Dow Futures Eye Even More Record Highs, Nasdaq Takes a Breather

The Nasdaq is lower after its fourth-straight record close

Deputy Editor
Dec 9, 2020 at 9:28 AM
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Futures on the Dow Jones Industrial Average (DJI) are up over 90 points this morning, as the index looks to extend gains above the 30,000 level.  This comes one day after all three indexes enjoyed record closes for the second time in the last three sessions. Meanwhile, the S&P 500 Index (SPX) is inching above fair value, while the Nasdaq Composite (IXIC) is set to open lower after its fourth-straight closing high. Optimism toward a second coronavirus relief bill as well as Pfizer's (PFE) vaccine rollout in the U.K. is still serving to boost the market, as negotiations continue in congress, with a new White House offer of a $916 billion package. 

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

  • Breaking down the SPX's performance in the latter half of December.
  • The worst stocks to own in December, historically. 
  • Plus, ROKU rises on lofty price-target hike; UNFI falls on quarterly miss; and the cybersecurity company dropping after a data breach. 

Futures Dec 9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Tuesday, and 715,323 put contracts. The single-session equity put/call ratio rose to 0.38 and the 21-day moving average stayed at 0.43. 
  2. Roku (ROKU) is up 2.7% in pre-market trading, after Citigroup raised its price target to a Street-high of $375 from $220, while holding its "buy" rating. Set to open at a fresh record high, Roku stock is up over 128.6% this year.  
  3. United Natural Foods (UNFI) is down 8.8% before the bell, after the company reported lower-than-expected fiscal first-quarter earnings per share as well as a revenue miss. In the past nine months, the equity is up 177.3%. 
  4. FireEye (FEYE) is down 9% in electronic trading, after the cybersecurity company disclosed a breach and theft of hacking tools, in what appeared to be a sophisticated attack by a foreign government. Year-to-date, FEYE is down 6.1%.
  5. Today will bring jobs openings and wholesale inventories data

buzzdec9

Vaccine Boosts Stocks in Asia, Europe

Asian markets were mostly higher today, thanks to the COVID-19 vaccine rollout in the U.K. boosting investor sentiment. In response, South Korea’s Kospi rose 2%, while Japan’s Nikkei and Hong Kong’s Hang Seng added 1.3% and 0.8%, respectively. Elsewhere, China’s Shanghai Composite fell 1.1%, after data showed a drop in food prices led the country’s consumer price index lower for the first time in roughly 10 years.

Meanwhile in Europe, stocks are higher as well, as investors continue to carefully monitor negotiations for a post-Brexit trade deal between the United Kingdom and the European Union (EU). Still, optimism surrounding the U.K. becoming the first country to administer Pfizer’s (PFE) vaccine is contributing to the positive price action. In turn, the German DAX was last seen up 0.9%, while both France’s CAC 40 and London’s FTSE 100 are up 0.3%.

 

 

 

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