Dow Futures Look to Extend Historic Monthly Win

The blue-chip index is walking away from its best month since 1987

Assistant Editor
Dec 1, 2020 at 9:26 AM
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Following its best month since 1987, futures on the Dow Jones Industrial Average (DJI) are up over 280 points this morning and looking to build on those gains. S&P 500 (SPX) and Nasdaq Composite (IXIC) futures are joining the blue-chip index in the black as well, following their best months since April. Meanwhile, investors are awaiting Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin's testimony before congress. 

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

  • Multibillion-dollar deal pushes IHS Markit stock to record high
  • Schaeffer's V.P. of Research, Todd Salamone, explains how the equity benchmarks cleared historical resistance.
  • Plus, NIO rises on record deliveries; video communication stock brushes off earnings beat; and Tesla rises on S&P update. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Monday, and 925,706 put contracts. The single-session equity put/call ratio rose to 0.43 and the 21-day moving average dropped to 0.44. 
  2. Nio Inc (NYSE:NIO) is up 2.4% in pre-market trading, after the company announced its delivery of 5,291 vehicles in November, a monthly record, while still increasing production capacity. Furthermore, Goldman Sachs upgraded the stock to "neutral" from "sell." Last month, NIO added 65.2%. 
  3. Zoom Video Communications Inc (NASDAQ:ZM) is down 6.7% before the bell, despite both a third-quarter earnings and revenue beat. The video chat firm did say  that it expects quarter-over-quarter revenue growth to slow. To follow, no fewer than three analysts raised their price targets, while two chimed in with price-target cuts. In the last six months, ZM is up 64.3%. 
  4. Tesla Inc (NASDAQ:TSLA) is up 4.8% in electronic trading, after S&P Dow Jones Indices elaborated on Tesla stock's integration into the S&P 500. It will happen in a single-step move before the open on Dec. 21, rather than a phase, after feedback from the investment community. In the past monthly period alone, the stock is up 46.3%.
  5. The day is packed full, as Markit manufacturing PMI, ISM Manufacturing Index, construction spending, and motor vehicle sales data are all set to be released.

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Stocks Rise in Asia, Europe on Positive Economic Data

Asian markets closed higher today, as investors celebrated the release of private Chinese manufacturing data. More specifically, the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at a 10-year high of 54.9 for November. As a result, China’s Shanghai Composite rose 1.8%. Meanwhile, South Korea’s Kospi was 1.7% higher, while Japan’s Nikkei jumped 1.3%. Rounding out the region, Hong Kong’s Hang Seng rose 0.9%.

European stocks are also higher this afternoon, following the optimism trend set forth by the U.S. and Asia-Pacific markets. Also encouraging investors is news that Pfizer (PFE) and BioNTech (BNTX) applied to the European Medicines Agency (EMA) for the conditional marketing authorization of their coronavirus vaccine. If approved, European countries could be getting the vaccine as soon as this month. In turn, London’s FTSE 100 was last seen up 1.9%, while France’s CAC 40 and the German DAX both added 0.9%.

 

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