NKLA Nikola Corporation

By Mischa Frankl-Duval 

Here's what we are watching as markets kick into gear Wednesday:

-- U. S. stock futures wavered a day after the Dow Jones Industrial Average breached 30000 for the first time, and as investors looked ahead to a packed day of economic data.

-- Futures tied to the S&P 500 were up 0.1%, and Dow futures edged down 0.1%. Nasdaq-100 futures were up 0.4%. -- What's coming up. U.S. durable-goods orders, due at 8:30 a.m. ET, are expected to increase for the sixth consecutive month, though some economists are forecasting a lackluster gain amid signs the recovery is losing momentum. Applications for unemployment benefits are expected to remain elevated in the week ended Nov. 21. Economists expect that data release at 8:30 a.m. will show unemployment claims ticked down to 733,000 last week from 742,000 a week earlier.

-- U. S. consumer spending has been a driving force for the recovery and economists are forecasting the sixth straight increase for household outlays in October. Data on personal spending will be released at 10 a.m.

-- The Federal Reserve releases minutes from its Nov. 4-5 meeting, a relatively uneventful session that highlighted risks to the economy from the pandemic.

Market Movers to Watch

-- Deere rose 1.9% premarket after the farm-equipment maker reported higher-than-expected net sales.

-- Gap fell more than 10% premarket after the clothing retailer's profit came in below Wall Street's expectations. Executives cautioned that rising Covid-19 infections could slow visits to stores during the critical holiday shopping period.

-- HP climbed 4.9% after the computing equipment maker's revenue beat analysts' expectations.

-- Fellow PC maker Dell rose 0.8% after reporting per-share profit that came in ahead of analysts' expectations.

-- Electric-truck maker Nikola plunged almost 12% before the bell.

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(END) Dow Jones Newswires

November 25, 2020 07:48 ET (12:48 GMT)

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