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A Peek Into The Markets: US Stock Futures Up On Stimulus Hopes

A Peek Into The Markets: US Stock Futures Up On Stimulus Hopes

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade amid prospects that the Biden’s administration would clear the $1.9 trillion covid-19 relief package. The Nasdaq index hit another record highs in the prior session. Investors are awaiting earnings reports from Kimberly Clark Corp (NYSE: KMB), HB Fuller Co (NYSE: FUL) and Steel Dynamics, Inc. (NASDAQ: STLD).

The Chicago Fed National Activity Index for December is scheduled for release at 8:30 a.m. ET, while the Dallas Fed manufacturing index for January will be released at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average rose 17 points to 30,926.00 while the Standard & Poor’s 500 index futures traded rose 12.50 points to 3,846.75. Futures for the Nasdaq 100 index rose 125.50 points to 13,487.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 25,127,000 with around 419,210 deaths. India reported a total of at least 10,667,730 confirmed cases, while Brazil confirmed over 8,844,570 cases.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $55.61 per barrel, while US WTI crude futures rose 0.5% to trade at $52.51 a barrel. US crude oil inventories climbed 4.4 million barrels last week, the Energy Information Administration reported. The total number of active U.S. oil rigs also rose by 2 to 289 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index rose 0.3%. The French CAC 40 Index dropped 0.1%, German DAX 30 gained 0.1% while London's FTSE 100 fell 0.1%. German Ifo business climate indicator declined to 90.1 in January versus a revised reading of 92.2 in the earlier month.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 0.67%, China’s Shanghai Composite rose 0.48%, Hong Kong’s Hang Seng Index climbed 2.41% and India’s BSE Sensex fell 0.6%. Australia’s S&P/ASX 200 rose 0.4%.

Broker Recommendation

Credit Suisse upgraded Wells Fargo & Company (NYSE: WFC) from Neutral to Outperform and raised the price target from $35 to $40.

Wells Fargo shares rose 0.8% to $32.14 in pre-market trading.

Check out other major ratings here


Breaking News

  • Blackstone Group Inc’s (NYSE: BX) Alight Solutions LLC is nearing a merger deal with Bill Foley-led blank-check company Foley Trasimene Acquisition Corp (NYSE: WPF) to go public, Reuters reported.
  • The COVID-19 vaccine made by Pfizer Inc (NYSE: PFE) and its partner BioNTech SE (NASDAQ: BNTX) has been approved by Australia’s Therapeutic Goods Administration, Reuters reported.
  • Royal Dutch Shell plc (NYSE: RDS-A) announced plans to acquire UK's largest EV charging network Ubitricity.
  • Samsung is considering investing around $17 billion to build a chip-making factory in the US, the Wall Street Journal reported.
  • Check out other breaking news here

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