Markets climb led by chip stocks

Dow rebounded 317, advancers over decliners 4-3 & NAZ recovered 376.  The MLP index went up 1+ to the 301s & the REIT index was off 1+ to the 398s.  Junk bond funds slid lower & Treasuries had limited selling which lifted yields slightly.  Oil edged over 74 & gold fell 7 to 2647.

Dow Jones Industrials

Lucid (LCID) reported record quarterly vehicle deliveries for the 4th qtr & confirmed production of more than 9K vehicles in 2024, meeting a previously announced target.  The electric vehicle manufacturer reported production of 9K units & deliveries of 10K cars in 2024. That included production of 3386 units & delivery of 3099 vehicles during the 4th qtr.  Last year's results represented a 71% increase in deliveries & 7% uptick in production compared with 2023.  However, such increases have not transcended to better investments for investors.  The stock declined by roughly 28% last year, as EV adoption has been slower than expected & the company has burned thru Bs of $s in cash as it discounted some models & prepares to launch a new SUV.  Its sole product is the Air sedan, which it began delivering in late 2021.  Since then, the market has grown more competitive & the company has not scaled as quickly as it previously anticipated.  The stock went up 13¢ (4%).

Lucid reports record quarterly vehicle deliveries, meets production target

Amazon's (AMZN) Ring is partnering with fire safety product maker Kidde to launch a connected smoke alarm, the company announced at the Consumer Electronics Show in Las Vegas.  The companies plan to launch Kidde smoke & carbon monoxide alarms that integrate Ring's home security technology & can deliver alerts to the Ring mobile app. The Kidde Smart Smoke Alarm with Ring will cost $54.97, while the Kidde Smart Smoke & CO Alarm with Ring will cost $74.97.  Both products will ship in Apr.  As part of the launch, Ring will also roll out a $5-per-month subscription service that gives users access to round-the-clock professional monitoring & emergency dispatchers.  AMZN acquired Ring in 2015 for a reported $1B.  The home security company is primarily known for its video doorbell devices, which allow users to record activity in front of their homes, though it has expanded to include a portfolio of products ranging from camera-equipped floodlights to flying security camera drones.  Users aren't required to subscribe to Ring Home, the company's program that enables video recording storage & other security features, in order to access the new smoke alarm service.  The stock rose 3.77.

Amazon’s Ring announces smart smoke alarm as CES tech palooza kicks off

New orders for US-manufactured goods fell in Nov while business spending on equipment appeared to have slowed in the 4th qtr, govt data showed.   Factory orders dropped 0.4% after an upwardly revised 0.5% gain in Oct, the Commerce Dept's Census Bureau reported.  The forecast had expected factory orders slipping 0.3% after a previously reported 0.2% rise in Oct.  Factory orders edged up 0.1% year-on-year in Nov.  Manufacturing, which accounts for 10.3% of the economy, has struggled in the aftermath of the Federal Reserve's aggressive monetary policy tightening in 2022 &  2023 to curb inflation.  A recovery is likely this year as the central bank cuts interest rates, which was underscored by an Institute for Supply Management survey last week showing its Purchasing Managers Index rising to a 9-month high in Dec.  Factory production rebounded after contracting for months, the survey showed.

US factory orders fall in November

Stocks popped as chip names shone & investors waited for the release of the key monthly jobs report later in the week.  The upbeat mood kicks off the first full week of 2025 for traders, highlighted by the release of the Dec nonfarm-payrolls report on Fri.  But it's another shortened week, as stock markets shutter on Thurs to mourn the death of former Pres Jimmy Carter.