DJIA Futures: -21 (-0.1%)
SPX Futures: -15 (-0.4%)
NASDAQ Futures: -62 (-0.5%)
Good morning friends!
Futures are slipping as the holiday-shortened week begins but Disney shares are bucking the downtrend.
Let’s get right to it!
Walt Disney (DIS) shares are rallying 10% ahead of the open following news that former CEO Bob Iger is back in the position.
Disney announced late Sunday it had reappointed Iger as CEO effective immediately, replacing Bob Chapek.
The company sharply missed Q3 expectations earlier this month as costs swelled.
Disney said Iger has signed on to serve as CEO for two years “with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
Chinese stocks listed in the U.S. are falling in premarket trade amid the latest surge in Covid cases in China.
Alibaba (BABA) shares are down 3.1%, JD.com (JD) is falling 5.2%, Baidu (BIDU) is down 2.1%, and Pinduoduo (PDD) is sliding 2.6%.
Three Covid-related deaths were reported in Beijing over the weekend, the first since May.
The overall number of cases in the country is also surging.
China has implemented strict lockdown measures amid outbreaks as the country operates on a zero-Covid policy.
The Covid outbreak in China is also putting pressure on oil prices this morning.
West Texas Intermediate crude futures are down 0.7% to under $80 bbl while Brent crude futures are down 0.6% to just over $87 bbl.
Both benchmarks closed Friday at the lowest since September 27.
A rebound in the strength of the U.S. dollar is also putting more pressure on prices.
This will be a shortened week with the Thanksgiving holiday on Thursday.
The stock market will be closed Thursday and open until 1:00 p.m. on Friday.
Trading volume is typically light during this holiday week as many traders take time off.
The bulk of economic data for the week comes out on Wednesday.
Those reports include October durable goods and capital goods, weekly jobless claims, S&P manufacturing and services PMI, November consumer sentiment, October new home sales, and the Fed’s November meeting minutes.