News of the day for Nov. 29, 2024
U.S. stock futures are rising before Friday’s shortened trading session; Target ( TGT ), Kohl's ( KSS ), and JCPenney ( JCP ) are just a few of the retailers trying to draw shoppers on Black Friday; Canada's antitrust regulator is suing Alphabet's Google ( GOOGL ) over alleged anti-competitive conduct in online advertising; Australia passes the world's first ban on social media use by children under 16; and Disney's ( DIS ) Moana 2 heads toward a Thanksgiving weekend box office record. Here's what investors need to know today.
1. US Stock Futures Edge Higher on Shortened Trading Day
U.S. stock futures are edging higher after being closed Thursday for Thanksgiving. Trading will wrap up early Friday, with the stock market closing at 1 p.m. ET and the bond market at 2 p.m. On Wednesday , the S&P 500 and Nasdaq declined 0.4% and 0.6%, respectively, while the Dow Jones Industrial Average closed 0.3% lower after surpassing 45,000 points for the first time in early trading. Futures for all three major indexes are up about 0.2%-0.3%, while the yield on 10-year Treasurys is down slightly at 4.224%.
2. Taylor Swift Merch, Snow Globes Among Retailers' Black Friday Draws
Retailers are
trying to get
people in the door on Black Friday with exclusive deals and giveaways. Target (
TGT
) is launching sales of a book about Taylor Swift's "Eras" tour in brick-and-mortar stores, along with vinyl and CD versions of her last album, before offering them online a day later. Kohl's (
KSS
) is holding a sweepstakes with prizes including a Florida vacation. JCPenney (
JCP
) is handing out snow globes. Retailers prefer in-store purchases to those online because they tend to have higher margins and lower return rates, industry experts said, although consumer spending this holiday season may only raise 3% from last year, according to Bain & Co., as inflation weighs on people’s wallets.
3. Canada Sues Google for Alleged Anti-Competitive Online-Ad Conduct
Canada's antitrust regulator is suing Alphabet's Google ( GOOGL ) over alleged anti-competitive conduct in its online-advertising business, in the latest regulatory challenge to the tech giant's dominance. Canada's Competition Bureau said in a notice it filed Thursday with the Competition Tribunal, where the case will be argued, that Google "locks market participants into using its own ad tech tools," and is pushing for the company to sell two of its ad tech tools. The U.S. Department of Justice (DOJ) said last week that Google should sell off its Chrome browser, following an August court ruling that it holds an illegal monopoly in search.
4. Australia Passes Social Media Ban for Kids Under 16
Australia has passed the world's first ban on social media use by children under 16 years old, in a strict law that could potentially hurt platforms like ByteDance's TikTok, Snapchat parent Snap ( SNAP ), and Meta Platforms ( META ), owner of Facebook and Instragram. Social media platforms will have to take the responsibility of ensuring children don't have accounts, with those guilty of "systemic breaches" facing fines of up to $49.5 million Australian dollars ($32.2 million), the government said. Parents and their kids won't face fines. The ban will take at least 12 months to come into effect.
5. Disney's 'Moana 2' Heads Toward Thanksgiving Weekend Box Office Record
Disney's (
DIS
)
Moana 2
is heading toward a Thanksgiving weekend box office record. The movie made $57.5 million by Wednesday, including Tuesday's preview showings, and appears headed toward grossing a record $175+ million for the five-day stretch through Sunday,
Deadline
reported.
Moana 2
, Universal Pictures'
Wicked
, and Paramount Pictures'
Gladiator II
helped all titles generate $92.2 million
Wednesday, the second-highest-grossing moviegoing day of the year, the publication said.