Jake Novak's Morning Business Briefing 11/22

STOCKS/ECONOMY

-Stock futures are modestly lower after Thursday's 462-point rally for the Dow, smaller 0.5 percent gain for the S&P 500, and a just above breakeven close for the Nasdaq. Several key earnings reports are still being scrutinized by investors this morning.

-The yield on the 10-year Treasury bond is at 4.39 percent. 

-Gold is up again this morning and at the $2,701 per ounce level. Bitcoin is up to the $98,700 level. 

-Asian markets closed mixed today. Chinese markets are showing signs of tariff fears with the Trump administration coming into office soon. The Hang Seng sold off by 1.9 percent, and the Shenzhen plummeted 3.5 percent lower. The Nikkei gained 0.7 percent.

OIL/ENERGY

-U.S. crude prices are down and back to the $69 a barrel level.

-Gasoline prices are down to $3.05 a gallon, national average. 

EARNINGS SCORECARD

-Gap (GAP) reported better than expected quarterly profits and revenues and also raised forecasts for the current Christmas shopping quarter. Its shares are soaring 15 percent higher in the premarket. 

-TurboTax parent Intuit (INTU) reported better than expected quarterly profits and revenues, but said current quarter revenues would be light because of a number of discount offers. Intuit shares are down 3 percent in the premarket. 

-Ross Stores (ROST) reported better than expected quarterly profits. Its shares are up 7 percent in the premarket. 

CARD SHARKS

-At least 50 of the largest U.S. retailers boosted interest rates on their store credit cards in the months before the Federal Reserve began cutting rates. It was a move to help protect their profit margins. Consumer experts are urging Americans to resist offers to sign up for new store cards this Christmas season.

EV MANIA

-Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the U.S,. in another sign that all-electric vehicle demand is weak.