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Professor Brian Brenberg of King’s College gives his take on the markets as the Dow Jones hits 30,000.
Equity futures reduced losses but remained mixed after a basket of economic data rolled up Wednesday morning.
FUTURE OF MIXED SCHOLARSHIPS ON ECO DATA
Dow futures were 48 points or 0.1% lower after the benchmark broke the 30,000 mark for the first time on Tuesday. S&P 500 futures were little changed and Nasdaq futures were up 0.2%.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 30046.24 | +454.97 | + 1.54% |
GDP, SUSTAINABLE SOLIDS AS LONG AS UNEMPLOYMENT CLAIMS FULFILL
Durable goods rose 1.3%, better than the expected 0.9%, excluding transport, a 1.5% increase was recorded in October. The second reading for 3Q GDP was a record 33.1%, mostly in line with the previous reading of 33.2%.
US GDP grows 33.1%
And slightly lower jobless claims increasing by 778,000, more than the 730,000 economists expected. Continuing claims remain high at 6.07 million as the pandemic continues to weigh on industries, including restaurants and hotels.
UNEMPLOYED CLAIMS HIGHER AS THE COVID-19 SURPLUS REMAINS
Initial discussions suggest that oil majors Exxon Mobil Corp. and Chevron Corp. were poised to pull back despite West Texas Intermediate crude oil trading up 43 cents to $ 45.34 a barrel.
DOLLAR CORONAVIRUS LOSES A STRONG INDEX IN MORE RISKY MARKETS
Retailers that have seen strong gains in recent sessions amid optimism surrounding a COVID-19 vaccine were set to open significantly lower with Gap Inc. and Macy’s Inc. among the biggest declines in trade before marketing.
Nordstrom Inc. has weathered the downtrend in the retail sector after the company hit an unexpected quarterly profit, with digital sales in the three months through September totaling $ 1.6 billion, or 54 billion. % revenues. The department store anticipates “pent-up customer demand” as a COVID-19 vaccine is distributed to the masses.
Elsewhere in earnings, Deere & Co. reported stronger-than-expected quarterly earnings and forecast higher profit for fiscal 2021, amid rising crop prices and improving agricultural fundamentals.
TESLA GUARANTEES $ 500B + MARKET CAPITAL
Meanwhile, Tesla Inc. shares were on track for a higher open after climbing above $ 500 for the first time since September, when shares split 5 to 1. The market cap of the company hit $ 526 billion for the first time, making it bigger than rivals like Toyota, Ford and General Motors.
In other economic reports, October new home sales, personal income and spending, and consumer sentiment for November will all jump at 10 a.m. ET.
The minutes for the Federal Reserve meeting earlier this month are due out at 2 p.m. ET.
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European markets were lower across the board, with the UK FTSE 100 accelerating the decline, falling 0.55%. Elsewhere, the German DAX 30 and the French CAC 40 fell by 0.37% and 0.22% respectively.
In Asia, Japan’s Nikkei 225 index rose 0.5%, Hong Kong’s Hang Seng index rose 0.31%, and China’s Shanghai Composite index fell 1.19%.
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