Stock futures are little changed after the S&P 500's best week of 2023: Live updates
U.S. equity futures were flat on Monday following a strong performance during the previous week. Futures tied to the Dow Jones Industrial Average rose slightly, while S&P 500 futures and Nasdaq 100 futures also saw minimal gains. Last week, all three major averages had their best week of the year so far, with the Dow up 5.07%, the S&P 500 up 5.85%, and the Nasdaq Composite up 6.61%. Several factors contributed to the market's positive performance, including oversold conditions, strong earnings, hopes for an end to the Federal Reserve's rate-hiking campaign, and a pullback in interest rates. A soft jobs report and seasonal tailwinds in November have also given a boost to the market. As earnings season winds down, investors are awaiting updates from companies like Walt Disney, Wynn, MGM Resorts, Occidental Petroleum, and D.R. Horton. Additionally, Federal Reserve Chair Jerome Powell is scheduled to speak twice this week, and investors are hoping for further clarity on the central bank's rate policies.
Telecom and internet services are down in Gaza again; Netanyahu says no ceasefire until hostages released: Live updates
Ukrainian President Volodymyr Zelenskyy has suggested that the ongoing conflict between Israel and Hamas plays into Russia's hands by diverting attention away from Ukraine. Zelenskyy claimed that Russia is happy with the war as it wants to divide the world's focus and shift attention away from its own siege of Ukraine. He also warned that Russia's stance on the Israel-Hamas conflict could be an indication of how the conflict may spread to other parts of the Middle East. Zelenskyy expressed concerns that Russia could take advantage of the instability in the region and make it a target of invasion, much like it did with Ukraine. The conflict also raises concerns for Ukraine's financial support from the US, as American lawmakers are divided on whether to continue funding Ukraine while it has another ally at war. Zelenskyy stressed the importance of US support in the coming year and warned against reducing Ukrainian resources, stating that this would serve Russia's goal of destabilizing Europe.
South Korea stocks surge more than 5% for best session since March 2020 after short-selling ban
South Korean stocks experienced a significant surge following the announcement that financial authorities will be re-imposing a ban on short-selling until June 2024. Short-selling involves selling borrowed shares to repurchase at a lower price and make a profit. The ban applies to all listed stocks on the Kospi, Kosdaq, and Konex. While restrictions were lifted in May 2021 for trades involving large-cap companies, this move seeks to address the perceived imbalance between organizations and individual investors. The Kospi rose by 3.93%, while the Kosdaq saw an even larger increase of 5.88%. The ban comes after the South Korean stock market watchdog disclosed that two Hong Kong-based investment banks had engaged in naked short-selling, which involves shorting a security without borrowing it first. It is expected that these findings will result in record fines.