It’s a roller coaster ride on Wall Street heading into the penultimate trading day of the year. U.S. stocks roared back to end in positive territory on Thursday after suffering steep losses for much of the session, and the same sentiment took place overnight, with futures now pointing to strong gains. (SA)
The clock is ticking on Sears’ survival. The last shot is reportedly a $4.6B proposal put forward by its chairman, Eddie Lampert, to buy the 125-year-old iconic retailer out of bankruptcy through his hedge fund, ESL Investments. Lampert hasn’t submitted a bid or come up with financing as of last night as he stares down a deadline today at 4pm EST. (WSJ)
Following similar moves by Ford and Hyundai, Nissan has become the latest automaker to cut output in China. Slowing economic growth and a crippling trade war with the U.S. have pummeled local vehicle sales over the last few months. Nissan reportedly plans to cut production in China – which is its second largest market – by a total of 30K units during the December-February period. (Bloomberg)
House Republicans have informed lawmakers that there will be no votes on spending legislation today or Monday and thus no relief for the 800,000 federal workers who are either furloughed or working without pay. House Democrats, who assume control of the chamber next Thursday, are weighing three approaches to getting federal funds flowing, but none of them include $5B for a border wall with Mexico. (SA)
S&P 500 futures are up 15 and NASDAQ futures are up 28. The MSCI international index is down a little over 1%.
Oil is up $.28 at $44.89 a barrel.
Gold is up $.40 at $1280 an ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor, I am Josh Fenili.