December S&P 500 futures (ESZ22) are trending up +0.15% this morning after three major US benchmark indices finished the regular session mixed in unsteady trading as market participants awaited a key speech from Federal Reserve Chair Jerome Powell for further clues into the path of future rate hikes. The S&P 500 and the NASDAQ Composite indexes were weighed down primarily by losses in the Technology, Utilities, and Consumer Services sectors, while the Dow added 3 points mainly due to gains in the Oil & Gas, Financials, and Basic Materials sectors.

In Tuesday’s trading session, Apple (AAPL) lost over -2%, extending its Monday's losses as investors continued to worry about the impact of a COVID-related hit at the world's largest iPhone factory in China. In addition, the data showed that U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.

Today, market participants will look to Fed Chair Jerome Powell's speech at the Brookings Institution event for further clues about the path of future interest rate hikes. 

"Investors are hedging against what could be a hawkish reiteration of his press conference comment. That could cast some cold water over recent market rallies," said Mark Luschini, a chief investment strategist at Janney Montgomery Scott in Philadelphia.

Meanwhile, U.S. rate futures have priced in a 67.5% chance of a 50 basis point rate increase and a 32.5% chance of a 75 basis point hike at December's monetary policy meeting. 

Also, all eyes are focused on the U.S. ADP Nonfarm Employment Change data in a couple of hours. Economists, on average, forecast that November ADP Nonfarm Employment Change will stand at 200K, compared to the previous value of 239K.

In addition, investors are likely to focus on the U.S. GDP data, which was at -0.6% q/q in Q2. Economists foresee the third-quarter preliminary figure to be +2.7% q/q.

U.S. JOLTs Job Openings data will be reported today. Economists foresee this figure to stand at 10.300M in October, compared to the previous value of 10.717M.

U.S. Pending Home Sales data will come in today. Economists expect October's figure to be -5.0% m/m, compared to the previous number of -10.2% m/m.

U.S. Crude Oil Inventories data will be reported today as well. Economists estimate this figure to be -2.758M, compared to the last week’s value of -3.691M.

In the bond markets, United States 10-Year rates are at 3.742%, down -0.16%.

The Euro Stoxx 50 futures are up +0.61% this morning as investors digested a spate of economic data, including the Eurozone CPI reading for November. However,the sentiment remainsfragile amid uncertainty over China’s COVID policies and the upcoming speech by Federal Reserve Chairman Jerome Powell. 

Eurozone inflation has been reported at +10.0% y/y in November, down from +10.6% y/y the prior month, demonstrating a clear downside trajectory. However, ECB President Christine Lagarde warned on Monday that she doesn’t think inflation has peaked yet.

Eurozone Core CPI (preliminary), France's Consumer Spending, France's CPI (preliminary), France's GDP (preliminary), Germany's Unemployment Change, Germany's Unemployment Rate, and Italy's CPI (preliminary) data were also released today.

Eurozone November Core CPI stood at +5.0% y/y, in line with expectations.

The French October Consumer Spending came in at -2.8% m/m, weaker than expectations of -0.6% m/m.

The French CPI was at +6.2% y/y, in line with expectations.

The French GDP stood at +0.2% q/q in the third quarter, in line with expectations.

The German November Unemployment Change came in at 17K, weaker than expectations of 13K.

The German November Unemployment Rate stood at 5.6%, weaker than expectations of 5.5%.

The Italian November CPI was +11.8% y/y, stronger than expectations of +11.3% y/y.

Asian stock markets closed mixed today. China’s Shanghai Composite Index (SHCOMP) closed up +0.05%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.21%.

China’s Shanghai Composite today closed higher as investors mainly ignored data that revealed business activity in the country shrank at a faster-than-expected pace in November, highlighting the continued economic toll of the zero-COVID policy. Chinese stocks notched solid gains on Tuesday amid rumors that Beijing plans to scale back the zero-COVID strategy, but authorities have so far given no such indication. Most analysts expect reopening to be slow, weighing heavily on the economy into 2023.

