Newscasts - US Morning Call: Tech stocks retrace ahead of the bell

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_skhmm1i6&referenceId=1_skhmm1i6&pageId=Newscasts Source: 'Reuters - Business videos' Description: A slight downtick in Nvidia shares overnight weighed on the Nasdaq ahead of the bell, but Wall Street was still on track to notch up a weekly gain. Investor attention on Friday is focused on Trump's cabinet picks and S&P Global flash PMIs for November. Short Link: https://refini.tv/3AGGiF6 Video Transcript: Tech stocks retrace ahead of the bell, but Wall Street is still on track for a weekly gain. Welcome to your US Morning Call. I am Thomas Warner. A slight downtick in NVIDIA's shares overnight weighed on the NASDAQ ahead of the bell, a testament to the profound influence of what is now a $3.6 trillion stock. Wall Street is still set for weekly gains with the S&P 500 set to open around 1.5%, higher than it did this time last week. The gain would be greater still without some weak results from US-listed Chinese companies. Baidu and Alibaba's New York shares are each down around 4% pre-market, after Baidu blamed sluggish growth in the Chinese economy for some weak Q3 earnings. And the economic relationship between the US and China is high on the agenda for president-elect Donald Trump as he builds his new Cabinet. Democrats on Thursday criticized his pick for the head of the Commerce Department, Howard Lutnick, saying that his business ties with China mean that he is caught in a conflict of interest. But the controversy over his pick for attorney general is now over. Matt Gaetz withdrew his nomination after Senate Republicans proved reluctant to endorse him without seeing the results of an investigation into allegations of sexual misconduct. Trump has now chosen former Florida attorney general, Pam Bondi, to take on the role of America's top prosecutor. And additionally, the head of the SEC, Gary Gensler, has confirmed that he will resign from his role once Trump takes office. The top story in US equities this morning comes from the healthcare sector. Government researchers have found that a widely prescribed asthma drug may be linked to serious mental health problems. The drug Singulair, originally marketed by Merck before being spun off, attaches to multiple brain receptors that are critical to psychiatric functioning. Merck is yet to respond. Shares in clothing retailer, Gap, are set to open 15% higher on Friday after it raised its annual forecast. It is one of the few US retailers sounding an upbeat note about the upcoming holiday season. The FT reports that Formula 1 has opened negotiations with broadcaster ESPN over its next US media rights deal. The F1 Circus is in Vegas this weekend where reigning champion Max Verstappen can secure his fourth consecutive world title. Let us get the latest now on a rally taking place across FX, commodity, and crypto. The Dollar sitting close to a 13-month high against its major rivals. It is up 3% so far this month on expectations that the new president's trade policies could reignite inflation and limit the Fed's ability to cut rates. Optimism over his potentially crypto-friendly policies mean that Bitcoin is now closing in on $98,500, up from only $90,000 at the start of the week. And commodities have been on the march as well. Russia's ICBM strike on Ukraine has sent safe haven asset, gold, up $200 this week to more than $2,700 per ounce. Concern that escalation in Ukraine could hit global supply, means prices are up 5% on the week, though they are steady so far today. And finally, investor attention now turns to November PMIs from S&P Global. They are due at 9:45AM Eastern Time. Forecasters point to services expanding at a faster rate, with manufacturing still contracting but by slightly less than in October. And that is your US Morning Call.