S&P 500 futures are 0.6% above fair value; the Nasdaq 100 futures are 0.6% above fair value; and the DJIA futures are 0.4% above fair value
Key factors driving the futures market:
Hopeful anticipation that the November Producer Price Index will show improved inflation data
Gains in the mega-cap stocks (GOOG, MSFT, AAPL, TSLA, META, and NVDA) in pre-market trading
Goldman Sachs names Microsoft (MSFT) a Top Pick for 2023
IMF and World Bank express concerns about weakening global economic outlook, according to Bloomberg
Arizona Senator Kyrsten Sinema announces she is leaving Democratic Party and will register as an independent. Her move is not likely to change the balance of power in the Senate, according to CNN.
The U.S. will soon impose sanctions on Russia and China for human rights violations, according to The Wall Street Journal
Workers at General Motors (GM) battery plant vote to form a union, according to The Wall Street Journal
Tesla (TSLA) will suspend Model Y output at Shanghai plant during last week of 2022, according to Reuters
Sam Bankman-Fried says he is willing to testify at House hearing on Tuesday, December 13
China's November CPI +1.6% year-over-year versus +2.1% in October; November PPI -1.3% year-over-year versus -1.3% in October
Brokerage research calls of note:
Upgrades: DOCU, MOMO, JAZZ, NFLX, NHI, NYCB, PHR, VALE
Downgrades: AA, CVNA, COIN, EQH, FIS, GMS, IOVA, MET, MRTX, NRG, PACW, PEB, SHO, CURV, UBS, XHR
WTI crude futures +0.6% to $71.85/bbl; nat gas futures +0.3% to $5.98/mmbtu; copper futures -0.2% to $3.88/lb.
2-yr note yield -6 bps to 4.26% and 10-yr note yield -2 bps to 3.47%
The U.S Dollar Index is down 0.1% to 104.65
Today's economic data: November Producer Price Index at 8:30 a.m. ET; December Preliminary Univ. of Michigan Index of Consumer Sentiment and October Wholesale Inventories at 10:00 a.m. ET
