US Open: US indices gain after PCE data 🗽Semiconductor stocks surge

US indices continue their upward move, with the technology sector (semiconductors, Big Tech) and financials leading the gains. Data from the University of Michigan showed a stronger-than-expected decline in inflation expectations, both in the one-year horizon and the five-year outlook. Meanwhile, the PCE inflation reading came in exactly in line with forecasts, at 2.8 percent year on year in October. Prints at these levels appear supportive for markets, especially given that personal consumption came in solid, missing expectations only slightly in real terms with a flat month on month reading.

• The meeting between China’s Vice Premier He Lifeng and US Treasury Secretary Scott Bessent likely went well, as Chinese officials issued a positive statement afterward, highlighting a willingness to expand the scope of cooperation with the United States.
• Separately, the newly announced Pentagon strategy plans for Europe to take over the majority of NATO defense spending by 2027, while aiming to reduce the risk of a potential conflict over Taiwan.

Nasdaq 100 futures (US100, D1 timeframe)

Source: xStation5

Source: xStation5

Company News

Rubrik - Shares of Rubrik surged nearly 19 percent after the cloud data management company reported results far above analyst expectations. In its fiscal third quarter, the firm generated 10 cents per share in adjusted earnings on 350 million dollars in revenue. By comparison, the LSEG consensus had forecast a loss of 17 cents per share and revenue of 320 million dollars, making Rubrik’s report a strong positive surprise.

Cooper Companies - Shares of the medical device manufacturer climbed more than 13 percent following the release of robust quarterly results. The company also raised its full-year earnings outlook and updated its long-term free cash flow target to more than 2.2 billion dollars. The market welcomed the announcement enthusiastically.

Ulta Beauty - Ulta Beauty’s stock gained about 6 percent after the beauty retailer raised its full-year sales guidance. The company now expects net sales to reach 12.3 billion dollars, surpassing the previous forecast of 12.0 to 12.1 billion. Earnings per share are projected at 25.20 to 25.50 dollars, up from the earlier range of 23.85 to 24.30 dollars.

SoFi Technologies - Shares of SoFi fell 5 percent after the fintech announced an underwritten public offering of 1.5 billion dollars of its common stock. Investors reacted cautiously, concerned about potential dilution of existing shareholders.

Netflix and Warner Bros. Discovery - Shares of Netflix and Warner Bros. Discovery slipped by nearly 3 percent and roughly 1 percent, respectively, after the streaming giant announced on Friday that it had agreed to acquire WBD for 27.75 dollars per share. The market responded with a noticeable cooling of sentiment, despite this being one of the most high-profile deals in the industry. Netflix shares have been recovering after the opening bell, though they remain about 10 percent below the 200-day EMA.

Source: xStation5

US UoM (flash, December) report hihlights

US consumers sentiment edged up slightly in early December, driven mainly by younger Americans. Expectations improved, especially around personal finances, which jumped 13 percent, although they remain below levels from early 2025.

• Views on the labor market ticked up but are still weak, and overall sentiment remains muted due to persistent price pressures.
• Year-ahead inflation expectations fell to 4.1 percent, the lowest since January 2025 and the fourth monthly decline in a row.
• Long-run inflation expectations eased to 3.2 percent, matching the January reading, though both short and long-term uncertainty remain elevated.

Source: UoM data