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Futures

S&P 500 Futures Near Flat After Index Hits Record Highs

2024-12-02

Stock futures play a crucial role in predicting market trends. On Monday night, they were near flat despite the S&P 500 achieving an all-time closing high in December's trading month. S&P 500 futures and Nasdaq 100 futures remained close to their flatlines, while Dow Jones Industrial Average futures lost 26 points or around 0.1%. This follows a mixed session on Wall Street where both the broad S&P 500 and technology-heavy Nasdaq Composite closed at records after hitting fresh intraday highs. However, the Dow ended more than 100 points or about 0.3% lower, even though it briefly topped the closely watched 45,000 level during the day.

Key Data Releases and Their Implications

Investors are closely watching Tuesday's October jobs report as it is the first in a series of data releases expected this week, providing insights into the strength of the labor market. The main event will be Friday's November payrolls report. This data arrives ahead of the Federal Reserve's policy meeting on Dec. 17-18. Fed funds futures currently price in a nearly 75% probability of a central bank interest rate cut during the policy gathering, according to CME's FedWatch Tool. "Labor is very important," said Sam Stovall, chief investment strategist at CFRA Research. "But we should not see anything that would upend investors' expectations that the Fed will cut rates again in December." Traders will also monitor Tuesday speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee slated for the afternoon.

Analysis of the Federal Reserve's Role

The New York Fed is uniquely important in the Federal Reserve as it implements monetary policy for the Federal Open Market Committee, acts as the main agent for the central bank to intervene in the currency market, and its president is a permanent member of the FOMC. New York Federal Reserve President John Williams said on Monday that there is more work to be done on the battle against inflation. "Inflation remains above our 2% longer-run target, and it will take some time to achieve our inflation goal on a sustained basis," he said. However, he also mentioned that there are "reasons to be confident" that inflation will hit 2% on an annualized basis. Fed Governor Christopher Waller had previously said he was expecting another interest rate cut at the central bank's next policy meeting scheduled for later this month, but he was concerned about recent inflation trends.

Bond Market's Impact on Stocks

One corner of the bond market is flashing a bullish signal for stocks, according to Jason Hunter, head of technical strategy at JPMorgan. The 10-year breakeven inflation rate is contained within a range below 2.40% and 2.50%, suggesting that inflation fears are contained and is a positive signal for the stock market. "You're already starting to see that broadening and the breadth start to expand," Hunter said. He expects the next big upside target for the S&P 500 late this year or early next to be 6,195. The broad market index was last hovering below 6,050. He is positive on the S&P 500 Equal Weight and Russell 2000.

After-Hours Stock Movements

These are some of the stocks moving in after-hours trading on Monday. Tesla, the electric vehicle maker, slipped 1.7% after a Delaware judge denied the reinstatement of CEO Elon Musk's $56 billion pay package. The judge upheld her prior ruling on the case. Zscaler, the cloud security stock, dropped 7.2% as guidance for the fiscal second quarter disappointed investors. Zscaler sees adjusted earnings ranging from 68 cents to 69 cents per share, roughly in line with analysts' forecasts. Credo Technology Group, the technology stock, surged 32.8% after the company topped earnings expectations and posted strong guidance for current-quarter revenue. Credo reported 7 cents per share, excluding items, on $72 million in revenue for the second fiscal quarter. Analysts had forecast earnings of 5 cents per share and revenue of $67 million.

Overall Market Outlook

Even global investors are preferring U.S. equities over their international counterparts, according to Morgan Stanley. The firm's global director of research cited recent conversations with investors at an Asia Pacific summit. "Overall, we expect a balanced earnings recovery across sectors, supported by favorable conditions such as subdued interest rates and broadening EPS growth," the bank wrote in a note from Sunday. The bank added that it is currently overweight financials in the U.S., citing "anticipated earnings improvement, accelerating capital markets activity, and potential regulatory relaxations post-election." On the other hand, high price levels and interest rates have contributed to an underweight within the U.S. consumer goods sector.

In a high-stakes legal battle that spanned seven years and a three-week trial, a Miami state court jury has delivered a significant verdict. The case revolved around a $54 million dollars-to-bolivares currency transaction where Susan Rammelt was accused by lawyer Fernando Lauria of leading an elaborate Ponzi scheme. Dentons, along with Rammelt, was facing fraud and malpractice charges.

