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A Peek Into The Markets: US Stock Futures Mixed Ahead Of Results From Georgia Senate Runoff

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A Peek Into The Markets: US Stock Futures Mixed Ahead Of Results From Georgia Senate Runoff

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade as investors are awaiting results from the runoff senatorial elections in Georgia. Democrat Raphael Warnock defeated Republican Kelly Loeffler in one of the crucial Senate races, while the another runoff between Republican David Perdue and Democrat Jon Ossoff also remains close.

The ADP national employment report for December will be released at 8:15 a.m. ET, while US Services Purchasing Managers' Index for December is scheduled for release at 9:45 a.m. ET. Data on factory orders for November will be released at 10:00 a.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 116 points to 30,401.00 while the Standard & Poor’s 500 index futures traded fell 5.50 points to 3,712.75. Futures for the Nasdaq 100 index fell 230 points to 12,563.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 21,050,700 with around 357,370 deaths. India reported a total of at least 10,374,930 confirmed cases, while Brazil confirmed over 7,810,400 cases.

Oil prices traded higher as Brent crude futures rose 0.6% to trade at $53.91 per barrel, while US WTI crude futures rose 0.1% to trade at $49.97 a barrel. The American Petroleum Institute, late Tuesday, reported a decline of 1.663 million barrels in crude oil inventories for the week ending January 1. The Energy Information Administration’s weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.8% and STOXX Europe 600 Index rose 0.2%. The French CAC 40 Index rose 0.2%, German DAX 30 gained 0.2% while London's FTSE 100 rose 0.7%. Eurozone composite PMI increased to 49.1 in December from November's reading of 45.3. German December composite PMI rose to 52, while services PMI increased to 47. French consumer price index rose 0.2% month-over-month, while Spanish services PMI climbed to 48.

 

Asian markets traded mixed today. Japan’s Nikkei 225 dropped 0.38%, China’s Shanghai Composite surged 0.63%, Hong Kong’s Hang Seng Index gained 0.15% and India’s BSE Sensex fell 0.5%. Australia’s S&P/ASX 200 fell 1.1%. Japan’s household confidence dipped to 31.8 in December, while China’s December services PMI declined to 56.3.

Broker Recommendation

Morgan Stanley upgraded Cintas Corporation (NASDAQ: CTAS) from Underweight to Equal-Weight and raised the price target from $261 to $324.

Cintas shares rose 1.5% to close at $348.89 on Tuesday.

 

Breaking News

  • Cal-Maine Foods Inc (NASDAQ: CALM) reported upbeat results for its second quarter on Tuesday.
  • Achronix Semiconductor Corp. is discussing a potential merger with special purpose acquisition company ACE Convergence Acquisition Corp (NASDAQ: ACEV), Bloomberg reported.
  • Alibaba Group Holding Ltd - ADR (NYSE: BABA) is looking to raise at least $5 billion through a sale of US-dollar-denominated bonds this month, according to Reuters. The company also suffered a setback as mobile applications provided by Alibaba-backed Ant Group will be banned under an executive order issued Tuesday by outgoing President Donald Trump.
  • NeoGenomics, Inc. (NASDAQ: NEO) reported a $200 million proposed offering of common stock.
 

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Posted-In: A Peek Into The MarketsNews Eurozone Futures Small Cap Global Pre-Market Outlook Markets Best of Benzinga

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