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

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

Related Articles (CVGW + AJRD)

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