Dow Futures Surge on Biden's Treasury Secretary Nomination

President-elect Joe Biden nominated former Federal Reserve Chair Janet Yellen as the new Treasury Secretary

Digital Content Manager
Nov 24, 2020 at 9:30 AM
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Stock futures are extending yesterday's vaccine-fueled gains this morning, after General Services Administration Chief Emily Murphy said she would make federal resources available for President-elect Joe Biden's transition. This marks the Trump administration's first recognition of defeat in the presidential election, though President Donald Trump vowed to "keep up the good fight" to overturn results on Twitter.

As a result of this initial transition, futures on the Dow Jones Industrial Average (DJI) are up 300 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also higher. Elsewhere, traders are celebrating news that Biden will nominate former Federal Reserve Chair Janet Yellen for Treasury Secretary. On the economic data front, home prices just saw their biggest jump in six years, up 7% annually in September, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. 

Continue reading for more on today's market, including:

  • Dunkin stock could soon be headed toward fresh record highs.
  • Schaeffer's V.P. of Research, Todd Salamone, dives into risk management amid growing investor enthusiasm.
  • Plus, unpacking J M Smucker's earnings beat; Dicks Sporting Goods names new CEO; and apparel retailer rises on online shopping demand.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.5 million call contracts traded on Monday, and 1 million put contracts. The single-session equity put/call ratio rose to 0.42 and the 21-day moving average dropped to 0.48. 
  2.  J M Smucker Co (NYSE:SJM) is up 1.7% in pre-market trading, after the company reported better-than-expected fiscal second-quarter earnings and revenue, and raised its full-year earnings forecast to boot. The major food name said it continues to benefit from increased home cooking during the pandemic. Year-to-date, SJM is up 11.4%.
  3. Dicks Sporting Goods Inc (NYSE:DKS) is up 1.9% before the bell, after the retail giant named Lauren Hobart as its new CEO, starting Feb. 1, 2021. The company also reported third-quarter earnings and revenue that beat analyst's estimates, thanks to a 23.2% same-store sales increase. In the last six months, DKS has gained 83.3%.
  4. The shares of Abercrombie & Fitch Co. (NYSE:ANF) are up 9.7% in electronic trading, after the apparel concern posted a third-quarter earnings and revenue beat. The company attributed the upbeat results to students and other consumers turning to online shopping during the pandemic. Year-over-year, ANF is up 42.4%.
  5.  Investors are looking ahead to the consumer confidence index.

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European, Asian Markets Rise Amid U.S. Presidential Transition

Asian markets were mostly higher today, as investors cheer upbeat vaccine news and Biden's Treasury Secretary nominations. Japan’s Nikkei led gains in the region with a 2.5% burst. Meanwhile, South Korea’s Kospi and Hong Kong’s Hang Seng rose 0.6% and 0.4%, respectively. Rounding out the region, China’s Shanghai Composite lost 0.3%.

European stocks are also higher this afternoon, thanks to AstraZeneca’s vaccine announcement and the Trump administration’s promise to aid President-elect Joe Biden in his transition. France’s CAC 40 was last seen up 1.3%, followed closely by London’s FTSE 100, which has so far gained 1%. Meanwhile, the DAX in Germany is up 0.9%, after data shows the country’s economy grew by a record 8.5% in the third quarter.

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