1 month Here’s Your Daily Market Brief For December 8th Reddit    

📰 Top News

S&P Futures: +0.19%; DOW Futures: +0.17%; Nasdaq Futures: +0.23%

US stock futures traded higher Wednesday morning after Pfizer said that three doses of their vaccine are effective at neutralizing the Omicron variant.

Biden and Putin square off – US President Joe Biden and Russian President Vladimir Putin held a face-to-face conversation on Tuesday amid growing worries of a Russian invasion of neighboring Ukraine. Note: Biden said that a Russian invasion of Ukraine would bring enormous harm to the Russian economy.

Yellen says labor market to remain tight – US Treasury Secretary Janet Yellen says that some labor chain shortages could take a couple of years to resolve, while also stating that there was no evidence of a wage-price spiral. Note: "I don't see any clear evidence that is happening," Yellen said, adding that she was not concerned about the levels of fiscal stimulus added to the US economy to support the Covid-19 recovery.

Judge blocks federal vax mandate – A federal judge blocked US President Joe Biden's administration from enforcing a Covid-19 vaccine mandate for employees of federal contractors. Note: The order came in response to a lawsuit from several federal contractors and seven states and applies across the US.

🎯 Price Target Updates

Deutsche upgrades Goodyear Tire and Rubber. GT upgraded from HOLD to BUY – $32 (from $29)

JPMorgan upgrades Elastic. ESTC upgraded from NEUTRAL to OVERWEIGHT – $156

Evercore ISI downgrades Stitch Fix. SFIX downgraded from OUTPERFORM to IN LINE – $24 (from $68)

📻 In Other News

Emirates switches up workweek The United Arab Emirates (UAE) and its international finance hub, Dubai, are switching to a four-and-a-half day work week ending at midday on Friday to make it easier to do business globally. The UAE, which is predominantly Muslim, said that work will end at 12 pm local time on Friday to allow citizens to attend prayers. Note: The change will take effect on January 1st, 2022, and will apply to government employees and schools.

Microsoft to change hiring practices after being labeled discriminatory Microsoft will update its hiring practices after the US Department of Justice found the company demanded more information than necessary on the citizenship status of job applicants. According to the DOJ, between 2018 and 2020, Microsoft violated federal law by asking 6 or more lawful permanent residents to reverify their permission to work in the US. Note: The company will pay a small fine to the US Treasury and has agreed to stop certain practices.

Amazon cloud outage disrupts major websites, streaming services – A major outage disrupted Amazon's cloud services on Tuesday, knocking out platforms such as Netflix and Disney+, while also affecting a wide range of apps such as Robinhood and Amazon's own e-commerce website. Note: Amazon said the outage was related to network devices and linked to APIs used for integrating third-party software.

📅 This Week's Key Economic Calendar

WEDNESDAY*: JOLTS Job Openings (October)*

THURSDAY*: Initial jobless claims (week ending Dec 4)*

FRIDAY*: CPI MoM (Nov), CPI YoY (Nov)*

📔 Snippet of the Day

Quote of the day: "The four most dangerous words in investing are 'this time it's different' " -Sir John Templeton

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