Here are the key news investors need to start the trading day:
1. New highs
A specialty trader works his job on the floor of the New York Stock Exchange (NYSE) in New York City.
Brendan McDermid | Reuters
The first day of trading in December brought new closing records for both S&P 500 And Nasdaq Composite. The Dow fell at the start of the last month of the year. On Tuesday, October's job vacancies report could provide a catalyst for the market, ahead of Friday's more closely watched November nonfarm payrolls report. Traders will also be watching for comments from Fed officials for clues about what the central bank will do at its meeting on December 17th and 18th. Follow live market updates.
December 2nd decision
Fed Governor Christopher Waller said Monday that “I'm leaning toward supporting a rate cut” at the upcoming meeting. However, he added that data showing higher-than-expected inflation could change his mind. Traders expect the Fed to cut its key interest rate by a quarter of a percentage point this month as it eases its efforts to curb inflation. The move would follow a quarter-point cut in November and a half-point cut in September.
3. Musk's money
Elon Musk attends the America First Policy Institute Gala at Mar-A-Lago in Palm Beach, Florida on November 14, 2024.
Carlos Barria | Reuters
Elon Musk's attempt to reclaim his record salary package has failed again. A judge confirmed her decision that the year was 2018 Tesla A compensation package worth $56 billion was wrongly awarded. The pay plan was the highest ever received by an executive of a U.S. public company. Musk said he planned to appeal the ruling, calling it “absolute corruption.”
4. Intel fall
Intel announced the resignation of CEO Pat Gelsinger on Monday. The move comes as the long-established chipmaker struggles to make up ground lost to Nvidia. Intel shares have fallen more than 50% this year. Intel CFO David Zinsner and Intel Products CEO MJ Holthaus will assume the role of interim co-CEOs.
5. Slowdown at the Dollar Store
Dollar store chains are struggling. Although consumers are looking for deals after years of high inflation, Dollar Tree and Dollar General aren't reaping the benefits. Both retailers, due to report earnings this week, have cut their sales outlook for this year and their shares have fallen more than 40% this year. The chains have several problems: Lower-income shoppers have been hit hardest by inflation, companies have struggled to build e-commerce businesses, and low staffing and worker safety concerns have hurt the store experience.
— CNBC's Alex Harring, Jeff Cox, Lora Kolodny, Rohan Goswami, Hayden Field and Melissa Repko contributed to this report.
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