News of the day for Dec. 2, 2024
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. Here's what investors need to know today.
1. US Stock Futures Little Changed Following Strong November
U.S. stock futures are little changed to start December trading after hitting record highs to close out a holiday-shortened trading week. S&P 500 futures are 0.1% lower after the index produced its best month of 2024 in November . Dow Jones Industrial Average futures are essentially flat after the index hit another record high to end last week, while Nasdaq futures also are barely changed after finishing last week just shy of its own all-time high. Bitcoin ( BTCUSD ) is 2% lower and trading around $95,000, while the 10-year Treasury note yield is up slightly at about 4.21%.
2. Stellantis Stock Tumbles After CEO Resigns
Stellantis ( STLA ) stock is down more than 8% in premarket trading after the struggling Jeep and Chrysler parent on Sunday announced it had accepted the resignation of Chief Executive Officer (CEO) Carlos Tavares, effective immediately. The Netherlands-based Stellantis, whose shares have plummeted 43% this year entering Monday, said a process to name a permanent CEO "is well under way" and "will be concluded within the first half of 2025." The company will be led in the meantime by an interim executive committee headed by board chair 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. The movie's box office receipts easily surpassed the $125 million to $135 million analysts had estimated for the sequel to 2016's Moana . 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 . The temporary walkouts are designed to pressure management during the negotiations, with work stoppages coming at all but one of the VW’s German plants, according to Bloomberg. VW shares reversed course in German trading and now are slightly higher.
5. Online Sales Help Push Black Friday Spending Higher
Preliminary data from Mastercard ( MA ) SpendingPulse indicated that U.S. retail sales on Black Friday were 3.4% higher than those on the massive shopping day in 2023. The increase primarily was due to online retail sales, which surged by 14.6%, compared with 0.7% for in-store sales, Mastercard said. Shares of retail giants Walmart ( WMT ), Target ( TGT ), and Amazon ( AMZN ) are all slightly higher in premarket trading.
