A Peek Into The Markets: US Stock Futures Tumble Despite Lawmakers Striking Stimulus Deal

Pre-open movers

U.S. stock futures traded lower in early pre-market trade despite the US lawmakers agreeing to a $900 billion covid-19 relief package. Investors are awaiting earnings from FactSet Research Systems Inc. FDS, Heico Corp HEI and Calavo Growers, Inc. CVGW.

The Chicago Fed National Activity Index for November is scheduled for release at 8:30 a.m. ET. The index is expected to decline to 0.55 last month versus a reading of 0.83 in October.

Futures for the Dow Jones Industrial Average dipped 519 points to 29,594.00 while the Standard & Poor’s 500 index futures traded fell 78.25 points to 3,628.00. Futures for the Nasdaq 100 index fell 186 points to 12,526.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 17,847,210 with around 317,670 deaths. India reported a total of at least 10,055,560 confirmed cases, while Brazil confirmed over 7,238,600 cases.

Oil prices traded lower as Brent crude futures fell 4.6% to trade at $49.84 per barrel, while US WTI crude futures fell 4.2% to trade at $47.04 a barrel. The total number of active U.S. oil rigs rose by 5 to 263 rigs this week, Baker Hughes Inc reported.

A Peek Into Global Markets

European markets were lower today following new virus strains in the U.K. and deadlock in Brexit trade talks. The Spanish Ibex Index fell 3% and STOXX Europe 600 Index declined 2.1%. The French CAC 40 Index dropped 2.5%, while German DAX 30 dipped 2.4% and London’s FTSE 100 fell 1.4%.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.18%, China’s Shanghai Composite gained 0.76%, Hong Kong’s Hang Seng Index declined 0.72% and India’s BSE Sensex fell 3.3%. Australia's S&P/ASX 200 traded lower by 0.1%. The People’s Bank of China held its prime loan rate at 3.85%. Hong Kong consumer prices declined 0.2% year-over-year in November.

Broker Recommendation

Analysts at Needham initiated coverage on SharpSpring Inc SHSP with a Buy rating and announced a price target of $25.

SharpSpring shares rose 0.1% to close at $16.92 on Friday.

Breaking News

• Moderna Inc MRNA disclosed that the FDA has authorized the emergency use of mRNA-1273 against Covid-19 in individuals 18 years and older.
• Nike Inc NKE reported stronger-than-expected results for its second quarter on Friday.
• Lockheed Martin Corporation LMT announced plans to acquire Aerojet Rocketdyne Holdings Inc AJRD in a $5 billion deal.
• SoftBank Group Corp. SFTBY will be filing for an initial public offering of its first special purpose acquisition company on Monday, Axios reported.