Dow Futures Brush Off Dismal November Jobs Data

All three indexes are eyeing weekly wins

Assistant Editor
Dec 4, 2020 at 9:14 AM
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Futures on the Dow Jones Industrial Average (DJI) are almost 100 points higher this morning despite a lackluster November jobs report. The U.S. added 245,000 jobs in November --much lower than the estimated 440,000 -- as continuous spiking coronavirus cases weigh on economic recovery. Meanwhile, the unemployment rate stayed in line with expectations at 6.7%. 

S&P 500 (SPX) and Nasdaq Composite (IXIC) futures are pointed modestly higher as well, with all three indexes on track for comfortable weekly wins. Meanwhile, the second stimulus is back on Wall Street's radar after talks resumed in Congress between House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell. 

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

  • A look at the best-performing stocks in December. 
  • Bull signal flashing for this software stock. 
  • Plus, CVNA inches higher on new upgrade; ULTA slipping on weak same-store sales; and Dish downgraded. 

Futures Dec 4

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Thursday, and 722,446 put contracts. The single-session equity put/call ratio fell to 0.35 and the 21-day moving average dropped to 0.42. 
  2. Carvana (NYSE:CVNA) is up 1.1% in pre-market trading, after Jefferies initiated coverage with a "buy" rating and $300 price target, which is about 32% higher than yesterday's close. Year-to-date, the auto retailer is up 147.6%. 
  3. Ulta Beauty (NASDAQ:ULTA) is down 3.6% before the bell, despite the company's third-quarter earnings beat, thanks to an 8.9% fall in same-store sales. To follow, no fewer than six analysts chimed in, with three cutting ULTA's price target and three raising it. In the past nine months, the cosmetics retailer is up 205.7%. 
  4. Dish Network (NASDAQ:DISH) is down 1.4% in electronic trading, after Guggenheim downgraded the stock to "neutral" from "buy," removing it from its "best ideas" list. The firm cited scenarios that would have created upside becoming less likely, such as a sale of Spectrum. Year-to-date, DISH is up 4.7%. 
  5. Today will bring average hourly earnings, as well as trade deficit and factory orders data. 

Buzz Dec 4

European, Asian Stocks Mostly Higher

Asian markets ended mostly higher today, despite COVID-19 vaccine supply chain issues and news that the Pentagon blacklisted four Chinese companies for allegedly being associated with the country’s military, including chipmaker Semiconductor Manufacturing International Corp and oil producer CNOOC. Nonetheless, China’s Shanghai Composite rose 0.07%. Meanwhile, South Korea’s Kospi was 1.3% higher, and Hong Kong’s Hang Seng added 0.4%. Elsewhere, Japan’s Nikkei dropped 0.2%.

Meanwhile in Europe, stocks are mostly higher as well, as investors keep a close eye on stimulus negotiations in the U.S., and a potential Brexit trade deal. However, reports suggested last-minute requests from France could reduce the chances of a deal being struck by the end of the week. Still, London’s FTSE 100 is up 0.8%, while France’s CAC 40 has added 0.3%. Rounding out the region, the German DAX was last seen down 0.06%.

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