After the S&P 500 (SPY) returned 8.62% in November, futures edged slower in pre-market trade. The market buying momentum relied on hopes of a rate cut. Traders ignored Fed Chair Powell’s warning that rates will not fall yet. Markets will watch the job opening report (JOLTS) on Tuesday, the ADP report on Wednesday, and the payrolls report on Friday.
In the tech sector, Spotify (SPOT) reminded markets that job cuts are ongoing. The music streaming service will cut around 17% of its staff to reduce costs. Its cost structure is still too high.
Ride-hailing firm Uber (UBER) added 5% after the S&P 500 will add it to the index before markets open on December 18.
Bitcoin (BTC-USD) gained another 6% and is now at a new peak of $41,700 for the year. Short-sellers who bet against Coinbase (COIN) with a 14.46% short float will lose today: COIN stock is up ~ 10%. The renewed euphoria for the sector lifted Marathon Digital, up by 14.6%, and Bit Digital (BTBT), up by as much as 13%.
Alaska Air (ALK) announced over the weekend that it would buy Hawaiian Airlines (HA) for ~ $1.9 billion in cash, including its debt. ALK stock dropped by 12.66%.
