Market Overview

A Peek Into The Markets: US Stock Futures Up Ahead Of Economic Reports

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A Peek Into The Markets: US Stock Futures Up Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones declined 200 points in the previous session amid concerns over new Covid-19 strains. Investors are awaiting earnings from Paychex, Inc. (NASDAQ: PAYX).

Data on durable goods orders, initial jobless claims, personal income and consumption expenditures will be released at 8:30 a.m. ET. The Federal Housing Finance Agency House Price Index is scheduled for release at 9:00 a.m. ET, while data on new home sales and the University of Michigan's consumer sentiment index will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 90 points to 30,002.00 while the Standard & Poor’s 500 index futures traded rose 12.75 points to 3,690.00. Futures for the Nasdaq 100 index rose 24 points to 12,734.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 18,236,610 with around 322,830 deaths. India reported a total of at least 10,099,060 confirmed cases, while Brazil confirmed over 7,318,820 cases.

Oil prices traded lower as Brent crude futures fell 0.3% to trade at $50.01 per barrel, while US WTI crude futures fell 0.3% to trade at $46.89 a barrel. The API, late Tuesday, reported that crude-oil stocks climbed by 2.70 million barrels in the week ended December 18. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET, while the EIA’s report on natural gas stocks in underground storage will be released at 12:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly higher today following the reports that a Brexit trade deal could be struck on Wednesday. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index climbed 0.5%, while German DAX 30 gained 0.5% and London’s FTSE 100 fell 0.1%. Import prices in Germany declined 3.8% year-over-year in November. Spain’s GDP grew 16.4% quarter-over-quarter but declined 9% year-over-year in the third quarter.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.33%, China’s Shanghai Composite climbed 0.76%, Hong Kong’s Hang Seng Index gained 0.86% and India’s BSE Sensex rose 0.7%. Australia's S&P/ASX 200 traded higher by 0.7%. Japan’s index of leading economic indicators increased to 94.3 in October versus the preliminary reading of 93.8, while core CPI fell 0.1% year-over-year. Australia’s private-sector credit increased 0.1% in November.

 

Broker Recommendation

Analysts at KeyBanc maintained IAC/Interactivecorp (NASDAQ: IAC) with an Overweight and raised the price target from $165 to $210.

IAC/InterActiveCorp shares rose 14.1% to close at $183.73 on Tuesday.

 

Breaking News

  • Martin Midstream Partners L.P. (NASDAQ: MMLP) reported the sale of Mega Lubricants to John W. Stone Oil for $22.4 million.
  • Pfizer Inc (NYSE: PFE) is nearing a deal with President Donald Trump's administration to supply 100 million doses of its Covid-19 vaccine to the US, the Wall Street Journal reported.
  • AstraZeneca Plc (NASDAQ: AZN) and Russia have agreed to test a combination of their vaccines. The company signed a memorandum of cooperation with the Gamaleya Institute, the Russian Direct Investment Fund, and Russia-based pharmaceutical firm R-Pharm to study the combination.
  • Supernus Pharmaceuticals Inc (NASDAQ: SUPN) reported that SPN-812 exhibited positive topline results in its Phase III study for the treatment of attention deficit hyperactivity disorder.
 

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