US futures are fighting to open flat ahead of the Fed’s final meeting tomorrow through Wednesday. The market widely expects no change in interest rates. But the S&P 500 (SPY) is up 20.3% in 2023 and up 5.25% in only a month.
In technology, Oracle (ORCL) and Adobe (ADBE) will post quarterly results. Retailer Costco (COST), whose business thrives from membership fees to offset inflationary pressures, will report results this week.
Overseas, China’s CSI 300 is struggling at the 3,400 support zone. It posted consumer prices falling by 0.5% Y/Y in November, worse than the 0.2% drop in Oct. Its CPI has not fallen this fast since November 2020. Watch out for ETFs like KWEB, CWEB, and YINN falling from here.
Nasdaq removed Chinese retailer JD.com (JD) from the Nasdaq 100 index. JD stock is down 3.82% in pre-market trade. The index removed Lucid Group (LCID), sending the stock down by over 5%. Zoom Video (ZM) is down 3% after the index change. The removal of those stocks is effective December 18, 2023.
The shopping mall sector is up after Macy’s (M) received a $5.8 billion go-private offer. Arkhouse Management and Brigade Capital are reportedly submitting a bid to buy the remaining shares they do not own. M stock is up 14.66%, after rising as much as 20%. Be wary of the mall stock rally. Further buyout deals are unlikely.