Before the Bell: Jobs Report Keeps Investors on Edge

Setback for Argenx, green light for BMS, and General Motors and Apple join forces.

Yesterday, the average European stock rose by 0.6%. The Bel20 gained just 0.4%. The share price drop of heavyweight Argenx (-3.9%) weighed on the Brussels index. The Ghent-based biotech company announced it is discontinuing an advanced study of its blockbuster drug Vyvgart as a treatment for an eye disease. In the United States, the S&P 500 and the Nasdaq fell by 0.2% and 0.6% respectively. American investors are cautiously awaiting the November jobs report, which will be released today. The report is being published later than usual due to the government shutdown. Bristol-Myers Squibb (+3.7%) received approval from the Food and Drug Administration (FDA) for its cancer drug Breyanzi.

This morning in Asia, Japan’s Topix (-1.6%) and Hong Kong’s Hang Seng Index (-1.9%) are both losing ground. Alibaba (-3.8%) and Xiaomi (-3.4%) are tumbling amid renewed concerns about artificial intelligence. In Belgium, Colruyt is publishing results for the first half of its broken financial year. In the United States, homebuilder Lennar opens its books. On the macroeconomic front, the euro area releases its trade balance for October and the PMI figure for December.

Music to the Ears

U.S. carmaker General Motors has struck a deal with technology company Apple to bring Apple Music to all Chevrolet and Cadillac models. The automaker will soon make the Apple Music app available via an over-the-air update. At a later stage, drivers of Buick and GMC vehicles will also be able to use the service. In the newest models, drivers will even be able to stream music using GM’s free mobile data service. The arrival of Apple Music in GM vehicles is notable, as the automaker removed Apple CarPlay and Android Auto software from its cars back in 2023. That decision sparked widespread consumer backlash, but GM stood its ground. Now, drivers can once again use their preferred music streaming service without constantly switching between the car’s software and third-party platforms.

Ford Scales Back Electrification Plans

The next automaker to retreat from its electrification ambitions is Ford Motor. The company is shifting its focus toward hybrid vehicles and is scrapping its fully electric F-150 pickup truck for the U.S. market. Ford is making this move after sales of electric vehicles fell sharply in 2025. High prices and reduced government subsidies for EV purchases have slowed consumer adoption more than initially expected. The plans are not being abandoned entirely. By 2029, Ford hopes to make its electric vehicle division profitable—but with far fewer, smaller, and cheaper models than previously envisioned. The strategic shift will cost Ford Motor 19.5 billion dollar.

Did you know…

that Tesla shares rose 3.6% yesterday without any specific news? Cathie Wood put the company forward as the world’s largest AI project. Wood’s investment fund ARK holds a large position in Tesla, giving her a clear incentive to portray the stock in a positive light.

This article was translated from Dutch and was originally published on Spaarvarkens.be.