Here are five things you must know for Monday, Nov. 26:
1. -- Stocks on Wall Street Set to Rise Sharply
U.S. stock futures rose sharply on Monday, Nov. 26, with Wall Street getting a lift from a record Black Friday spending weekend and as oil prices rebounded.
Contracts tied to the Dow Jones Industrial Average jumped 257 points, futures for the S&P 500 were up 30.25 points, and Nasdaq futures rose 102.75 points. Investors looked set to take a record Thanksgiving shopping weekend - which saw consumers spend nearly $10 billion over the first two days of the four-day period -- as a signal of robust demand for the holiday season.
European stocks received a boost from a breakthrough in Britain's exit talks with the European Union. Prime Minister Theresa May won support for her EU exit plan from all 27 member states following a weekend summit in Brussels, but now faces the task of selling it to wary lawmakers in Britain.
Prices for Brent crude, the global benchmark, rose 2.3% to $60.16 a barrel early Monday, while West Texas Intermediate crude, the U.S. benchmark, gained 1.47% to $51.16 a barrel. Crude oil in the U.S. fell 7.7% on Friday, Nov. 23.
The economic calendar in the U.S. Monday includes the Chicago Fed National Activity Index for October at 8:30 a.m. ET, and the Dallas Fed Manufacturing Survey for November at 10:30 a.m.
2. -- Cyber Monday Is King
The holiday shopping season kicked into high gear on Black Friday, the day after Thanksgiving. But when it comes to online shopping, Cyber Monday is king: According to projections from Adobe Analytics, the Monday after Thanksgivingis expected to bring in $7.8 billion in sales, and will be the single largest online shopping day in the U.S., eclipsing Black Friday ($6.22 billion) and Thanksgiving ($3.3 billion).
- Cyber Monday Expected to Be Biggest Day Yet for U.S. Online Retailers
- Best Cyber Monday Deals 2018: Walmart, Amazon and More
3. -- Mitsubishi Dismisses Carlos Ghosn as Chairman
The board of Japanese automaker Mitsubishi Motors Corp. (MMTOF) , which is allied with Renault S.A. (RNLSY) and Nissan Motor Co. (NSANY) in the world's biggest auto alliance, voted Monday to dismiss Carlos Ghosn as its chairman after his arrest last week for alleged financial misconduct.
Ghosn is being investigated over claims that the 64-year old misused company funds and understated his income with the assistance of Nissan's representative director, Greg Kelly, who also arrested in Tokyo. Nissan's board last week voted unanimously to dismiss Ghosn.
Japanese media, citing unidentified sources, reported that Ghosn and Kelly have asserted their innocence, the Associated Press reported. Ghosn hasn't commented publicly.
Mitsubishi said its current CEO, Osamu Masuko, will serve as both acting chairman and CEO pending a general shareholders meeting.
4. -- GM to Close Down Operations in Oshawa, Ontario - Report
The announcement is expected to be made on Monday, CTV reported.
Sources told CTV that the Oshawa closures were part of a global restructuring aimed at moving toward lower-emission vehicles. Plants in the United States were also expected to close, although other GM's operations in Ontario appeared to be safe.
The Oshawa Assembly plant recently became the only factory in North America capable of building both cars and trucks, according to CTV. There are currently about 2,500 union positions and roughly 300 salaried employees in the Oshawa area.
GM spokesman David Paterson, in an emailed statement to CTV Toronto, said the company "won't be commenting ... on speculation."
5. -- Logitech Ends Talks to Buy Plantronics
Shares of Plantronics Inc. (PLT) , which makes Bluetooth earpieces and headsets, fell 2.7% in premarket trading on Monday after Logitech International SA (LOGI) said it ended discussions to buy the company.
Reuters reported on the negotiations between Logitech and Plantronics on Friday. The companies confirmed the talks on Sunday, but said they had been terminated.
Join Jim Cramer's Action Alerts PLUS club for investors on Cyber Monday and enjoy our best deal of the year!
Action Alerts PLUS members enjoy:
- A complete list of all stocks in Jim's investment portfolio, which he runs for charity.
- E-mail alerts before Jim makes any trade for the portfolio, so that you can not only trade along with Jim, but actually place your order before he does.
- Access to a private monthly videoconference call for club members only, in which Jim answers e-mailed questions and updates you on his latest thinking.
- Exclusive commentary throughout every trading day from Jim and his personal team of analysts, who let you see the research that Jim uses in making his own trading decisions.
Click here for a special 66% holiday discount!