Stock Futures Dip Ahead of Fed Minutes

ADP's December report more than doubled Wall Street's estimates

Managing Editor
Jan 5, 2022 at 9:18 AM
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Futures on the Dow Jones Industrial Average (DJI) are flat this morning, struggling for direction despite yesterday's record close. S&P 500 Index (SPX) futures are struggling for direction as well, while Nasdaq-100 Index (NDX) futures are pointed sharply lower. There's plenty of economic data to parse through today, starting with ADP's private-sector job growth, coming in at 807,000 in December, or more than double analysts' estimates. Later today, investors will unpack minutes from the latest Federal Reserve meeting.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White looks at the S&P 500's run of double-digit year-to-date gains
  • The best podcast moments of 2021, part two, is live.
  • Plus, Nikola gets big order; Adobe downgraded; and a new EV player.   

OV Futures Jan 4

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 872,431 put contracts. The single-session equity put/call ratio rose to 0.47, and the 21-day moving average stayed at 0.48.
  2. Nikola Corp (NASDAQ:NKLA) stock is up 4.5% ahead of the open, after logistics firm USA Truck agreed to buy 10 Nikola electric trucks. The electric vehicle (EV) company also dropped its $2 billion patent lawsuit against Tesla (TSLA). Heading into today, NKLA is down 35% year-over-year. 
  3. Adobe Inc (NASDAQ:ADBEstock is down 3% in electronic trading, after UBS downgraded the software firm to "neutral" from "buy," citing the spending patterns of several IT firms. Adobe stock is down 7.2% in the last six months.
  4. The shares of Sony Corp (NYSE:SNE) are in focus this morning, after the tech company announced plans to enter the EV sector. A prototype SUV was displayed at the Consumer Electronics Show in Las Vegas. SNE sports a 28.5% lead in the last 12 months.
  5. The Markit composite PMI is on tap today as well.
buzz jan 5

European Bourses Mimicking U.S. Equity Surge

Asian markets were mixed on Tuesday, with China’s Shanghai Composite closing 0.2% lower, despite new data showing strong Chinese factory activity growth for December. Meanwhile, Hong Kong’s Hang Seng settled slightly above breakeven with a 0.06% gain, as investors weighed news that China’s cyberspace regulator will require a security review before internet platforms with over 1 million users can list abroad. Elsewhere, South Korea’s Kospi inched just 0.02% higher, while Japan’s Nikkei added 1.8%.

European markets are on the rise, however, mirroring Wall Street’s upside momentum as stocks hit record highs. Reopening plays in the travel sector are sporting outsized gains, as traders continue to brush off the spread of the Covid-19 omicron variant, despite reimposed lockdowns and restrictions across the globe. At last check, London’s FTSE 100 is up 1.4%, France’s CAC 40 is 1.3% higher, and the German DAX carries a 0.8% lead.


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