5 things to know before the stock market opens on Tuesday, December 14

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

1. Wall Street drops after hot inflation data, ahead of Fed meeting

Shares rose in early trading Monday morning with investors looking at earnings results and retail sales.

(Photo by Spencer Platt / Getty Images)

US stock futures extended Tuesday’s decline after another hot inflation report. On the first day of Federal ReserveDuring a meeting scheduled to last the last two days of the year, the government said producer prices in November rose 9.6% year-on-year. That was the fastest speed on record and higher than expected.

  • Following last week’s stellar performance, tech stocks have come under pressure in the money markets after taking the lead Nasdaq down 1.4% on Monday. The index has completed 4% from its November 19 record close.
  • The S&P 500, which closed at a record Friday, losing nearly 1% to start the week.
  • Dow also down nearly 1% on Monday, push Average 30 shares 2% above the Nov. 8 close.

2. CNBC survey: Fed will stop buying assets in March, raise rates in June

3. Two studies reveal Pfizer Covid pill, effective vaccine against omicron

Pfizer said on Tuesday that the final analysis of its antiviral Covid pill still showing nearly 90% effective in preventing hospitalization and death in high-risk patients. Recent laboratory data also show that the drug remains effective against omicrons. No one in the trial treated with Pfizer died. In the results of a large study in South Africa published on Tuesday, Pfizer’s two-shot Covid vaccine provided 70% protection against hospitalization from the new variant. The study has been going on for several weeks since omicron was first published in November by scientists in South Africa and Botswana.

4. Senate votes on debt ceiling as Manchin keeps Biden spending unchanged

Senate are expected voted on Tuesday to raise the federal government’s $28.9 trillion debt ceiling, avoiding the risk of default later this month. Senate Republicans Want to Link Loan Limit Increases to the President Joe BidenThe proposed $1.75 trillion rebuilding better domestic spending bill, a measure they oppose.

Sen Democracy. Joe Manchin signaled that he’s still not ready to support his team’s Build Back Better plan. West Virginia Legislator talk to Biden on Monday, saying only that the president and he were “talking about different iterations” and that “anything could happen” when asked if they could strike a deal by Christmas. Are not.

5. Stocks on the move: GameStop, AMC, Apple, Tesla, Ford and MGM

  • Stock memes GameStop and AMC Entertainment pressured again. GameStop dropped nearly 14% to $136.88 on Tuesday, its lowest close since March. AMC fell 15% to $23.24, its lowest close since late May.
  • Apple fell slightly in money markets, a day after it nearly became a $3 trillion company, before the stock closed down 2%.
  • Tesla – up about 35% in 2021 – down 2% early Tuesday after CEO Elon Musk sold some other $906.5 million worth of stock.
  • Ford 2% off, affected by plans from Toyota invests 35 billion USD into battery electric vehicles, an area where Ford wants to establish a leadership position.
  • MGM . Resort 1% off the next morning said it would sell from the Mirage hotel and casino in Las Vegas to Hard Rock with more than $1 billion in cash.

– Reuters and the Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s Coronavirus Coverage. 5 things to know before the stock market opens on Tuesday, December 14

Emma James

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