Stock Futures Lower Amid Aftermath of Major Political Upheaval

Impeachment efforts are being pushed through with urgency

Deputy Editor
Jan 11, 2021 at 9:09 AM
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Stock futures are considerably lower this morning, pulling back from record levels, as investors digest equity valuations, the possibility of additional coronavirus-related stimulus, and the ongoing political turmoil in Washington, D.C. Ahead of today, the market had managed an incredible rally, despite political upheaval and a pandemic, but that big jump has analysts worried that investors are a little too cheerful. 

As a result, futures on the Dow Jones Industrial Average (DJI) are down over 260 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are notably lower as well. A tumultuous week in D.C. is expected, and investors are bracing for what's to come next as the House Rules Committee looks to expedite impeachment proceedings -- free of committee hearings or votes.

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

  • Target stock is kicking off 2021 on the right foot.
  • Fresh highs for FFIV following upbeat outlook and M&A news. 
  • Plus, Nio announces possible new brand for vehicles; more on Sanofi's billion-dollar purchase; and Marriott suspends political donations following Capitol riots.

Futures Chart January 11

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Friday, and 958,419 put contracts. The single-session equity put/call ratio rose to 0.44 and the 21-day moving average stayed at 0.44. 
  2. The shares of Tesla competitor Nio Inc (NYSE:NIO) are up 11.1% ahead of the bell, after the electric car maker toyed with the idea to begin producing mass-market vehicles under a different brand name. However, no further details were provided. NIO is also enjoying a price-target hike to $75 from $50 out of J.P. Morgan Securities. NIO had an extraordinary 2020, and things are already looking up in 2021, as the equity boasts an incredible 1,602.9% lead year-over-year.
  3. Sanofi SA (NASDAQ:SNY) is sitting just below breakeven in pre-market trading, down 0.3% after it was reported that the French drugmaker will purchase Kymab, a British biopharmaceutical company, for $1.45 billion. Over the last nine months, SNY has added 6.6%.
  4. The shares of Marriott International Inc (NASDAQ:MAR) are down 1.2% before the open, after the company announced it will suspend political donations to lawmakers who voted to overturn President-elect Joe Biden's victory. The attack on the Capitol served as a catalyst for the decision, and the company was joined by a plethora of other big names on Wall Street. In the last nine months, MAR has seen a 59.5% rise.
  5. Today kicks the week off on a slow note, as there's no notable economic data due out. 


European Markets Fall Amid Growing COVID-19 Cases

Asian markets were mixed to start off the week. Disappointing producer price index (PPI) numbers in China helped knock the Shanghai Composite down 1.1%. Elsewhere, the South Korean Kospi fell from its all-time highs, finishing the day down 0.1%. The Hong Kong Heng Seng, meanwhile, settled 0.1% higher, and Japanese markets were closed for holiday.

Over in Europe, stocks are swimming in red ink, as the alarming growth in coronavirus cases globally weighs heavily on markets. The German DAX has shed 0.8%, while both the French CAC and the London FTSE 100 have dropped 0.7%.


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