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A Peek Into The Markets: US Stock Futures Mixed Ahead Of Dollar General, Kroger Earnings

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A Peek Into The Markets: US Stock Futures Mixed Ahead Of Dollar General, Kroger Earnings

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after closing slightly higher in the previous session. Pfizer Inc (NYSE: PFE) and its German partner BioNTech SE (NASDAQ: BNTX) said Wednesday they have received regulatory approval in the United Kingdom for their COVID-19 vaccine. Investors are awaiting earnings from Dollar General Corp. (NYSE: DG), Ulta Beauty Inc (NASDAQ: ULTA) and Kroger Co (NYSE: KR).

The Challenger job-cut report for November is scheduled for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. US Services Purchasing Managers' Index for November is scheduled for release at 9:45 a.m. ET, while the ISM's services index for November will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 34 points to 29,834.00 while the Standard & Poor’s 500 index futures traded fell 4.50 points to 3,662.75. Futures for the Nasdaq 100 index gained 16.75 points to 12,471.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 13,924,950 with around 273,830 deaths. India reported a total of at least 9,534,960 confirmed cases, while Brazil confirmed over 6,436,65 0 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $48.49 per barrel, while US WTI crude futures rose 0.3% to trade at $45.42 a barrel. US crude-oil inventories declined 700,000 barrels last week, the Energy Information Administration said Wednesday. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index declined 0.3%. The French CAC 40 Index fell 0.2%, while German DAX 30 declined 0.2% and London’s FTSE 100 rose 0.1%. French services PMI dropped to 38.8 in November versus 46.5 in the prior month, while Spanish services PMI declined to 39.5 from 41.4.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 0.03%, China’s Shanghai Composite fell 0.21%, Hong Kong’s Hang Seng Index gained 0.74% and India’s BSE Sensex rose 0.1%. Australia's S&P/ASX 200 traded higher by 0.4%. Indian services PMI slipped to 53.7 in November versus prior month’s reading of 54.1, while China’s services PMI climbed to 57.8 in November versus 56.8 in October. Japanese services PMI rose to 47.8 in November versus a final reading of 47.7 for October. Australia reported its biggest trade surplus in six months, with surplus increasing to AUD 7.46 billion in October.

 

Broker Recommendation

Analysts at Goldman Sachs upgraded Tesla Inc (NASDAQ: TSLA) from Neutral to Buy and raised the price target from $455 to $780.

Tesla shares rose 2.9% to $585.05 in pre-market trading.

 

Breaking News

  • Five Below Inc (NASDAQ: FIVE) reported better-than-expected results for its third quarter on Wednesday.
  • JPMorgan Chase & Co’s (NYSE: JPM) asset management division will acquire fintech company 55ip LLC under a definitive agreement..
  • Costco Wholesale Corporation (NASDAQ: COST) reported a 13.4% surge in comparable sales for November. Its net sales climbed 15.1% to $15.67 billion for the retail month of November.
  • Uber Technologies Inc (NYSE: UBER) is nearing a sale of its air taxi business segment, according to Axios.
 

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