Tesla, Intel, BlackRock: What to Watch When the Stock Market Opens Today
By Paul J. Davies
Here's what we're watching ahead of Thursday's opening bell.
-- S&P 500 futures gained 0.2%, potentially extending
Wednesday's advance, which lifted the index to its second-highest
level in history. Futures linked to the Dow Jones Industrial
Average added 0.3%. Read our full market wrap here.
What's Coming Up
-- President-elect Joe Biden is due to give a speech outlining
the scale of his proposed spending package to support households
and businesses through the pandemic.
-- Progress Software will deliver its latest quarterly results
after the close.
-- Weekly new jobless claims out this morning are expected to
still be high with accelerating Covid-19 cases leading to more
restrictions. Forecasts for 800,000 new claims would be slightly
above last week's 787,000.
Market Movers to Watch
-- Tesla shares slipped 0.8% ahead of the bell. On Wednesday,
while Elon Musk was tweeting about sea shanties and Starship engine
tests, U.S. safety regulators demanded a recall of nearly 160,000
Tesla cars. Model S and Model X touch screens can fail after a few
years of use, affecting some safety functions.
-- BlackRock stock is up 1.1% after the money-management giant
said fourth-quarter profits were up by almost a fifth, which beat
-- Intel is posting more gains premarket, up 2.3%, after its 7%
jump on Wednesday. The chip maker booted Bob Swan out as chief
executive after activist hedge fund Third Point demanded changes.
He'll be replaced by Pat Gelsinger, chief at VMware.
-- KLA, a $45 billion industrial-electronics firm, is up 3.4%
premarket, leading gainers on Thursday and extending a 12% rally
since the start of 2021.
-- Delta Air Lines rose 1.4% premarket despite reporting a loss
for 2020 of $12.5 billion, its worst ever year. Chief Executive Ed
Bastian said the pandemic was in its worst phase but he hoped to
see a recovery in air traffic this year. Delta expects to burn
through $10 million to $15 million cash a day in the first quarter,
but said it had plenty of funding.
-- Deere shares gained 0.8% premarket. Investors hope an
economic recovery driven by Covid-19 vaccines and government
largess will boost cyclical stocks. The tractor maker is also up
12% so far this year.
Gasoline prices rose 8.4% in December, accounting for more than
60% of the overall increase in consumer prices for the month,
according to the Labor Department.
Chart of the Day
When lenders start reporting fourth-quarter earnings this week,
investors will want to know if they should expect another whiplash
kind of year.
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(END) Dow Jones Newswires
January 14, 2021 08:16 ET (13:16 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.