Following a strong Thanksgiving week, the market is swimming in red ink this morning. Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) are both down over 200 points, while S&P 500 Index (SPX) futures sit modestly lower as well. The tech sector is broadly lower, while Bitcoin (BTC) is extending its sharp pullback, last seen down 6.6% and dropping further below the key $90,000 level, last seen near $86,050.
- A quick recap of Thanksgiving week.
- RocketLab stock has technical support in place.
- Plus, CSIQ surging premarket; Nvidia takes stake in Synopsis; and LLY cuts Zepbound prices.
5 Things You Need to Know Today
- The Cboe Options Exchange saw more than 2 million call contracts and 892,982 put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.44, while the 21-day moving average remained at 0.58.
- Canadian Solar Inc (NASDAQ:CSIQ) is up 13.5% premarket, after the news that the company will resume direct oversight of its U.S. operations. The renewable energy name will also transfer some of its China-based assets to its parent company. Eyeing its sixth-straight gain, the equity is moving back toward its mid-November, more than two-year highs.
- Shares of Synopsis Inc (NASDAQ:SNPS) are 7.9% higher before the bell, after reports that Nvidia (NVDA) has taken a $2 billion stake in the electronic design automation company. Since the start of the year, the equity is down 13.9%, quickly retreating from its July record highs.
- Eli Lilly & Co (NYSE:LLY) is in the spotlight this morning, after the drug name slashed its prices for its weight-loss drug Zepbound to $299 and $349 on its direct-to-consumer platform, LillyDirect. LLY was last seen down 0.9% before the bell, pulling back from its pre-Thanksgiving record peak of $1,112.
- Plenty of economic data is due out this week, including some previously delayed indicators.
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China Sees Unexpected Contraction in Manufacturing PMI
Investors are eyeing an unexpected contraction in factory activity data, with the RatingDog China General Manufacturing Purchasing Managers’ Index (PMI) falling to 49.9 for November, below expectations of 50.5. This reading followed the country’s Sunday factory activity reading of 49.2, which showed an eighth-straight contraction. Despite the banking sector dropping in response, Hong Kong’s Hang Seng and China’s Shanghai Composite each eked out a 0.7% gain. On the flip side, Japan’s Nikkei took a 1.9% hit and South Korea’s Kospi shed 0.2%.
European stocks are struggling today, all pointed lower as investors eyed U.S. rate-cut buzz and Ukraine peace deal progress. At last check, London’s FTSE 100 is down 0.2%, Germany’s DAX is 1.5% lower, and France’s CAC 40 is sporting a 0.8% deficit.
