1. Markets soar: U.S. markets had the best day since mid-September on Tuesday. Investors were upbeat about the progress in the Senate on tax cuts, and a strong performance by Federal Reserve nominee Jerome Powell in his confirmation hearing.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | +60.00 | | +1.75 | | +1.50 | | +0.25% | | +0.03% | | +0.06% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | +110.96 | | +4.20 | | -44.28 | | 22,597.20 | | 3,337.86 | | 7,416.37 | | +0.49% | | +0.13% | | -0.59% | | | |
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| | | Biggest Winners | | Chesapeake Energy Corp | +2.33% | | | | Allergan plc | +2.18% | | | | HanesBrands Inc | +1.27% | | | | Zoetis Inc | +1.13% | | | Biggest Losers | | Autodesk Inc | -11.16% | | | | PACCAR Inc | -1.15% | | | | TechnipFMC PLC | -0.95% | | | | Viacom Inc | -0.81% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Tax progress boosts stocks; Bitcoin hits $10,000; Tiffany earnings | By Ivana Kottasová
Wednesday, November 29th, 4:59am | | | | 1. Markets soar: U.S. markets had the best day since mid-September on Tuesday. | | | | Investors were upbeat about the progress in the Senate on tax cuts, and a strong performance by Federal Reserve nominee Jerome Powell in his confirmation hearing. | | | | The Dow Jones industrial average soared 1.1% on Tuesday, reaching a new record. The S&P 500 added 1% and the Nasdaq gained 0.5%. | | | | 2. The pound's wild ride: The pound surged to its highest level against the dollar in two months on reports that Britain and the EU are poised to agree a divorce bill. | | | | Kit Juckes, a strategist at Societe Generale, described the reports as "'good news but not game-changing." | | | | Next week will be key: Prime Minister Theresa May is expected to ask the EU to certify that "sufficient progress" has been made on the financial settlement, citizens' rights and the Irish border. | | | | Only then can the two sides start negotiating their future trading relationship. | | | | "Agreeing a way forward on the border between the Irish Republic and the U.K. is a bigger challenge at this point, and still stands in the way of moving on to the next stage of negotiations," said Juckes. | | | | 3. Bitcoin hits $10,000: Bitcoin powered past $10,000 for the first time on Wednesday. The virtual currency has seen a jaw-dropping rally of more than 900% since the start of the year. | | | | Experts say that the gains in recent weeks have been driven by the expectation that more major investors -- like hedge funds and asset managers -- are gearing up to start investing in the digital currency. | | | | However, some analysts are warning the rally is showing signs of a bubble. | | | | 4. Tiffany & Co. reports: Tiffany will release its third quarter earnings on Wednesday. | | | | The jeweler got a new CEO earlier this year, and has tried to lure shoppers with a new luxury home collection and its first in-store cafe. | | | | Investors are waiting to hear whether those efforts have started to bring young people into stores. The stock is up over 20% since the start of 2017. | | | | 5. Global market overview: U.S. stock futures were flat. | | | | European markets opened mostly higher, while markets in Asia ending the trading session mixed. | | | | U.S. crude futures slipped 0.5% ahead of a crucial OPEC meeting on Thursday. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 6. Companies and economics: Royal Bank of Canada will release its earnings report before the open, while Jack In The Box and La-Z-Boy are set to report after the close. | | | | Shares in the London Stock Exchange Group dropped 2% after it announced that CEO Xavier Rolet has agreed to step down after a power struggle at the top of the company. | | | | A second estimate of third quarter U.S. GDP will be released at 8:30 a.m. ET. The weekly U.S. crude inventories report will follow at 10:30 a.m. | | | | Outgoing Fed chair Janet Yellen will answer questions about the economic outlook at the U.S. Joint Economic Committee at 10 a.m. | | | | German inflation data will be published at 10 a.m. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | | | | |
| | | | | | Wednesday -- Tiffany earnings; Yellen testimony on the economy
Thursday -- Kroger earnings; OPEC meeting | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $57.55 | -0.44 / -0.76% | | | Gold | $1,293.30 | -1.60 / -0.12% | | | 10-yr | 2.34% | +0.01 / +0.43% | | | Euro | $1.18 | -0.00 / -0.02% | | | |
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