Stock Futures Sluggish Ahead of Holiday-Shortened Week
Dow futures are pointed sharply lower this morning
Dow Jones Industrial Average (DJIA) futures are set to resume losses, last seen down triple digits despite the blue-chip index’s surge on Friday. Futures on the S&P 500 Index (SPX) are indicating a lower open, while Nasdaq-100 Index (NDX) futures are flat. Ahead of a low-volume trading week, traders are hoping for a Santa Claus rally to help correct the December choppiness. Although President Joe Biden signed a bill on Saturday to fund agencies for the next three months, Wall Street has been unable to garner any momentum from an avoided government shutdown.
Continue reading for more on today’s market, including:
- What caused Novo Nordisk stock’s worst day on record.
- Unpacking the Fed-induced market meltdown.
- Plus, Honda-Nissan buyer talks move forward; OXY extends gains; and Xerox buys print maker.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.6 million call contracts and 1.4 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.54 and the 21-day moving average remained at 0.61.
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Shares of Honda Motor Co Ltd (NYSE:HMC) are up 15.1% in premarket trading, as the automaker’s merger talks with Nissan move forward, with plans to reach a conclusion in June 2025. HMC is down more than 22% in 2024.
- Occidental Petroleum Corp(NYSE:OXY) stock is up 2% ahead of the open, extending Friday’s gains after Warren Buffett’s Berkshire Hathaway (BRK) revealed an expanded stake. OXY still carries a 21.1% year-to-date deficit.
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Xerox Holdings Corp (NASDAQ:XRX) stock is 9.1% higher ahead of the open, after the printing company said it will acquire sector peer Lexmark in a $1.5 billion deal. XE is down 54.2% this year.
- Key economic indicators slated for release amid holiday closures.
Asian Stocks React to Honda-Nissan Merger
Asian bourses are reacting well to the official announcement of the massive merger between Honda and Nissan. The two auto giants will merge in 2026 as part of a $58 billion deal. In response, Japan’s Nikkei added 1.2%, while South Korea’s Kospi tacked on 1.6%. Hong Kong’s Hang Seng added 0.7%, and China’s Shanghai Composite tacked on 0.2%.
Over in Europe, markets are quiet leading up to the Christmas holiday. London’s FTSE 100 is marginally higher despite a final reading of gross domestic product (GDP) failed to show any third-quarter growth. The French CAC 40 is also flat while the German DAX is down 0.1% at last check, the latter weighed down a rough day for Volkswagen.
