China reopening fails to inspire

My top 10 things to watch Wednesday, Dec. 7, 2022.

1. Does China’s Covid reopening mean nothing? US stock futures and oil prices go down anyway? This is so not in the playbook. I’ll discuss this morning and later on CNBC’s “Halftime Report.” Big back-to-back losses Monday and Tuesday for the S&P 500, which is now on a four-session losing streak. We put out a commentary late Tuesday on where we stand.

2. Two out of the Club’s three stocks tied closely to China — Starbucks (SBUX) duck Wynn Resorts (WYNN) — are down. Only Estee Lauder (EL) is higher in the premarket as China no longer requires a negative Covid test to go to other parts of the country. South China Morning Post and Nikkei confirm that Hainan is open for business. Gigantic amount of business. High margin.

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