A Peek Into The Markets: US Stock Futures Gain; Congress Confirms Biden’s Victory Over Trump

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Pre-open movers

U.S. stock futures traded higher in early pre-market trade adding to previous session’s gains despite riots caused by pro-Trump rioters at the U.S. Capitol. The US Congress formally confirmed Joe Biden as the next President early Thursday.

The Challenger job-cut report for December is scheduled for release at 7:30 a.m. ET, while data on international trade report for November and initial jobless claims for the latest week will be released at 8:30 a.m. ET. The ISM’s services index for December is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 9:00 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 12:00 p.m. ET. Federal Reserve Bank of Chicago President Charles Evans is set to speak at 1:00 p.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 3:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 92 points to 30,812.00 while the Standard & Poor’s 500 index futures traded rose 17.50 points to 3,758.00. Futures for the Nasdaq 100 index rose 90 points to 12,706.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 21,305,030 with around 361,270 deaths. India reported a total of at least 10,395,270 confirmed cases, while Brazil confirmed over 7,873,830 cases.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $54.52 per barrel, while US WTI crude futures rose 0.7% to trade at $50.99 a barrel. US crude oil inventories declined 8 million barrels last week, the Energy Information Administration said Wednesday. The EIA’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index fell 0.4% and STOXX Europe 600 Index rose 0.3%. The French CAC 40 Index climbed 0.5%, German DAX 30 gained 0.4% while London’s FTSE 100 slipped 0.1%. The IHS Markit Eurozone construction PMI slipped to 45.5 in December versus 45.6 in November. Germany’s December construction PMI rose to 47.1 from 45.6 in November, while France construction PMI declined to 40.5 from 42.8.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 1.6%, China’s Shanghai Composite surged 0.71%, Hong Kong’s Hang Seng Index declined 0.52% and India’s BSE Sensex rose 0.2%. Australia’s S&P/ASX 200 rose 1.6%. Australian trade surplus declined to AUD 5.02 billion in November versus AUD 6.58 billion in the prior month, while Japan’s nominal cash earnings slipped 2.2% year-over-year during November.

Broker Recommendation

KeyBanc initiated coverage on Veeva Systems Inc (NYSE: VEEB) with an Overweight rating and announced a price target of $332.

Veeva Systems shares fell 3% to close at $268.57 on Wednesday.

 

Breaking News

  • T-Mobile US, Inc. (NASDAQ: TMUS) reported postpaid net additions of 5.5 million for the full-year 2020. The company also reported preliminary net additions of 1.6 million in the fourth quarter.
  • Twitter Inc (NYSE: TWTR) and Facebook Inc (NASDAQ: FB) have blocked outgoing President Donald Trump’s accounts temporarily after the violent storming of the U.S. Capitol.
  • SPAR Group Inc (NASDAQ: SGRP) reported a 500,000 share buyback program.
  • Apple Inc (NASDAQ: AAPL) said Wednesday that sales of digital products like apps on its platform skyrocketed during the holiday season.

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