Stock Futures Rise as Investors Unpack Economic Data

Meanwhile, President Donald Trump's comments regarding the stimulus package could bring some uncertainty

Deputy Editor
Dec 23, 2020 at 9:29 AM
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Dow Jones Industrial Average (DJI) futures are over 70 points higher this morning, following U.S. President Donald Trump's statements concerning the $900 billion coronavirus relief package that was just passed through congress. Trump called it an "unsuitable disgrace" and calls to increase the $600 individual stimulus payments to $2,000. 

S&P 500 (SPX) and Nasdaq Composite (IXIC) futures are sitting modestly in the black as well, as investors pore over a slew of economic data. First and foremost, initial weekly jobless claims for last week came in at 803,000, which is lower than the expected 880,000. Meanwhile, durable goods order rose 0.9% in November, while personal incomes and consumer spending declined for the month. 

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

  • A look at 20 stocks that could benefit from a short squeeze in 2021. 
  • TDOC saw an options surge after a brand new bull note
  • Plus, CLDR rises on million-dollar loan agreement; MGA enters electric car gear agreement; and the energy stock eyeing fresh highs.

Futures Dec 23

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Tuesday, and 727,372 put contracts. The single-session equity put/call ratio fell to 0.37 and the 21-day moving average stayed at 0.41. 
  2. Cloudera Inc (NYSE:CLDR) stock is up 2.9% ahead of the bell, after the platform secured a seven-year senior secured institutional term $500 million loan. The company plans to use it for general corporate purposes as well as stock buybacks. CLDR is up 25.9% year-to-date, heading into today.  
  3. Magna International Inc (NYSE:MGA) stock is up 19.7% in electronic trading, after the Canadian auto stock entered a billion-dollar joint agreement with South Korea-based LG Electronics to expand in electric car gear. The equity is up 102.4% since its March lows and is looking to open at a fresh all-time high today.  
  4. The shares of Enphase Energy Inc (NASDAQ:ENPH) are up 2.8% in premarket trading, after J.P. Morgan Securities raised its price target to $199 from $146. The firm put out a round of price-target hikes for alternative energy stocks this morning, citing upside from the U.S. stimulus as well as potential growth in China. Looking to extend yesterday's record high, ENPH is up 145.4% in the last three months alone.
  5. Today will bring personal income and new home sales data.


Asian, European Stocks Higher

Asian markets were higher today, as investors reacted to Trump’s comments regarding the new COVID-19 relief bill. Meanwhile, a member of the Bank of Japan’s (BoJ) monetary policy meeting said “deflation might take hold,” should the virus spread again and negatively impact economic activity. In response, Japan’s Nikkei added 0.3%, while China’s Shanghai Composite and Hong Kong’s Hang Seng rose 0.8% and 0.9%, respectively. Elsewhere, South Korea’s Kospi settled 1% higher, after LG Electronics announced a partnership with Magna International to manufacture electric vehicle components.

Stocks are mostly higher across the pond, too, after the European Union (EU) said it was making a “final push” to reach a post-Brexit trade deal with the United Kingdom. In addition, France reopened its border with England after a new strain of COVID-19 led to travel bans, though it is still requiring travelers to have a negative coronavirus test result upon arrival. As a result, the German DAX was last seen up 0.7%, while France’s CAC 40 is up 0.6%, and London’s FTSE 100 is just below fair value, with a 0.06% deficit.









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