Stock Futures Flat as Trade Deficit Data Weighs

Futures on the Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are just below breakeven this morning. The blue-chip index is fresh off its fifth-straight day of gains, but investors are weighing a handful of lackluster economic data before the open. The U.S. trade deficit in goods rose 17.5% to a record $97.8 billion in November, while retail inventories added 1.2%, and wholesale inventories climbed 1.2%. Elsewhere, Johns Hopkins University has reported 4.1 million Covid-19 cases in December, handily surpassing the November number of 2.5 million. 

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

• 25 stocks that could benefit from short covering, per Schaeffer's Senior Quantitative Analyst Rocky White. 
• Call traders target rallying video game stock. 
• Plus, CALM poised for post-earnings bear gap; JD.com speeds up repurchase program; and AKAM receives fresh coverage. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Monday, and 669,707 put contracts. The single-session equity put/call ratio rose to 0.46, and the 21-day moving average fell to 0.48.
2. One of the only companies announcing earnings this week, Cal-Maine Foods Inc (NASDAQ: CALM) is down 7.3% pre-market, after the company's fiscal second-quarter report. The egg producer reported profits of two cents per share, which is below analyst estimates of 30 cents, despite higher-than-anticipated revenue. 
3. China-based e-tailer JD.com Inc (NASDAQ:JD) is flat in electronic trading, amid news that its board has approved upsizing its existing share repurchase authorization to $3 billion from $2 billion, and extending it to March 2024 -- amid China's regulatory crackdown. On the charts, JD hit a four-month low yesterday.
4. D.A. Davidson initiated coverage on Akamai Technologies Inc (NASDAQ:AKAM) with a "buy" rating and $143 price target. Up 0.5% before the bell, AKAM is on track for its sixth-straight daily win. Year-to-date, the equity is up 12.8%. 
5. Today will also bring the pending home sales index.  

Investors Monitor Omicron Variant Overseas

Asian markets fell on Wednesday, as investors monitored the S&P 500’s (SPX) fall from record highs over in the U.S., as well as updates surrounding the Covid-19 omicron variant. As a result, the Hong Kong Hang Seng lost 0.8%, the Shanghai Composite in China and the South Korean Kospi each shed 0.9%, and the Japanese Nikkei fell 0.6%.

In Europe, it’s a quiet but mixed trading session. Traders are eyeing omicron updates as well, including news that France saw a record 179,807 new coronavirus cases on Tuesday. The London FTSE 100 is up 0.8% as traders come back from the Boxing Day break, while the French CAC 40 is 0.2% lower, and the German DAX is down 0.5%.