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5 things you need to know before the fair opens on Tuesday 23 November

bynewsdesk
November 23, 2021

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Here are the key news, trends and analysis investors need to start their trading day:

1. Wall Street looks stable after tech stocks crash

Traders work on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.

Spencer Platt | Getty Images

US stock futures were relatively flat on Tuesday, with technology stocks coming under some pre-market pressure as bond yields moved higher. The tech-heavy Nasdaq took the brunt of Monday’s sale as 10-year yields rose to about 1.63% following President Joe Biden’s reappointment of Jerome Powell as Federal Reserve chairman. Wall Street initially outperformed after Powell’s announcement, with the Nasdaq and S&P 500 hitting all-time highs intraday before falling 1.26% and 0.3%, respectively. The Dow rose more than 300 points at one point before giving up most of those gains towards the end. The average of 30 stocks remained more than 2% from the record highs of November 8.

2. US, other countries will tap their strategic oil reserves

Bloomberg | Bloomberg | Getty Images

The US announced on Tuesday that it will tap into its strategic petroleum reserve as part of a global effort by energy-consuming countries to calm the rapid rise in fuel prices this year. The coordinated release by the US, India, China, Japan, South Korea and the UK is a first of its kind. It is designed to halt rising energy prices after OPEC and its allies rejected repeated calls from the US and other countries to pump faster to meet rising demand. Biden faces low approval ratings, in part due to high prices for gasoline and other consumer goods during the economic recovery from the pandemic.

3. White House Says US Won’t Use Lockdowns to Fight Covid

Jeff Ziess, White House Covid-19 Coordinator, speaks at a press conference at the White House on April 13, 2021.

Leigh Vogel | Bloomberg | Getty Images

The Biden Administration has no plans to curb future Covid spikes using a nationwide lockdown, Jeff Zients, White House coronavirus response coordinator, said at a briefing Monday. The federal government would instead rely on vaccines and therapies to preserve the land, he said. Covid cases in the US reached a plateau of between 70,000 and 75,000 per day for nearly three weeks from late October. They have recently been pushed back up to the mid-90,000-a-day range. Zients’ comments came as Austria began its fourth nationwide lockdown and the Netherlands imposed a partial lockdown as the number of infections rose across Europe.

4. Zoom stocks fall as revenue growth continued to slow

Zoom founder Eric Yuan speaks before the Nasdaq opening bell ceremony on April 18, 2019 in New York City.

Affected by Betancur | Getty Images

Shares of Zoom Video Communications fell more than 10% in Tuesday’s premarket, the morning after the company reported an ongoing slowdown in revenue growth due to explosive activity in the early days of Covid. Revenue of $1.05 billion in the most recent quarter ended Oct. 31 exceeded estimates, growing 35% from a year earlier. The previous quarters saw 54% and 191% annualized sales growth respectively. For the next quarter, the company sees a turnover growth of 19%. For the October quarter, Zoom beat earnings estimates and moved higher for the next quarter.

5. Best Buy, Urban Outfitters Shares Sinking at Higher Cost

An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.

Paul Hennessy | SOPA images | Light Rocket | Getty Images

Best Buy fell about 14.5% in Tuesday’s premarket as investors worried about rising shipping costs and weaker demand for consumer electronics. Before the bell, the company reported quarterly results and revenue that exceeded estimates. However, analysts are concerned that Best Buy could see a tough combination in the coming year as consumers shift spending to other areas, such as travel and entertainment.

PASADENA, CA – MAY 22: Exterior view of Urban Outfitters’ signage is on display on May 22, 2021 in Pasadena, California. (Photo by RBL/Bauer-Griffin/GC Images)

RBL/Bauer-Griffin | GC images | Getty Images

Urban Outfitters fell 10.5% in premarket trading after the retailer’s last quarter reflected a shift to more online sales, driving up costs due to higher delivery costs and higher wages in its distribution and fulfillment centers. Still, Urban Outfitters on Monday reported earnings per share and revenue that exceeded expectations.

Correction: Zoom Video Communications expects revenue growth of 19% for the fiscal fourth quarter. An earlier version misrepresented the figure.

— Reuters contributed to this report. Follow all market actions like a pro CNBC Pro. Get the latest news about the pandemic with CNBC’s Coronavirus Coverage.

Sources

1/ https://Google.com/

2/ https://www.cnbc.com/2021/11/23/5-things-to-know-before-the-stock-market-opens-tuesday-nov-23.html

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