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U.S. stock futures are little changed to start December after the S&P 500 and the DJIA ended last month at record highs; Stellantis (STLA) stock is tumbling in premarket trading after its CEO steps down; Disney’s (DIS) Moana 2 sets box office records; Volkswagen workers strike in Germany; and Mastercard (MA) says Black Friday retail sales rose 3.4% from last year. Investors need to be aware of the following today.
1. US stock futures little changed following strong November
U.S. Stock Futures remain unchanged to open December’s trading, after reaching record highs at the end of a trading week that was shortened by holidays. S&P 500 futures are 0.1% lower after the index produced its best month of 2024 in November. Dow Jones Industrial Average (DJIA) futures remain largely unchanged after hitting another record-high to close last week. Nasdaq’s futures, meanwhile, are also insignificantly changed after closing last week only a few points short of the all-time high. Bitcoin (BTCUSD), which is trading at around $95,000 is down 2%, and the yield on 10-year Treasury notes is slightly higher.
2. Stellantis Stock Drops Following CEO Resignation
Stellantis stock (STLA) is trading down by more than 8 percent in the pre-market after the parent company of Jeep and Chrysler, which has been struggling for years to find a solution to its problems announced Sunday it would accept the resignation from Chief Executive (CEO), Carlos Tavares. The move will take effect immediately. Stellantis in the Netherlands, whose stock has fallen 43% so far this year, as of Monday, announced a search for a new permanent CEO “is well under way” You can also find out more about the following: “will be concluded within the first half of 2025.” In the interim, the company will be run by an executive committee led by John Elkann.
3. Disney's 'Moana 2' Sets Box Office Records
Shares of The Walt Disney Co. (DIS) are edging higher in premarket trading after the media giant’s film Moana 2 registered the highest five-day opening of all time, the company said, making an estimated $221 million domestically between Wednesday and Sunday. Analysts had predicted that the movie would gross between $125 and $135 million. Moana 2, the sequel from 2016, has easily outperformed those estimates. Disney’s movies now make up the top three openings this year in the U.S., with Moana 2 joining Inside Out 2 and Deadpool & Wolverine.
4. Volkswagen Workers Strike Over Automaker's Cost-Cutting Plans
Workers at German automotive giant Volkswagen staged strikes on Monday as labor leaders and management failed to reach agreements on how the company can significantly cut costs. Bloomberg reports that the temporary work stops are intended to put pressure on management in the negotiation process. VW shares have reversed their course and are now slightly higher in German trade.
5. Black Friday sales are boosted online
The preliminary data of Mastercard’s SpendingPulse indicates that U.S. Retail Sales on Black Friday in 2023 will be 3.4% more than they were on Black Friday this year. Mastercard reported that the increase was largely due to an increase in online retail sales of 14.6% compared to 0.7% on-site sales. In premarket trading, shares of Walmart (WMT), Target(TGT),and Amazon (AMZN are slightly higher.
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