Stock Futures Modestly Higher After Historic Week

Oil prices are moving higher today as well

Deputy Editor
Dec 18, 2023 at 9:23 AM
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Futures on Wall Street are moving higher, looking to build on a seven-week winning streak, which was the S&P 500 Index's (SPX) longest such streak since 2017. At last glance, the Dow Jones Industrial Average (DJI), S&P 500, and Nasdaq-100 Index (NDX) all sport modest premarket gains. Elsewhere, January WTI crude prices are also climbing, up more than 2%, after Iran-aligned Yemeni Houthi increased attacks on ships in the Red Sea, forcing BP (BP) suspend shipments through the area.

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

  • What fueled Wall Street's rally last week.
  • How interest rate moves are impacting solar stocks.
  • Plus, United States Steel's buyout; Roku's bear note; and Uber's big move.

Futures Chart December 182023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more nearly 2.1 million call contracts and 1.1 million put contracts traded Friday. The single-session equity put/call ratio fell to 0.53, and the 21-day moving average stayed at 0.69. 
  2. United States Steel Corporation (NAYSE:X) sports a 24.8% premarket lead after Japan's Nippon Steel agreed to acquire the company at $55 per share, a nearly 40% premium to Friday's close and at a value of $14.9 billion with debt. Year over year, X was already 66.4% higher. 
  3. Shares of streaming giant Roku Inc (NASDAQ:ROKU) is down 2.6% before the open, following a bear note from Seaport. The analyst downgraded ROKU to "sell" from "neutral," pointing towards higher competition in the digital video advertising space. Still, year to date, ROKU sports a 135% lead.
  4. Uber Technologies Inc (NYSE:UBER) will join the S&P 500 Index (SPX) today, alongside Jabil (JBL) and Builders FirstSource (BLDR). Ahead of the move, UBER is fractionally lower in electronic trading, set to take a nibble out of its 150% year-to-date gain.
  5. Investors will parse plenty of economic data before the short Christmas week. 


European Investors Await Central Bank Commentary

Asian markets were mixed on Monday, as investors looked ahead to China’s loan prime rate decision and inflation data out of Japan later this week. South Korea’s Kospi led the gainers with a 1.3% pop as defense stocks rallied, while Hong Kong’s Hang Seng added 1.1%. Elsewhere, Japan’s Nikkei shed 0.6%, and China’s Shanghai Composite settled 0.3% lower.

European markets are higher ahead of commentary from two European Central Bank (ECB) officials this afternoon. Investors are also brushing off disappointing business sentiment data out of Germany. London’s FTSE 100 is up 1.6%, France’s CAC 40 sports a 1.1% lead, and the German DAX is 0.6% higher.


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