A Peek Into The Markets: US Stock Futures Down; Pfizer Covid-19 Vaccine Gets FDA Panel's Nod

Pre-open movers

U.S. stock futures traded lower in early pre-market trade following a delay in the Covid-19 relief package. Pfizer Inc PFE received the green light on its Covid-19 vaccine from an external panel of experts that advise the US FDA. Investors are awaiting earnings from Johnson Outdoors Inc. JOUT and Construction Partners, Inc. ROAD.

The Producer Price Index for November is scheduled for release at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for December will be released at 10:00 a.m. ET. Federal Reserve Vice Chairman Randal Quarles is set to speak at 12:40 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 160 points to 29,850.00 while the Standard & Poor’s 500 index futures traded fell 24 points to 3,644.50. Futures for the Nasdaq 100 index fell 80 points to 12,322.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 15,616,380 with around 292,170 deaths. India reported a total of at least 9,796,760 confirmed cases, while Brazil confirmed over 6,781,790 cases.

Oil prices traded slightly lower as Brent crude futures fell 0.2% to trade at $50.17 per barrel, while US WTI crude futures fell 0.1% to trade at $46.75 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 2.2% and STOXX Europe 600 Index declined 1.1%. The French CAC 40 Index declined 1.2%, while German DAX 30 declined 1.2% and London’s FTSE 100 fell 1%. Spain's consumer prices fell 0.8% year-over-year in November, while consumer prices in Germany declined 0.3% year-on-year. The European Central Bank kept the interest rates unchanged at 0%.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.39%, China’s Shanghai Composite fell 0.77%, Hong Kong’s Hang Seng Index gained 0.36% and India’s BSE Sensex fell 0.1%. Australia's S&P/ASX 200 traded lower by 0.6%. Car sales in China climbed for the eight straight month, rising 12.6% year-over-year to 2.77 million in November.


Broker Recommendation

Analysts at KeyBanc initiated coverage on NIKE, Inc. NKE with an Overweight rating and announced a price target of $174.

Nike shares fell 0.9% to close at $137.58 on Thursday.


Breaking News

  • Costco Wholesale Corporation COST reported better-than-expected earnings for its first quarter. Its comparable store sales climbed 15.4% year over year, while e-commerce sales jumped 86.4% during the quarter.
  • Sanofi SA SNY and GlaxoSmithKline plc GSK on Friday reported a delay in their COVID-19 vaccine program as interim results from Phase 1 and 2 trials indicate a low immune response in older adults.
  • Walt Disney Co DIS, during its Investor Day 2020, said streaming platform Disney+ hit 86.8 million subscribers. The streaming platform also announced plans to add something new every week with dozens of branded series heading to the streaming platform.
  • Broadcom Inc AVGO reported upbeat earnings for its fourth quarter. The company also named Charlie Kawwas as new COO and Kirsten Spears as CFO.
Posted In: A Peek Into The MarketsEarningsNewsEurozoneFuturesSmall CapGlobalPre-Market OutlookMarkets