At the same time, Japan’s Nikkei 225 Stock Index closed lower after industrial production data stood at -2.6% m/m in October, weaker than expectations of -1.5% m/m, indicating continued pressure on the economy from rising inflation and a weak yen. The index's downward momentum was fueled by losses in the Paper & Pulp, Machinery, and Automobiles & Parts sectors. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed up 0.97% to 18.71.

Pre-Market U.S. Stock Movers

Horizon Pharma PLC (HZNP) jumped over +32% in pre-market trading after the company confirmed that it was in "highly preliminary" takeover talks with Amgen, Janssen Global Services, and Sanofi.

Crowdstrike Holdings Inc (CRWD) plunged about -20% in pre-market trading after the company reported upbeat Q3 results but provided a weaker-than-expected Q4 sales forecast.

Palo Alto Networks Inc (PANW) dropped about -3% in pre-market trading on CrowdStrike's weaker-than-expected Q4 sales outlook. 

Ast Spacemobile Inc (ASTS) slid more than -6% in pre-market trading after the company announced the launch of a public offering of $65M of its Class A common stock.

Hewlett Packard Enterprise Co (HPE) rose about +2% in pre-market trading after the company reported solid Q4 earnings and provided a favorable Q1 outlook.

You can see more pre-market stock movershere

Today’s U.S. Earnings Spotlight: Wednesday - November 30th

Salesforce Inc (CRM), RBC (RY), AIA Group (AAIGF), AIA ADR (AAGIY), Diageo ADR (DEO), Prudential Public ADR (PUK), Synopsys (SNPS), Snowflake (SNOW), BAE Systems PLC (BAESY), Hang Seng Bank (HSNGY), Hormel Foods (HRL), National Bank of Canada (NTIOF), CK Hutchison ADR (CKHUY), Techtronic Industries ADR (TTNDY), Ke Hldg (BEKE), Li Auto (LI), Polyus ADR (OPYGY), Surgutneftegaz ADR (SGTZY), Tatneft ADR (OAOFY), Bank Hapoalim ADR (BKHYY), Siemens Gamesa ADR (GCTAY), CK Infrastructure ADR (CKISY), Splunk (SPLK), Brambles ADR (BXBLY), Absa ADR (AGRPY), Koc Holdings AS (KHOLY), ASX ADR (ASXFY), Pure Storage Inc (PSTG), Five Below (FIVE), Okta (OKTA), Legend Bio (LEGN), Ayala ADR (AYALY), Donaldson (DCI), Nedbank Group Ltd (NDBKY), Xpeng (XPEV), Nutanix (NTNX), Allkem (OROCF), BRP Inc (DOOO), Elastic (ESTC), PVH (PVH), UOL ADR (UOLGY), Box Inc (BOX), Victoria's Secret Co (VSCO), Manchester United (MANU), Lend Lease (LLESY), Frontline (FRO), Leslies (LESL), Hysan Development Co (HYSNY), Hysan Development Co (HYSNY), Eve Holding (EVEX), Burford (BUR), Gabelli Dividend & Income Closed (GDV), Semtech (SMTC), Compass Minerals (CMP), Seadrill Ltd (SDRL), Eaton Vance Tax Managed Buy Write (ETV), Agile ADR (AGPYY), Shanghai Industrial ADR (SGHIY), La-Z-Boy (LZB), John Wood (WDGJF), Eaton Vance Enhanced Equi II Closed (EOS), Renren (RENN), Gorilla Tech (GRRR), Belite Bio ADR (BLTE), Cornerstone Strategic Return (CRF), Titan Machinery (TITN).

• Stocks Modestly Lower as Higher Bond Yields Weigh on Tech
• Long Call Options for AMC Entertainment (AMC) Intrigues But a Better Idea Exists
• Apple’s Buybacks Boost the Stock's Attractiveness
• Stocks are Moderately Lower & Oil is Moving Higher