First Read – December 2, 2024

S&P futures are currently lower by 0.10% while both NASDAQ and the Dow Jones are flat to start the week as markets continue to consolidate after the post-election rally. Not a whole lot driving sentiment this morning, though macro data will be in sharp focus with Friday’s monthly payrolls report set to inform the Fed’s thinking about whether to cut rates again on December 18th. A repeat of September’s blowout jobs report could kill all expectations for near-term rate cuts.

Highlights from today’s First Read:

• China posts its best official Manufacturing PMI reading since April. Europe sees further deterioration.
• US set to launch its “third crackdown in three years on China’s semiconductor industry”, curbing exports to 140 companies including chip equipment makers.
• Brick-and-mortar saw muted Black Friday sales this year. E-commerce sales surge.
• Notable Callout: B Riley provides a bullish earnings preview for Ooma (OOMA), with focus on the company’s AirDial boxes and 2600Hz wholesale UC platform.

Click HERE for the full report.