Stocks Slip Before the Open as Investors Weigh Trump Policy Shifts, U.S. Economic Data on Tap

Economic Indicators - U.S. private nonfarm payrolls increased by 41,000 in December, below expectations of 49,000 [1] - JOLTs job openings fell to 7.146 million in November, lower than the expected 7.610 million [1] - Factory orders in the U.S. decreased by 1.3% month-over-month in October, compared to expectations of a 1.1% decline [1] - The ISM services index unexpectedly rose to 54.4 in December, surpassing expectations of 52.2 [1] Stock Market Movements - Wall Street's three main equity benchmarks ended mixed, with data storage companies like Western Digital and Seagate Technology experiencing significant declines of over 8% and 6% respectively [2] - Defense stocks fell after President Trump's announcement regarding restrictions on dividends and stock buybacks, with Northrop Grumman and Lockheed Martin dropping over 5% and 4% respectively [2] - Intel shares rose more than 6% after the launch of its Core Ultra Series 3 processors, marking it as the top gainer on the S&P 500 and Nasdaq 100 [2] Government Announcements - President Trump announced plans to ban large institutional investors from buying single-family homes to lower prices [3] - He proposed to increase U.S. defense spending to $1.5 trillion by 2027, which initially boosted defense stocks in pre-market trading [3][4] - The focus on U.S. Initial Jobless Claims data is anticipated, with expectations set at 213,000 compared to the previous week's 199,000 [6] International Economic Data - Germany's factory orders unexpectedly rose by 5.6% month-over-month in November, contrary to expectations of a 0.9% decline [12] - Eurozone's unemployment rate fell to 6.3% in November, better than the expected 6.4% [13] - Eurozone's November PPI increased by 0.5% month-over-month, exceeding expectations of 0.4% [13] Corporate Earnings and Forecasts - Associated British Foods Plc shares fell over 11% after issuing a profit warning due to weakness in its Primark clothing retailer [11] - Constellation Brands reported better-than-expected FQ3 results, leading to a nearly 2% increase in its stock price [18] - Applied Digital advanced over 6% in pre-market trading following positive FQ2 results [18]