{"id":72855,"date":"2023-12-18T09:00:28","date_gmt":"2023-12-18T14:00:28","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=72855"},"modified":"2023-12-18T09:00:28","modified_gmt":"2023-12-18T14:00:28","slug":"coffee-with-greta-new-week-same-rally","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/12\/18\/coffee-with-greta-new-week-same-rally\/","title":{"rendered":"Coffee With Greta: New Week, Same Rally"},"content":{"rendered":"

Register now<\/a><\/strong> for this week's free pro trading Q&A on LinkedIn with T3 Trading Group's Patrick Hawe!<\/p>\n

DJIA Futures: <\/b>+67 (+0.2%)<\/span><\/p>\n

SPX Futures: <\/b>+14 (+0.3%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+24 (+0.1%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are higher, extending the market\u2019s seven-week long rally.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Win Streak Continues<\/span><\/h2>\n

The <\/span>S&P 500 <\/b>is on its longest win-streak since 2017, logging weekly gains for seven straight weeks.\u00a0<\/span><\/p>\n

So far this month, the index is up 3.3% while the <\/span>Dow <\/b>is 3.8% higher and the <\/span>Nasdaq <\/b>is up 4.1%.\u00a0<\/span><\/p>\n

Slowing inflation and optimism over the Fed\u2019s plans for rate cuts in 2024 fueled the latest move higher in this nearly 2-month long rally.\u00a0<\/span><\/p>\n

And traders will get more key inflation data this week.\u00a0<\/span><\/p>\n

Economic data starts with the NAHB homebuilder sentiment index today at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

Housing starts and building permits for November will be out Tuesday morning followed by existing home sales on Wednesday.\u00a0<\/span><\/p>\n

Thursday will see weekly jobless claims, the final Q3 GDP revision, the Philly Fed manufacturing index, and the leading economic indicators index.\u00a0<\/span><\/p>\n

Then on Friday, the market will get the Fed\u2019s preferred inflation gauge with the PCE price index at 8:30 a.m. ET, plus personal income, personal spending, durable goods orders, new home sales, and consumer sentiment.\u00a0<\/span><\/p>\n

U.S. Steel Surges On Buyout Offer<\/span><\/h2>\n

United States Steel Corp <\/b>(X) shares are rallying 28.4% ahead of the open after receiving a buyout offer from a Japanese steel company.\u00a0<\/span><\/p>\n

Nippon Steel offered to buy U.S. Steel for $55 per share, making the all-cash deal worth $14.9 billion.<\/span><\/p>\n

Nippon said the deal is expected to help it move toward its goal of 100 million tonnes of global crude steel capacity and expand its production in the U.S.\u00a0<\/span><\/p>\n

All of U.S. Steel\u2019s current commitments with employees, including union deals, would be honored.\u00a0<\/span><\/p>\n

Nippon\u2019s executive vice president said, \u201cStandard Steel that we own is a union company in the United States, we have a good history of working with unions. We see no regulatory or antitrust issues with the deal.\u201d<\/span><\/p>\n

The transaction is expected to close in Q2 or Q3 of 2024.<\/span><\/p>\n

Adobe, Figma Call Off Merger<\/span><\/h2>\n

Adobe <\/b>(ADBE) shares are up 2.0% in premarket trade after calling off the planned $20 billion merger with cloud-based design tool Figma.\u00a0<\/span><\/p>\n

The companies ditched the deal due to regulatory hurdles.\u00a0<\/span><\/p>\n

In a statement, the two said, \u201cthere is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.\u201d<\/span><\/p>\n

Adobe will pay Figma a $1 billion breakup fee.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Register now for this week’s free pro trading Q&A on LinkedIn with T3 Trading Group’s Patrick Hawe! DJIA Futures: +67 (+0.2%) SPX Futures: +14 (+0.3%) NASDAQ Futures: +24 (+0.1%) Good morning friends! Futures are higher, extending the market\u2019s seven-week long rally. Let\u2019s get right to it! Win Streak Continues The S&P 500 is on its longest win-streak since 2017, logging weekly gains for seven straight weeks.\u00a0 So far this month, the index is up 3.3% while the Dow is 3.8% higher and the Nasdaq is up 4.1%.\u00a0 Slowing inflation and optimism over the Fed\u2019s plans for rate cuts in 2024 fueled the latest move higher in this nearly 2-month long rally.\u00a0 And traders will get more key inflation data this week.\u00a0 Economic data starts with the NAHB homebuilder sentiment index today at 10:00 a.m. ET.\u00a0 Housing starts and building permits for November will be out Tuesday morning followed by existing home sales on Wednesday.\u00a0 Thursday will see weekly jobless claims, the final Q3 GDP revision, the Philly Fed manufacturing index, and the leading economic indicators index.\u00a0 Then on Friday, the market will get the Fed\u2019s preferred inflation gauge with the PCE price index at 8:30 a.m. ET, plus personal income, personal spending, durable goods orders, new home sales, and consumer sentiment.\u00a0 U.S. Steel Surges On Buyout Offer United States Steel Corp (X) shares are rallying 28.4% ahead of the open after receiving a buyout offer from a Japanese steel company.\u00a0 Nippon Steel offered to buy U.S. Steel for $55 per share, making the all-cash deal worth $14.9 billion. Nippon said the deal is expected to help it move toward its goal of 100 million tonnes of global crude steel capacity and expand its production in the U.S.\u00a0 All of U.S. Steel\u2019s current commitments with employees, including union deals, would be honored.\u00a0 Nippon\u2019s executive vice president said, \u201cStandard Steel that we own is a union company in the United States, we have a good history of working with unions. We see no regulatory or antitrust issues with the deal.\u201d The transaction is expected to close in Q2 or Q3 of 2024. Adobe, Figma Call Off Merger Adobe (ADBE) shares are up 2.0% in premarket trade after calling off the planned $20 billion merger with cloud-based design tool Figma.\u00a0 The companies ditched the deal due to regulatory hurdles.\u00a0 In a statement, the two said, \u201cthere is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.\u201d Adobe will pay Figma a $1 billion breakup fee.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":72856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-72855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=72855"}],"version-history":[{"count":1,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72855\/revisions"}],"predecessor-version":[{"id":72858,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72855\/revisions\/72858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/72856"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=72855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=72855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=72855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}