A Peek Into The Markets: US Stock Futures Edge Higher Following Thursday's Rally

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the S&P 500 settled at an all-time high in the previous session. Markets were closed on Friday in observance of the Christmas Day holiday.

The Dallas Fed manufacturing index for December is scheduled for release at 10:30 a.m. ET. The index is expected to drop to 9.5 in December from previous month’s reading of 11.8.

Futures for the Dow Jones Industrial Average gained 19 points to 35,851.00 while the Standard & Poor’s 500 index futures gained 9 points to 4,724.75. Futures for the Nasdaq index rose 45.50 points to 16,344.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 53,222,420 with around 837,850 deaths. India reported a total of at least 34,793,330 confirmed cases, while Brazil confirmed over 22,239,430 cases.

Oil prices traded lower as Brent crude futures fell 0.1% to trade at $75.72 per barrel, while US WTI crude futures fell 1.2% to trade at $72.92 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index rose 0.3% and STOXX Europe 600 Index gained 0.2%. The French CAC 40 Index declined 0.1%, London’s FTSE 100 slipped 0.1% while German DAX 30 gained 0.1%. Manufacturing confidence in Italy fell to 115.2 in December from a revised reading of 115.9 in the previous month, while consumer confidence rose to 117.7 in December. Car production in the UK dropped 28.7% year-over-year to 75,756 units in November. Spain's quarterly economic growth was revised higher to 2.6% in the third quarter compared to a preliminary reading of 2%. Import prices in Germany jumped 24.7% year-over-year in November.

Asian markets traded mostly higher today. Japan’s Nikkei 225 fell 0.37%, while Hong Kong’s Hang Seng Index gained 0.13% and China’s Shanghai Composite fell 0.06%. Australia’s S&P/ASX 200 rose 0.44%, while India’s BSE Sensex climbed 0.56%. Profits earned by Chinese industrial firms rose 38.0% year-over-year to CNY 7.98 trillion in the January-November period, versus a 42.2% growth in the previous period. Retail sales in Japan rose 1.9% year-over-year in November, exceeding market estimates of a 1.7% growth.

Broker Recommendation

Barclays downgraded InnovAge Holding Corp. INNV from Overweight to Equal-Weight and lowered the price target from $22 to $6.5.

InnovAge shares fell 1.3% to $5.24 in pre-market trading.

Check out other major ratings here

Breaking News

• Ares Management Corporation ARES said its subsidiary, Ares Holdings L.P., agreed to acquire AMP's PrivateMarketsCo Infrastructure Debt platform for $308 million.
• A new report shows U.S. holiday sales jumped by 8.5% as compared to last year, increasing at the fastest rate in 17 years. The sales figures outpaced a 7.4% increase expected by economists at Mastercard Inc MA SpendingPulse, which issued the report.
• The Drugs Controller General of India has given Bharat Biotech’s Covaxin Emergency Use approval in the paediatric age group between 12 and 18 years. Ocugen, Inc. OCGN has the US rights to the Bharat Biotech’s vaccine candidate.
• Escalade, Incorporated ESCA appointed Walter P. Glazer, Jr. as Chief Executive Officer and President.

Check out other breaking news here