The S&P 500 traded 0.6% lower, while the Nasdaq Composite fell 0.8%. The Dow Jones Industrial Average lost 170 points, or 0.5% — Samantha Subin
JPMorgan wants to handle more than $500 billion in annual US rent payments with its new platform
A ‘For Rent’ sign is posted near a home on February 7, 2022 in Houston, Texas. Brandon Bell | Getty Images JPMorgan Chase is testing software it built for landlords and tenants that automates online rent payments, Sam Yen, chief innovation officer of JPMorgan’s commercial banking division, told CNBC. Property managers and tenants don’t need to be JPMorgan clients to sign up for the platform when it rolls out more widely next year, Yen said. Digital payments have taken over more of the world’s transactions, boosted in recent years by the pandemic, but there is one corner of commerce where paper still dominates: the monthly rent check. That’s because the market is highly fragmented, with most of the country’s 12 million property owners owning smaller portfolios of fewer than 100 units. As a result, about 78 percent are still paid with old-school checks and money orders, according to JPMorgan. More than 100 million Americans pay a total of $500 billion a year to live in rentals, the bank said. — Hugh Sean
Barclays downgrades Amgen ahead of obesity drug update
Barclays says investors should sell Amgen shares ahead of an update on the anti-obesity drug scheduled for next week. Analyst Carter Gould said in a note to clients on Monday that despite the stock’s recent outperformance, investors have seen “thin initial data” for the company’s drug. CNBC Pro subscribers can read more about the Barclays downgrade here. — Sarah Minn
Paramount falls 3% on Wells Fargo downgrade
Shares of Paramount fell more than 3% in premarket trading Monday after Wells Fargo downgraded the entertainment stock to underperform and said shares could fall more than 30%. “We downgrade PARA to Underweight as we can no longer justify its premium multiple amid our more negative view of linear trends and an uncertain DTC outlook,” analyst Steven Cahall wrote. CNBC Pro subscribers can read the full story here. — Sarah Min, Samantha Subin
Home Depot has long-term opportunity with Pro business
Despite the current macroeconomic environment, Home Depot has the right strategy for long-term growth, Citi said in a note on Monday. In particular, the retailer’s Pro business, which targets professionals with larger, scheduled orders, is just “scratching the surface against long-term potential,” analyst Steven Zaccone wrote. “The planned buying opportunity with the large professional is adding incremental sales and margin dollars to the business today, but it’s still very nascent,” he said. “After 4+ years of investment and growing traction, we believe the business is on the cusp of gaining momentum over the next several years.” Home Depot, down 28% year-to-date, has nearly 14% upside to Citi’s price target.
Brazilian stocks fall after Lula’s surprise victory
The $5.5 billion iShares MSCI Brazil ETF ( EWZ ), the largest exchange that tracks Brazilian shares, lost about 2.5 percent in early trading on Monday after Brazilians secured a narrow presidential victory for Luiz Inácio Lula da Silva. The election gave the left-leaning former president another shot at power in a rejection of the far-right policies of incumbent Jair Bolsonaro. — Yun Li
Wynn Resorts, XPO Logistics, Petrobas among stocks moving in premarket
These are the stocks making the biggest moves during Monday’s premarket session. Wynn Resorts — Shares of the casino stock rose more than 6% in premarket trading after news that investor Tilman Fertitta has taken a 6.1% stake in the resort management company, according to a Securities and Exchange Commission filing. Petrobras — Shares of the Brazilian state oil company rose 8.9% in premarket trading after Luiz Inácio Lula da Silva’s victory over Jair Bolsonaro in Brazil’s presidential election. XPO Logistics – Shares gained 2.5% after the logistics company reported quarterly profit of $1.45 per share and beat estimates by 10 cents per share. XPO’s revenue also beat analysts’ forecasts, helped by improved revenue in XPO’s less-truckload business. Read the full list of stocks moving here. — Peter Schacknow, Samantha Subin
Eurozone inflation soars to record high as third-quarter economic growth slows
Eurozone inflation jumped 10.7% from last year in October as the 19-member bloc grapples with higher food and energy prices highlighted by Russia’s invasion of Ukraine. This represents the highest monthly reading since the creation of the eurozone. The figures come after individual countries posted emergency estimates last week. In Italy, headline inflation came in at 12.8% from a year earlier, while Germany said inflation jumped to 11.6%. In some countries, such as Estonia, Latvia and Lithuania, inflation rose by more than 20%. Preliminary data released on Monday also showed a slowdown in economic growth in the third quarter, with gross domestic product growing just 0.2 percent in the third quarter. That’s down from a 0.8% increase in the second quarter. — Silvia Amaro, Samantha Subin
