Investors hoping for a quick bounce in the stock market following Monday’s drubbing will be disappointed by action in the futures market this morning.
Dow Jones Industrial Average futures have dipped 20 points, or 0.1%, while S&P 500 futures have declined 0.1%, and Nasdaq Composite futures are little changed.
That makes sense. It’s Georgia runoff day, and that vote will determine whether Republicans or Democrats control the Senate. And that could determine not only whether there’s more stimulus, but also higher taxes. The outcome might not be known until Wednesday or even Thursday. Then there’s the counting of the electoral votes on Wednesday, which may or may not go smoothly.
We’ll also get December’s ISM manufacturing data, which will show how well the economy held up as Covid-19 cases surged, and how well businesses think the economy will do in the future.
Micron Technology (MU) has gained 3.3% after getting upgraded to Buy from Sell at Citigroup ahead of its earnings on Thursday.
QuantumScape (QS) was trading down 6.9% after dropping 41% on Monday.
Snowflake (SNOW) has fallen 0.7% after Deutsche Bank cut its price target to $270 from $335 ahead of the expiration of the software company’s second lockup, which could see a surge of shares coming to market.
Freeport-McMoRan (FCX) has advanced 1.3%. Argus upgraded the mining stock to Buy from Hold.
China Mobile (CHL) has gained 11%, China Telecom (CHA) has risen 9.4%, and China Unicom (CHU) has jumped 16% after the New York Stock Exchange decided not to delist them after all.
JD.com (JD) has gained 2% after getting upgraded to Buy from Hold at Stifel.
First Solar (FSLR) dropped 4.6% after getting cut to Sell from Buy at Goldman Sachs.
Tesla (TSLA) has fallen just 0.5% despite getting cut to Underperform from Neutral at Exane BNP Paribas.
Write to Ben Levisohn at [email protected]
