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DJIA Futures: -58 (-0.2%)

SPX Futures: -7 (-0.1%)

NASDAQ Futures: -16 (-0.1%)

Good morning friends!

Futures are slipping after Wall Street’s fourth straight winning week. 

Let’s get right to it!

Futures Slip, Yields Fall

Both stocks and yields are down this morning as traders look to build on the market’s four-week winning streak. 

The 10-year Treasury yield is down 3 basis points at 4.45% with the 2-year yield down 3 basis points at 4.93%.

This will be a busy week of economic data and Fed speakers.

Here are the highlights: 

  • Monday: New home sales
  • Tuesday: S&P Case-Shiller home prices, consumer confidence, Fed’s Waller, Goolsbee, Bowman, and Barr speak
  • Wednesday: First revision Q3 GDP, advanced goods trade balance, Fed’s Mester speaks, Fed beige book
  • Thursday: Weekly jobless claims, PCE price index, personal spending and incomes, Fed’s Williams speaks, pending home sales
  • Friday: ISM manufacturing index, construction spending, Fed’s Barr, Goolsbee, and Powell speak

Oil Falls Further

Oil prices are falling again ahead of this week’s OPEC+ meeting. 

West Texas Intermediate crude futures are down 0.8% at just under $75 bbl while Brent crude futures are down 0.7% at just under $80 bbl. 

Both contracts rose slightly last week, the first weekly gain in five weeks. 

Analysts expect Saudi Arabia and Russia to extend voluntary supply cuts into early 2024, which would boost prices. 

OPEC+ is set to meet November 30.

E-Commerce Stocks Rise

E-commerce stocks are rising this morning as Cyber Monday kicks off. 

Amazon (AMZN) shares are up 0.9%, with eBay (EBAY) rising 0.4%, Walmart (WMT) up 0.2%, and Etsy (ETSY) rising 0.8%.

The jump comes as new data shows a strong start to the holiday shopping season. 

Adobe Analytics’ holiday shopping trends data for 2023 shows online spending on Black Friday totaled $9.8 billion. 

That was up 7.5% compared to last year. 

Adobe expects Cyber Monday sales to hit $12 billion, which would be up 6.1% from last year. 

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