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

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. Moderna Inc MRNA disclosed that its Covid-19 vaccine has received the nod from an advisory panel of the FDA, paving the way for the company to secure an emergency use authorization. Investors are awaiting earnings from Nike Inc NKE, Darden Restaurants, Inc. DRI and Winnebago Industries, Inc. WGO.

The current account report for the third quarter is scheduled for release at 8:30 a.m. ET, while the index of leading economic indicators for November will be released at 10:00 a.m. ET. Federal Reserve Bank of Chicago President Charles Evans is set to speak at 11:00 a.m. ET, while Fed Governor Lael Brainard will speak at 11:10 a.m. ET.

Futures for the Dow Jones Industrial Average gained 4 points to 30,297.00 while the Standard & Poor’s 500 index futures traded rose 2 points to 3,723.25. Futures for the Nasdaq 100 index fell 2.25 points to 12,748.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 17,212,490 with around 310,780 deaths. India reported a total of at least 9,979,440 confirmed cases, while Brazil confirmed over 7,110,430 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $51.32 per barrel, while US WTI crude futures fell 0.2% to trade at $48.28 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 mixed today. The Spanish Ibex Index fell 0.5% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index gained 0.1%, while German DAX 30 gained 0.1% and London’s FTSE 100 rose 0.3%. German producer prices dropped 0.5% year-over-year in November following a 0.7% decline in the previous month, while retail sales in the UK dropped 3.8% in November.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.16%, China’s Shanghai Composite fell 0.29%, Hong Kong’s Hang Seng Index declined 0.67% and India’s BSE Sensex rose 0.1%. Australia's S&P/ASX 200 traded lower by 1.2%. The Bank of Japan held its key short-term interest rate at -0.1%. The country’s consumer prices fell 0.9% year-on-year in November.

Broker Recommendation

Analysts at KeyBanc upgraded Myers Industries, Inc. MYE from Sector Weight to Overweight and announced a $25 price target.

Myers Industries shares rose 0.4% to close at $19.14 on Thursday.

Breaking News

• FedEx Corporation FDX reported better-than-expected second-quarter results, but did not provide guidance for 2021.
• Johnson & Johnson JNJ has completed the participant enrollment for the Phase 3 trials of its single-dose COVID-19 vaccine.
• BlackBerry Ltd BB reported upbeat earnings for its third quarter, posting an adjusted profit of $0.02 per share, versus analysts’ estimates for a loss of $0.01 per share.
• United States Steel Corporation X issued weak earnings forecast for the fourth quarter.