Paccar, United, Travelers: What to Watch When the Stock Market Opens Today
By Joe Wallace
Here's what we're watching ahead of the opening bell
-- Futures tied to the S&P 500 and Dow Jones Industrial
Average rose 0.2% apiece, suggesting both indexes may eke out
further gains after closing at record highs Wednesday. Nasdaq-100
futures added 0.4%.
The dollar and oil prices are down. Read our full market wrap
What's Coming Up
-- Earnings are due before the bell from Baker Hughes, insurance
firm Travelers and railroad operator Union Pacific. Intel and IBM
will report after markets close.
-- Weekly data on claims for jobless benefits will show whether
the labor market is starting to stabilize or deteriorating further.
Economists reckon around 925,000 workers filed for benefits,
holding steady after claims jumped at the start of the year. The
figures are due at 8:30 a.m. ET.
Market Movers to Watch
-- Shares of Paccar jumped 6.3% ahead of the bell after the
truck maker said it would work with autonomous vehicle startup
Aurora Innovation to develop self-driving heavy-duty trucks. It is
the latest in a string of deals aimed at bringing automation to the
business that moves most of the freight in the U.S.
-- Kinder Morgan shares gained 3.1% in premarket trading after
the Houston-based energy-infrastructure firm said it expects a
significant increase in profits in 2021, following a year with
large impairments associated with its natural-gas pipelines.
-- United Airlines shares were off around 2%. The airline late
Wednesday reported a net loss of $1.9 billion for the fourth
quarter and said it expects the pandemic will continue to weigh on
travel demand this year.
-- Shares of Southern Co. slipped 1.6% after Morgan Stanley
analysts cut their price target for the Atlanta-based utility by a
dollar to $56.
So far in January, special-purpose acquisition companies have
raised nearly $15 billion, eclipsing a then-record total from all
of 2019, Dealogic figures through Tuesday show. They accounted for
nearly half of all money raised in initial public offerings last
year at $82 billion. The boom was part of a red-hot stretch in the
broader IPO market.
Chart of the Day
We keep being reminded that the stock market isn't the economy.
But then, is it possible for the market to go into a long bear run
even if the economy booms? Yes, although there is little record of
it ever happening, writes Heard on the Street columnist Justin
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(END) Dow Jones Newswires
January 21, 2021 07:12 ET (12:12 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.