📰 Top News
S&P Futures: +0.61%; DOW Futures: +0.58%; Nasdaq Futures: +0.50%
US stock futures traded higher Thursday morning as investors digested news that the Federal Reserve would be aggressive on tapering and rate hikes in 2022.
Powell dials back money printer - Federal Reserve Chairman Jerome Powell announced that the run of ultra-easy monetary policy since the beginning of the pandemic is coming to a close. Note: Powell said the Fed would accelerate its tapering program and likely raise rates 3 times in 2022.
US passes massive defense spending bill - The US Senate has passed a $777 billion defense spending bill, with the final stages being a signature from President Joe Biden. Note: Most of the funds will go to the Pentagon with the remainder going to the Department of Energy
IRS wants a piece of crypto gains - The IRS has instituted a new reporting requirement requiring investors to report taxable transaction involving Bitcoin, Ethereum and Dogecoin among other cryptocurrencies. Note: The move comes as the White House and legislators attempt to crack down on tax cheats.
🎯 Price Target Updates
RBC downgrades AirBnB. ABNB downgraded to SECTOR PERFORM from OUTPERFORM - $175 (from $195)
Evercore ISI upgrades Shopify. SHOP upgraded to OUTPERFORM from IN LINE - $1,770
Morgan Stanley upgrades AT&T. T upgraded to OVERWEIGHT from EQUALWEIGHT - $28 (from $32)
📻 In Other News
That's not turbulence, that's 5G. - A group of aviation experts is warning that 5G cell networks set to go live soon may interfere with a critical piece of technology used by pilots. Note: AT&T and Verizon say that 5G has already rolled out in many countries without affecting aviation but will minimize energy at sites near airports.
It's a free market! - US House Speaker Nancy Pelosi scoffed at the idea of banning lawmakers and their spouses owning stocks in individual companies, saying they should be allowed to participate in the free market economy. Note: Stock purchases by some senators since the beginning of the Covid-19 pandemic have sparked some investigations.
EV truck plant coming to Georgia - Electric truck maker Rivian is expected to announce plans to build a $5 billion battery and assembly plant in Georgia. Note: The project is expected to employ 7500 workers and make it the largest industrial plant in Georgia history.
📅 This Week's Key Economic Calendar
Thursday: Initial jobless claims (wk end 11-Dec), Markit US Manufacturing PMI
Friday: No major economic events
📔 Snippet of the Day
Quote of the day: "Buy stocks as you would groceries: when they are on sale" - Christopher Browne
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