Wheat prices rise nearly 6% after Russia pulls out of grain export deal
Global wheat prices have started to rise after Russia pulled out of the Black Sea grain export deal last weekend. The most active wheat contract on the Chicago Board of Trade jumped 5.8 percent to $8.77-1/2 a bushel around midnight London time, according to Reuters, after earlier hitting a high of $8.93. the bushel. Corn and soybean prices also rose. The increases come after Russia announced on Saturday that it was suspending its participation in the Black Sea Grain Initiative brokered in July, which allowed vital agricultural products to be exported from several Ukrainian ports. Russia announced on Saturday that it was withdrawing from the deal indefinitely after accusing Ukraine of a “massive” drone attack on its Black Sea fleet in Sevastopol, Crimea. Ukraine has not said whether it is responsible for the attack. President Volodymyr Zelenskyy said Russia’s withdrawal from the initiative was “rather predictable” and the global food crisis would worsen. Aerial view of the Sierra Leone-flagged dry cargo ship Razoni, which departed the port of Odessa on Monday, arriving at the Black Sea entrance of the Bosphorus Strait, in Istanbul, Turkey, on August 3, 2022. Anadolu Agency | Anadolu Agency | Getty Images Moscow’s move was “a completely transparent intention of Russia to return the threat of large-scale famine to Africa and Asia,” Zelensky said, adding that “access to food has indeed worsened for more than 7 million consumers.” The UN and Turkey, which helped Ukraine and Russia reach the grain deal, agreed on a plan with Ukraine to help move 16 ships (12 outbound and 4 inbound) stuck in the sea lane used for grain export. The body that oversees grain exports, the Joint Coordination Center, said in a statement on Sunday that “in order to continue the implementation of the Initiative, it has been proposed that the Turkish delegation and the United Nations delegation provide 10 inspection teams tomorrow with the aim of inspecting 40 outgoing ships. This inspection The plan has been accepted by the delegation of Ukraine. The delegation of the Russian Federation has been informed.” — Holly Elliott
Goldman Sachs expects Fed rates to peak at 5%
Economists at Goldman Sachs expect the Federal Reserve’s funds rate to peak at 5 percent after it raised its forecast for a 75 basis point increase in the central bank next week’s meeting. Economists led by Jan Hatzius said in a note on Saturday that they are adding another 25 basis points to their forecasts – now calling for a hike of 50 bps in December, 25 bps in February and 25 bps in March. “Inflation is likely to remain uncomfortably high for a while, which could make continuing to rise in small increments the path of least resistance,” the note said. — Jihye Li
CNBC Pro: These 12 Cheap Global Stocks Are Expected to Rally — And Analysts Love Them
Stocks around the world have sold off this year on recession fears and soaring inflation — and now they look cheap. Analysts say there could be buying opportunities in some stocks they expect to rise. To find these stocks, CNBC Pro checked for names under the MSCI World Index that met a number of criteria. CNBC Pro subscribers can read more here. — Weizhen Tan
Equity futures open fixed
Futures were little changed when trading opened at 6 p.m. ET on Sunday, with Nasdaq 100 futures down just 0.1% and S&P 500 and Dow futures closer to flat. — Jesse Pound
Traders are looking for signs of a slowdown from the Fed
Wall Street will be closely watching the Federal Reserve’s statement this week for signs that the central bank will ease the pace of interest rate hikes. According to the CME FedWatch tool, traders believe there is an 80% chance the Fed will raise interest rates by three-quarters of a point on Wednesday. That would bring the central bank’s target range to 3.75% to 4%. Beyond that, though, the market looks more uncertain. There is only a 44% chance of another increase of this size in December. — Jesse Pound
Dow poised for best month since 1976
The major averages rose last week despite a tough batch of earnings. All three are poised to snap a two-month losing streak, and the Dow is set for its best month in more than 40 years. Here’s where things stand: The Dow:
Up 5.72% last week, fourth consecutive winning week Up 14.40% for the month, best month since January 1976, when it gained 14.41%
The S&P 500:
Up 3.95% last week, its second positive week in the first phase Up 8.8% for the month
The Nasdaq Composite:
Up 2.24% last week, second positive week in a row Up 4.98% for the month
— Jesse Pound, Christopher Hayes
