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5 things to know before the stock market opens on Wednesday November 24

Here are the most important news, trends and analysis investors need to start their trading day:

1. Wall Street looks down as tech stocks come under pressure again

A trader during Sweetgreen’s initial public offering (IPO) outside the New York Stock Exchange (NYSE) in New York on Thursday, November 18, 2021.

Michael Nagle | Bloomberg | Getty Images

Dow futures fell about 150 points on Wednesday as investors brace themselves for a host of economic numbers, while grappling with profit losses that crushed Gap and Nordstrom shares in the pre- market and Covid concerns in Europe, with Germany on the verge of deciding on more stringent mitigation measures, including possible full containment and a vaccination mandate.

  • The Nasdaq fell 0.5% on Tuesday, its second consecutive day of decline as tech stocks were under pressure again.
  • The Dow’s 194 point gain, or nearly 0.6%, put the 30-stock average on a two-session winning streak.
  • The S&P 500’s 0.17% advance broke a two-day decline.
  • The Nasdaq and Dow Jones were within 2% of their record close on November 19 and 8, respectively. The S&P 500 was 0.3% off its record close on November 18.

2. There is a ton of economic data before Thanksgiving

The economic calendar is overflowing on Wednesday, one day before the market closes for Thanksgiving. The stock market closes early Friday. At 8:30 a.m. ET, one hour before Wednesday’s opening bell, the government will release data on weekly initial jobless claims, October durable goods orders and revised third quarter gross domestic product. At 10 a.m. ET, investors will receive impressions of October’s personal income and spending as well as the Federal Reserve’s favorite inflation indicator: the Basic Personal Consumption Expenditure Price Index. October new home sales and final November consumer confidence figures are also expected.

3. Gap and Nordstrom stocks suffer after flawed earnings estimates

A pedestrian walks past the closed GAP flagship store on August 18, 2020 in San Francisco, California.

Justin Sullivan | Getty Images

Gap shares fell 20% on Wednesday before marketing, while Nordstrom shares plunged 25%, the morning after both retailers reported earnings that beat expectations. Gap reduced its outlook for the full year as third quarter results were affected by Covid-related plant closures which resulted in significant production delays. At Nordstrom, labor costs took a toll on quarterly profits and sales, and its Nordstrom Rack business struggled to return to pre-pandemic levels. The department store operator reaffirmed its full-year revenue outlook, even as rivals bolstered forecasts from Macy’s and Kohl’s.

4. Elon Musk sells more Tesla shares, worth over $ 1 billion

Maja Hitij | Getty Images News | Getty Images

Tesla fell about 1% during pre-market on Wednesday, a day after regulatory documents showed CEO Elon Musk exercised options to buy 2.15 million shares of the electric vehicle maker and sold 934,091 shares worth just over $ 1 billion. Since his Twitter poll on November 6, asking if he should sell shares, Musk has offloaded 9.2 million shares worth $ 9.9 billion. A majority of people who took the survey said it should sell. Tesla shares, which had a rough time earlier this month, have more than doubled in the past year. The stock remained above a market value of $ 1,000 billion.

5. Biden to make another choice for White House budget director

US President Joe Biden announces the release of 50 million barrels of oil from the United States Strategic Petroleum Reserve as part of a coordinated effort with other major economies to help mitigate soaring gas prices making remarks on the economy and “falling prices” during a speech in the South Court Auditorium of the Eisenhower Executive Office Building at the White House in Washington, United States, November 23, 2021.

Evelyne Hockstein | Reuters

President Joe Biden will appoint Shalanda Young as director of the White House’s Office of Management and Budget, according to media reports. Currently acting director of the OMB, Young must be confirmed by the Senate for the post. Biden’s top pick for the job, Neera Tanden, withdrew from the review in March after meeting stiff opposition over tweets that upset lawmakers. Young, a former Capitol Hill employee, would be the first black woman to head the budget office.

– Reuters contributed to this report. Follow all market actions like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.

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