5 Things to Know Before Markets Open

News of the day for November 13, 2023

United States Capitol

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Stock futures were lower after Moody’s downgraded the U.S. credit outlook and Boeing shares moved higher following reports China could agree to a 737 Max deal. Here’s what investors need to know today.

1. Stock Futures Fall Following Moody’s Downgrade to US Credit Outlook

Futures contracts connected to the Dow Jones Industrial Average, S&P 500, and Nasdaq traded lower in the pre-market after rating agency Moody’s downgraded the U.S. credit outlook to “negative” from “stable.” The rating agency said that higher interest rates and expanding budget deficits put the U.S. at risk of not being able to meet its debt obligations. The downgrade comes ahead of Friday’s deadline for Congress to pass spending bills to keep the government funded. 

2. Boeing Shares Gain After Reports of China Commitment to 737 Max

Shares of Boeing (BA) jumped 3.75% in pre-market trading after reports that China could reportedly end its commercial freeze on the aircraft maker and unveil a commitment to the 737 Max jetliner at the upcoming APEC summit in San Francisco this week. Boeing hasn’t made any significant sales in China since two of the 737 Max planes crashed in 2018.

3. Novo Nordisk Shares Rise After Data Suggests Heart Benefits of Weight-Loss Drug

American depositary receipts (ADRs) of Novo Nordisk (NVO) moved higher by nearly 1% after it presented study results this weekend that show its popular weight loss drug Wegovy could offer heart protective benefits in addition to its weight-loss benefits. The new data builds upon results from August that showed Wegovy not only helped patients lose on average 15% of their weight, but also reduced incidents of heart attack, stroke, or death from heart disease by 20%.

4. UAW Members at Ford Kentucky Plants Vote Against Labor Deal

United Auto Workers members at Ford’s (F) Louisville assembly plant and Kentucky truck plant voted against the recently negotiated four-and-a-half-year contract. The union’s local unit said that 55% of production workers voted against the contract, though 69% of the skilled trade workers approved the deal. The union didn’t disclose whether the contract won a majority of votes. Shares of Ford inched higher by 0.1% in pre-market trading.

5. ‘The Marvels’ Posts Worst-Ever Marvel Opening Weekend, Sending Disney Shares Lower

顿颈蝉苍别测’蝉 (DIS) Marvel Studios had its worst premier of any film in its Marvel Cinematic Universe as “The Marvels” generated $47 million, well below predictions of an opening of between $75 million and $80 million. “The Marvels” box office came in lower than the opening weekend of $55.4 million for 2008 film “The Incredible Hulk” and the $57.2 million for “Ant-Man” in 2015. Shares of Disney traded 0.6% lower in the pre-market.

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  1. Bloomberg. “China Weighs Ending Freeze on Boeing With 737 Max Deal in US.”

  2. Reuters. “Novo Nordisk shares rise as Wegovy shows heart benefits beyond weight loss.”

  3. CNBC. “Ford's production workers at Kentucky, Louisville vote against new labor deal.”

  4. CNBC. “'The Marvels' has the worst opening weekend ever for any MCU film at $47 million.”

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