Miami Court Clears Dentons and Rammelt in Complex Currency Transaction

Overview of the Allegations

The initial complaint brought by Lauria, Cines Unidos, and Philip Henriquez alleged that Dentons, Rammelt, Digold Overseas, Bentley Legal, Henry Dabrowski, and Angel Martinez-Higueras had stolen millions through an elaborate scheme. It was claimed that the defendants Quiros and Dabrowski approached the plaintiffs, stating that Digold Overseas wanted to obtain promissory notes denominated in Venezuelan bolivars and was willing to purchase them at a favorable rate in US dollars. The plaintiffs were then to deposit the Venezuelan bolivars into a bank account under the defendants' control. This deposit was supposed to generate a promissory note and a right to repayment, with the defendant buying the loan in US dollars. However, the complaint stated that the defendants failed to issue the promissory notes, failed to purchase the right to repayment, and refused to return the plaintiffs' money. 1: The situation was complex and involved multiple parties. The plaintiffs had followed the agreement by depositing the funds as required, but the defendants' actions led to a breach of trust. This case brought to light the importance of proper financial transactions and the need for accountability. 2: The allegations against Dentons and Rammelt were serious, and the outcome of the trial was eagerly awaited. The legal battle had significant implications for both the defendants and the plaintiffs, as well as the reputation of the legal system.

The Role of the Jury

After seven years of litigation and a three-week trial, the Miami jury took three hours to reach a verdict. Dentons and its former partner Rammelt were represented by Jorge Piedra, Tal Lifshitz, Detra Shaw-Wilder, and Rasheed Nader of Kozyak Tropin & Throckmorton. They presented a strong defense, arguing that the plaintiffs were trying to use Rammelt as a scapegoat for the decision to engage in an obviously risky transaction using other people's money. 1: The jury carefully considered the evidence presented by both sides. They listened to the arguments and testimonies of witnesses, including the plaintiffs who had testified as witnesses after their cases had been resolved. The jury's decision was a result of their thorough deliberation. 2: The jury's role in this case was crucial in determining the fate of Dentons and Rammelt. Their verdict not only affected the individuals involved but also sent a message about the importance of due process and the fair treatment of defendants in complex legal cases.

The Findings of the Jury

The jury sided with Piedra's argument and found that Digold, through Quiros and Dabrowski, had made a false statement to the plaintiff concerning a material fact and aided and abetted a breach of fiduciary duty. However, Rammelt and Dentons were found not liable, indicating that they had no knowledge of the wrongdoing and did not assist in any way. 1: This finding was significant as it separated the actions of Digold from those of Dentons and Rammelt. It showed that the jury was able to distinguish between the different parties involved and make a fair determination based on the evidence presented. 2: The jury's decision provided closure for Dentons and Rammelt, who had been facing serious accusations. It also highlighted the importance of proving guilt beyond a reasonable doubt in complex legal cases.

В современном мире мы сталкиваемся с рядами сложных проблем, и одна из них - это использование государственных льгот на электроэнергию для майнинга. Москва, 3 декабря - это важное время, когда мы должны обратить внимание на эту проблему.

Таглайн: "Состояние льгот на электроэнергию для майнеров - угроза экономике и общества"

Ситуация в России

Член комитета Госдумы по энергетике Борис Гладких («Единая Россия») отправил вице-премьеру Татьяне Голиковой письмо с предложением отменить льготные тарифы на электроэнергию для людей, занимающихся майнингом. Копия письма доступна в распоряжении ТАСС. В документе предлагается внести изменения в законодательство, исключив возможность получения льготного тарифа или субсидий на оплату жилищно-коммунальных услуг для тех, кто занимается майнингом, хотя они имеют право на такие льготы.

В последние годы наблюдается заметный рост интереса к криптовалютам и майнингу. Некоторые люди используют государственные льготы на электроэнергию, что приводит к экономическим потерям и социальным последствиям. Это является серьёзным вопросом, требующим внимания правительства.

Поправки в законодательстве

Гладких подчеркнул важность внесения изменений в законодательство, чтобы решить эту проблему. Он уверен, что такие меры будут полезны не только для экономики, но и для общества в целом.

Существует необходимость создать более строгие правила и регулирования в отношении использования льгот на электроэнергию для майнинга. Это поможет защитить интересы всех граждан и обеспечить правильное использование государственных ресурсов.

Постановление правительства

Ранее стало известно, что правительство Российской Федерации намерено установить запрет на майнинг криптовалюты в осенне-зимний период до 2031 года в Иркутской области, а также в некоторых районах Бурятии и Забайкальского края. Это шаг в правильном направлении, но нам ещё нужно продолжать бороться с этой проблемой.

Майнинг криптовалюты требует значительных ресурсов и может привести к негативным последствиям для окружающей среды и экономики. Поэтому правительство должно продолжать вносить изменения в законодательство и бороться с несанкционированным майнингом.