A Peek Into The Markets: US Stock Futures Edge Higher Following Thanksgiving Holiday

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after closing mostly lower in the previous session. Markets in the U.S. were closed on Thursday for the Thanksgiving holiday. AstraZeneca plc’s (NYSE: AZN) CEO said the company is likely to run new global trial on its COVID-19 vaccine after interim results from its trial showed 62% efficacy for a full dosage regimen.

Futures for the Dow Jones Industrial Average gained 55 points to 29,883.00 while the Standard & Poor’s 500 index futures traded rose 6.25 points to 3,633.50. Futures for the Nasdaq 100 index gained 41.75 points to 12,194.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 12,883,840 with around 263,450 deaths. India reported a total of at least 9,309,780 confirmed cases, while Brazil confirmed over 6,204,220 cases.

Oil prices traded mixed as Brent crude futures rose 0.7% to trade at $48.11 per barrel, while US WTI crude futures fell 0.9% to trade at $45.31 a barrel. The Energy Information Administration said US crude oil inventories fell 0.754 million barrels in the week ended November 20 versus a 0.768 million rise in the prior period.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index declined 0.1%. The French CAC 40 Index rose 0.3%, while German DAX 30 gained 0.2% and London’s FTSE 100 fell 0.7%. The French economy expanded 18.7% on quarter during the third quarter versus a record 13.8% decline in the earlier period, while industrial producer prices rose 0.1% in October. Import prices in Germany declined 3.9% year-over-year in October.

Asian markets traded mixed today. Japan’s Nikkei 225 gained 0.4%, China’s Shanghai Composite rose 1.14%, Hong Kong’s Hang Seng Index gained 0.28% and India’s BSE Sensex fell 0.2%. Australia's S&P/ASX 200 traded lower by 0.5%. Profits earned by Chinese industrial firms increased 0.7% year-on-year in January-October.

Broker Recommendation

Analysts at Morgan Stanley upgraded Diageo plc (NYSE:DEO) from Equal-Weight to Overweight.

Diageo shares rose 0.8% to close at $157.66 on Wednesday.

Breaking News

• Walt Disney Co (NYSE: DIS) announced plans to lay off 32,000 workers, a rise from the 28,000 it reported in September.
• Y-mAbs Therapeutics, Inc (NASDAQ: YMAB) reported that the FDA has approved its DANYELZA for the treatment of neuroblastoma.
• Amazon.com, Inc. (NASDAQ: AMZN) announced plans to give more than $500 million in holiday bonuses to its front-line employees in the US.
• JinkoSolar Holding Co., Ltd (NYSE: JKS) agreed to sell its 50% stake in Abu Dhabi Sweihan power station.