| What to watch today: Stocks set to open lower after Wednesday's drop from record highs | | |  | THU, DEC 10, 2020 | | | | AS OF THU, DEC 10, 2020 • 08:30 ET | | Dow Jones Fut | | 30,068.81 | | Current: | 30,038.00 | | Change: | -25.00 | | Impl. Open: | -25.81 | | | S&P 500 Fut | | 3,672.82 | | Current: | 3,664.00 | | Change: | -8.50 | | Impl. Open: | -7.82 | | | NASDAQ 100 Fut | | 12,364.64 | | Current: | 12,312.00 | | Change: | -55.00 | | Impl. Open: | -50.64 | | | Russell 2000 Mini | | 1,902.15 | | Current: | 1,901.80 | | Change: | -1.70 | | Impl. Open: | -.15 | | U.S. stock futures pointed to a lower open, with investors watching Thursday's FDA meeting on Pfizer's Covid-19 vaccine and continued talks in Washington around reaching coronavirus stimulus and government funding deals. (CNBC)
The Nasdaq led Wednesday's losses on Wall Street, with a nearly 2% drop as tech stocks sank. The S&P 500 and the Dow Jones Industrial Average also came under pressure but saw much smaller declines. All three benchmarks, however, did advance earlier in Wednesday's session, hitting new all-time intraday highs. The Dow, S&P 500 and Nasdaq all logged record closes Tuesday. (CNBC) | | | The Labor Department on Thursday reported a much larger than expected 853,000 new filings for unemployment benefits for the week ended Dec. 5, compared with the upwardly revised 716,000 the prior week, which was the lowest total of the coronavirus era. However, initial jobless claims have been running well above record levels seen before the pandemic. (CNBC)
* CPI for all items rises 0.2% in November as broad set of indexes increase (Labor Department)
The European Central Bank on Thursday expanded its massive monetary stimulus program by $605 billion, as a second wave of Covid-19 lockdown measures weigh on the euro area's economic recovery. (CNBC) | | | | A one-week federal government funding extension that passed the House on Wednesday goes to the Senate, where it could come up for a vote as soon as Thursday. The government will shut down Saturday if Capitol Hill fails to pass the stopgap measure. Lawmakers are trying to buy more time to reach a broad spending deal and a coronavirus relief package. (CNBC) | | | | SpaceX launched its latest prototype rocket on a flight to about 40,000 feet altitude Wednesday, a test which appeared successful until the very last moment when it exploded while trying to land. The prototype did not have any crew onboard, and SpaceX had cleared the launch facility of people in the hours before the launch. (CNBC) | | Walt Disney (DIS): Walt Disney will unveil a significant amount of planned movie content today, as well as whether each movie will have exclusive theater runs or go directly to streaming service Disney+, according to The New York Times. | | | | Starbucks (SBUX): The coffee giant said it saw a "significant" 2021 rebound, with the company predicting earnings growth of at least 20% for fiscal 2022 and long-term adjusted earnings per share rising by 10% to 12%. The shares gained 3% in premarket trading as of 7:35 a.m. ET. | | | | Sony (SNE): Sony is buying AT&T's (T) animation business Crunchyroll for just under $1.18 billion. It will combine Crunchyroll and its 3 million subscribers with its Funimation Global Group, which currently has 1 million subscribers. | | | | RH (RH): The home furnishings company reported quarterly earnings of $6.20 per share, beating the consensus estimate of $5.30 a share. Revenue also beat estimates. RH continued to see strong demand as consumers remained at home due to the pandemic, but supply chain disruptions impacted its ability to keep up with order flow. | | | | Levi Strauss (LEVI) and Ralph Lauren (RL): The apparel makers both received a double upgrade from Goldman Sachs, which raised its rating to "buy" from "sell." It cited strong brand momentum and an effective shift toward direct-to-consumer marketing for Levi Strauss, while pointing to valuation and underappreciated direct-to-consumer profit margin potential for Ralph Lauren. | | | | Best Buy (BBY): The electronics retailer was downgraded to "sell" from "neutral" at Goldman Sachs. Goldman emphasizes the call is based on its predictions for the stock price and not a negative view on the company. It calls Best Buy one of the best run retailers in the U.S. | | | | Ciena (CIEN): The networking systems and services company reported adjusted quarterly earnings of 60 cents per share, 3 cents a share short of forecasts. Revenue topped estimates. Ciena said it expected challenging market conditions to remain in the near term, but expressed confidence in the company's ability to perform over the long term. | | | | Silver Spike Acquisition (SSPK): The special purpose acquisition company announced a deal to merge with cannabis review site Weedmaps and take it public. The combination will list on Nasdaq and have a value of about $1.5 billion. | | |
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