The tax-reform cheer and tech-wreck fear are both fading a bit, so what are we left with?
Another jobs report will pop into the picture tomorrow, but many traders plan to ignore it.
And while Hamas is calling for a new Palestinian intifada after the Jerusalem stunner, the bigger deal for traders could be chip maker Broadcom’s AVGO, +0.86% earnings-driven surge — or bitcoin’s BTCUSD, +10.77% blast through the $15,000 level.
You could check out a star to the east, suggests our call of the day from The Atlas Investor’s Tiho Brkan. American investors might want to gaze over the ocean and consider buying French stocks via the U.S.-listed iShares MSCI France ETF EWQ, -0.13% .
“The French stock market is just breaking out right now,” Brkan writes, offering the chart below. The move comes after “a lost decade in French equities,” and as that bleu, blanc et rouge market looks neither cheap nor expensive.
“One could imagine that the French stock market, from here, could perform very well,” the globe-trotting trader and money manager adds.
But he makes a caveat: France PX1, -0.01% is “breaking out late in the expansion cycle in the bull market, judging from the perspective of the United States,” he says, and an American setback could weigh on our longtime ally’s market.
Go here to read Brkan’s full take.
Futures for the Dow YMZ7, -0.09% are slightly lower, but those for the S&P 500 ESZ7, +0.07% and Nasdaq-100 NQZ7, +0.27% are higher. The moves come after the Dow DJIA, -0.16% and S&P SPX, -0.01% dipped yesterday, while the Nasdaq Composite COMP, +0.21% edged higher.
Europe SXXP, -0.05% and Asia have been mixed bags. Gold GCG8, -0.79% is losing ground, while oil CLF8, +0.16% and the dollar index DXY, +0.27% move up.
See the Market Snapshot column for the latest action.The chart
Internet stocks have managed to attract buyers at a familiar spot, notes Andrew Thrasher in a SeeItMarket post.
A key internet ETF has “found continued support at its 50-day moving average throughout 2017,” and buyers stepped in at that mark yet again this week, the portfolio manager and technical analyst writes.
The $5 billion First Trust Dow Jones Internet Index Fund’s FDN, +0.57% top five holdings are the usual suspects: Amazon AMZN, +0.94% , Facebook FB, +1.87% , PayPal PYPL, +2.72% , Netflix NFLX, +0.59% and Alphabet GOOGL, +1.29% .The buzz
Lululemon LULU, +1.96% looks set for an up day following its earnings beat late yesterday, and Dollar General DG, +0.53% is due to report ahead of the opening bell.
Tencent 0700, +3.28% will top Apple AAPL, -0.37% as the world’s largest company, says Saxo Bank as it gives its annual list of outrageous predictions. Meanwhile, Pragmatic Capitalism’s Cullen Roche says: “Beware the parade of annual stock-market forecasts.”
On the economic docket, weekly jobless claims and remarks from the New York Fed’s William Dudley are due to hit before the open.
Check out: MarketWatch’s Economic Calendar
On the political front, Congress seems on track to avoid a weekend government shutdown, and Sen. Al Franken may resign shortly, as the Minnesota Democrat faces multiple allegations of sexual harassment.
Firefighters battling Southern California’s huge wildfires are bracing themselves for more strong winds today.
“We’re going to see whether the political laws of gravity on the Jerusalem issue still apply. If Jerusalem is burning by Saturday, we’ll know the region hasn’t changed that much.” — Aaron David Miller, a former adviser to Republican and Democratic secretaries of state, gives his reaction to President Trump recognizing the ancient city as Israel’s capital.Random reads
Australia’s parliament just voted to legalize same-sex marriage.
Hall of Fame QB Warren Moon may be toast if the misconduct claims are true.
It looks like the Brexit maneuvering is getting gruesome:
DUP source. “We’re going to slow it all down. This is a battle of who blinks first — and we’ve cut off our eyelids.”https://t.co/JHO4rllO4r— Jim Pickard (@PickardJE) December 7, 2017
How bad was No. 2 Kansas? The team’s coach would’ve left early if he were a fan.
Hugo Boss looks like a chump after reporting an implausible gender pay gap:
This is astonishing: FT points out that @HUGOBOSS has submitted improbable gender pay gap figures (of 0%!) and Boss revises to 76.5%! https://t.co/SyxHtGOLW1 pic.twitter.com/NiiaBd5kFb— Josh Spero (@joshspero) December 7, 2017
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