5 Things To Know Before The Stock Exchange Opens On Wednesday 24 November

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

1. Dow futures fall, bond yields rise ahead of the holidays

A trader during a Sweetgreen initial public offering (IPO) in front of the New York Stock Exchange (NYSE) in New York on Thursday, November 18, 2021.

Michael Nagle | Bloomberg | Getty Images

2. The lowest rate of initial claims for unemployment benefits since 1969 shows data congestion.

  • An hour before the first call, the government said the number of initial jobless claims had fallen to 199,000, the first time below 200,000 during the Covid and a figure unseen since November 15, 1969, when the total number of jobless claims was 197,000.
  • Revised 2.1% third-quarter gross domestic product growth was slightly above the previous figure, but slightly below forecasts.
  • Durable goods orders fell 0.5% in October. Economists had expected 0.3% growth.
  • At 10 a.m. ET, investors receive printouts of personal income and spending for October, as well as the Federal Reserve’s favorite inflation indicator: the Basic Personal Consumption Expenditure Price Index.
  • October new home sales data and final consumer sentiment data for November will also be released.

3. Shares of Gap and Nordstrom will suffer from a mismatch in earnings estimates.

A pedestrian walks past the closed GAP flagship store on August 18, 2020 in San Francisco, California.

Justin Sullivan | Getty Images

4. Elon Musk is selling more than $ 1 billion worth of Tesla shares.

Maya Hitage | Getty Images News | Getty Images

Tesla fell about 1% in premarket Wednesday, a day after regulations showed that CEO Elon Musk exercised options to buy 2.15 million shares of the electric vehicle maker and sold 934,091 shares worth just over $ 1 billion. Since his November 6 Twitter poll in which he asked if he should sell shares, Musk has unloaded 9.2 million shares worth $ 9.9 billion. Most of the people who took part in the survey said he should sell. Tesla shares, which went through a tough period earlier this month, have more than doubled in the past year. The market value of the shares remained above $ 1 trillion.

5. Biden intends to make another choice for the position of director of the White House budget.

US President Joe Biden announces the release of 50 million barrels of oil from the US Strategic Oil Reserve as part of a coordinated effort with other major economies to curb rising gas prices, delivering notes on the economy and “price cuts” during a speech in the South Court Hall of the Office Building Eisenhower at the White House in Washington, USA, November 23, 2021

Evelyn Hawkstein | Reuters

The president Joe Biden will appoint Shalanda Young as director of the White House’s Office of Governance and Budget. according to media reports… Currently acting director of the OMB, Young is due to be confirmed by the Senate for this post. Biden’s first candidacy for the position, Nira Tanden, was pulled back in March after facing stiff opposition over tweets that upset lawmakers. Young, a former Capitol Hill employee, will become the first black woman to head the budget department.

– Reuters contributed to this report. Monitor all market activities like a pro. CNBC Pro… Get the latest news on the pandemic with CNBC Coronavirus Coverage… “5 Things” returns on Monday.

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