Stock market deadlines point to Wall Street’s narrowly mixed openness, a day after the Dow Jones Industrial Average first crossed the 30,000 mark. Dow futures were down roughly 30 points in the open, while S&P 500 futures barely changed. Tech-heavy Nasdaq futures were slightly higher. (CNBC)
* European markets are lower than rally stalls (CNBC)
The Dow has risen more than 13% this month and has been on the right track since 1987 to achieve its best monthly profit. Losing the Dow to over 30,000 is likely to be lost in the fact that the S&P 500 also hit a record on Tuesday – and that the Dow’s performance in 2020 is fading compared to other higher averages. The Dow rose just 5.3% this year, compared to 12.5% for the S&P 500 and 34.2% for the Nasdaq Composite. The Dow and S&P 500 were joined in record territory on Tuesday by the small-cap Russell 2000 as well as Dow shipments.
* Dow 30,000 could attract investors from the wind if more shares are involved in the next stage (CNBC)
The economic calendar is included today, the markets are closed on Thursday due to Thanksgiving and only a half-day trading on Friday. At 8:30 a.m., the Department of Labor will deal with weekly unemployment earnings, expected to drop to 733,000 for the week ending November 21 from 742,000 the week before.
At the same time, the government’s October report on durable goods orders is expected to show a 0.6% increase from the 1.9% jump in September. The second look at third-quarter GDP will also appear at 8:30 a.m. ET, with annual economic growth expected to be the same as a month ago, at 33.1%.
Personal income and spending in October is at 10 a.m., income is expected to decline 0.1% and spending to rise 0.3%. In September, income rose 0.9% while spending rose 1.4%.
Also at 10 a.m., the government’s October new home sales report is set to show a 1.5% increase to 973,000 units, according to annual consolidated forecasts. And the University of Michigan’s last consumer sentiment index in November is expected to remain at the mid-month level of 77.
All of this may receive less attention than the minutes of the last meeting of the Federal Reserve Open Market Committee, which is expected to be published at 2 p.m.
Deere (DE) is the only company to release quarterly revenue this morning, while after today’s closing bell, there is no company to issue quarterly figures.
IN THE NEWS TODAY
Doctors are advising public health officials and drug manufacturers to warn Americans that coronavirus vaccines can have harsh side effects, in the hopes that people won’t be intimidated from getting a second shot. Pfizer (PFE) and Moderna (MRNA) vaccines require two vaccinations. “We really need to make patients aware that this isn’t going to be a walk in the park,” Dr. Sandra Fryhofer, of the American Medical Association, said at a meeting of a panel of experts advising the Centers for Disease Prevention and Control. “They’ll know they have a vaccine. They probably won’t feel wonderful. But they’ll have to come back for the second dose.” (CNBC)
* Hospitals in Texas prepare to deliver Covid vaccine shots in less than three weeks (CNBC)
Coronavirus cases continue to rise in the United States, with the seven-day average for new infections now at a record high of 174,225, according to a CNBC analysis by Johns Hopkins University. This is 10.6% higher than last week. Hospitalization of Covid-19 patients is increasing in 44 states and Washington DC. In Europe, however, new cases fell by about 6% last week, following a 10% drop from the previous week, according to the World Health Organization. This indicates that in many European countries, the second round of closures is slowing down transfers. However, European deaths account for about half of new global deaths. (Associated Press)
* EU says first vaccination possible by Christmas (Associated Press)
President-elect Joe Biden will begin the qualified presidential day briefing as the delayed embrace of the Trump administration progresses with the official transition of power. Biden’s team has now been briefed on the current administration’s response to the coronavirus epidemic as well, said Health and Human Resources Secretary Alex Azar. This follows Biden and his advisers who warned that failure to coordinate with the Trump administration could have devastating consequences, especially around the distribution of vaccines. (CNBC)
* Biden says Trump’s administration was “honest” at the start of the transition (NBC News)
* Republicans sue for suspension of Wisconsin ballot (Associated Press)
The incoming Treasury Secretary must receive congressional approval to recoup $ 455 billion in funds that the Trump administration is holding back from the Federal Reserve and other epidemic lending programs. This is because Finance Minister Steven Mnuchin puts the money in the general base of the department. Democrats have criticized the move, although a Finance Ministry spokesman has denied that the money will not be limited because it will be moved from the stock market stabilization fund. Biden is expected to appoint Janet Yellent as former Fed chairman to head the Treasury. (Reuters)
Purdue Pharma pleaded guilty to three crimes related to the drug treatment of OxyContin, which was created as part of an agreement with prosecutors to resolve the role of the drug manufacturer in the U.S. opioid crisis. The company’s crimes included illegal kickback between doctors and an electronic health record company with the goal of maintaining prescription painkiller-related prescriptions on an ongoing basis. Purdue had previously consulted with the Department of Justice on civil litigation. Roughly 450,000 people have died in the United States since 1999 from opioid-related overdoses. (Reuters)
YouTube pushed back the One America News Network after a right-wing media organization announced a fake cure for Covid-19. OANN, sponsored by President Donald Trump as an alternative to Fox News, has been banned from posting new videos and live broadcasts for a week. YouTube, owned by Alphabet (GOOGL), has been criticized for allowing OANN to disseminate misinformation, including false allegations about the presidential election. (CNBC)
* Amazon is working with the government office to control counterfeiting (CNBC)
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Gap (GPS) reported quarterly earnings per share of 25 cents, missing the consensus estimate by 7 cents, although clothing retailer revenue exceeded forecasts. Gap’s earnings were weighed down by increased marketing and shipping costs due to consumers switching to online shopping. The company’s online sales increased 61% during the quarter from a year ago.
Nordstrom (JWN) earned 34 cents per share in its most recent quarter, compared to expectations of a loss of 6 cents per share. Revenue was below the retailer’s forecast, in part due to declining demand for formal clothing. Nordstrom jumped 37% in online sales.
HP Inc. (HPQ) beat the estimates by 10 cents with adjusted earnings per share of 62 cents, while computer and printer manufacturers also saw the best revenue estimates. The increase in sales of laptops driven by students and employees on the way home offset lower sales of office equipment.
Dell (DELL) earned an adjusted $ 2.03 per share in its most recent quarter, well above the $ 1.40 consensus estimate, and earnings were also higher than Street forecasts. Its quarterly story was similar to that of rival HP, with demand for Dell desktops and laptops soaring.
Viacom (VIAC) is close to the deal, in which Simon & Schuster will sell its book publishing unit to German media giant Bertelsmann for more than $ 2 billion, say the people familiar with the case, who told The Wall Street Journal.
The government plans to send 6.4 million doses of Pfizer (PFE) COVID-19 vaccine to U.S. communities within 24 hours of FDA approval, government officials told The Washington Post.
The first stage came out of the College Football Playoff rankings for the season changed by the epidemic, but the familiar faces are among the top four. Alabama is No. 1, followed by Notre Dame, Clemson and Ohio. The University of Cincinnati enrolled in 7th place, the highest ever rating in a non-high school. (Associated Press)