Macy's, Nvidia, Simon Property: What to Watch When the Stock Market Opens Today
By Mischa Frankl-Duval
Here's what we're watching as markets kick into gear
-- U.S. stock futures edged lower as new restrictions imposed to
curb rising coronavirus infection levels weighed on the economic
More than a quarter million Americans have died from Covid-19,
and the timing of vaccine production remains an open question.
Futures tied to the S&P 500, Nasdaq-100 and the Dow Jones
Industrial Average all ticked down 0.1%.
Read our full market wrap here.
-- What's coming up. TurboTax maker Intuit Inc. and
cloud-software company Workday will report quarterly earnings after
-- U.S. jobless claims, due at 8:30 a.m. ET, likely held
relatively steady last week, indicating continued challenges for
the U.S. economic recovery. Economists surveyed by The Wall Street
Journal forecast that new unemployment claims came in at a
seasonally adjusted 710,000 last week, up slightly from the 709,000
filed a week earlier.
-- U.S. existing-home sales come out at 10 a.m, with some
economists expecting gains could moderate in October, and heading
deeper into the fall, as the supply of for-sale homes dwindles and
asking prices rise.
-- Olema Pharmaceuticals, which works on therapies for women's
cancers, is expected to begin trading after pricing its IPO at $19
a share. Chinese cosmetics company Yatsen Holding is also expected
to start trading today after pricing its American depositary shares
at $10.50 apiece.
Market Movers to Watch
-- Macy's fell 3.3% after the retailer said net sales fell more
than 20% in the third quarter, and reported its third quarterly
loss in a row.
-- Square rose 4.8% after Mizuho raised its price target on the
payment company to $300 from $225.
-- L Brands jumped over 16% after the company said strong sales
at its Bath & Body Works chain had helped counter declining
sales for its Victoria's Secret brand. The company's overall
quarterly revenue climbed 14%.
-- Blank-check company CIIG Merger Corp. rose 14% after saying
it had entered a business combination with electric-vehicle maker
-- Simon Property Group fell 2% in premarket trade. The company
yesterday priced an upsized public offering of stock at $72.50 per
-- Chip maker Nvidia fell 1.6% despite reporting
better-than-expected revenue and earnings after market close
-- Bank of New York Mellon fell 0.5% after Keefe, Bruyette &
Woods cuts its rating on the stock.
-- Coronavirus-vaccine developers Moderna and Pfizer were both
rising more than 1% ahead of the bell.
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(END) Dow Jones Newswires
November 19, 2020 08:34 ET (13:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.