3,3% for core prices, not including energy and food.

SECTORS

Oil futures finished higher on Monday, which Market Watch attributed to an easing of China's overall monetary-policy stance for the first time in 14 years, as the nation's Politburo vowed more forceful measures to boost the economy of the world's largest crude importer. The fall over the weekend of Syria's President Bashar al-Assad positively affected oil pricing,. $Crude Oil Futures(MAR5) (CLmain.US)$ cliumbed.

Within industries tracked by moomoo, Chinese Concept stocks were climbing high after a post-Politburo meeting press release came out from the top Chinese monetary authority, stating next year's policy would be "moderately loose" compared to this year's "prudent." They have not said that in 14 years. It was enough to send American shares of top Chinese stocks higher.

MOOVERS

$T-Mobile US (TMUS.US)$ fell 6% after Chief Executive Mike Sievert hinted that fourth-quarter subscriber figures might underwhelm them.

$Oracle (ORCL.US)$ reported quarterly earnings of $1.47 per share, which missed the analyst consensus estimate of $1.48. The company reported quarterly sales of $14.059 billion, which missed the analyst consensus estimate of $14.113 billion. The stock fell 5% after reporting.

$MongoDB (MDB.US)$ reported quarterly earnings after the bell Monday of $1.16 per share which beat the analyst consensus estimate of $0.69 by 68.12%. Shares of the stock were trading more than 10% higher shortly after 4.10 pm ET.

Another activist investor is pushing for changes at $Macy's (M.US)$. Barington Capital disclosed a position, the size of which couldn't be learned, in a presentation to Macy's shareholders on Monday. It is pushing for a series of changes to refresh the stock.

$Rivian Automotive (RIVN.US)$ stock rose early Monday after the electric vehicle start-up got a new Buy rating from Wall Street. Rivian shares were up more than 12% at $12.50 just after 1.05 pm ET Monday.

Shares of $Workday (WDAY.US)$ and $Apollo Global Management (APO.US)$ rose in morning trading after news that the stocks will join the S&P 500.

Warner Bros. Discovery has finalized a wide-ranging cable distribution deal with Comcast, locking in higher fees for its networks while also resolving a legal battle over a new "Harry Potter" TV series, the companies said.

Word from the herd: Mooers, what are you watching?

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