Occidental Petroleum, Agilent, Tesla: What to Watch When the Stock Market Opens

11/24/2020 | 09:20am

By Mischa Frankl-Duval

Here's what we are watching as markets kick into gear Tuesday:

-- U. S. stock futures climbed after President Trump said his aides would cooperate with President-elect Joe Biden's transition to the White House, easing investors' concerns about a drawn-out period of uncertainty. Contracts on the S&P 500 and the Dow Jones Industrial Average added 0.8% and 1.1% respectively, while gold prices slipped 1.6%.

Read our full market wrap here.

-- What's coming up. Companies including Dell and Gap will report after the close.

-- The Conference Board's U.S. consumer confidence survey for November is due at 10 a.m. American depositary shares in Russian online retailer Ozon Holdings are set to begin trading on the Nasdaq Global Select Market.

Market Movers to Watch

-- Travel stocks and oil companies rose premarket as investors seemed to show confidence in the prospect of a reopening economy. Shares of Occidental Petroleum leaped 10% and Phillips 66 rose 3.8%. Oil-services firm Baker Hughes added 3.8%. United Airlines, Delta Air Lines and Southwest Airlines all rose more than 3%.

-- Bitcoin rose more than 4.5% to trade at $19,235. The move brought it closer to its all-time high of $19,783 set in December 2017.

-- Stocks that have benefited from lockdowns moved the other way. Zoom Video Communications fell 1.8%, Peloton fell 1.2%, and Teladoc Health dropped 1.4%.

-- Dollar Tree rose 7.7% premarket after it reported an increase in same-store sales. Dick's Sporting Goods rose 1.9% after reporting quarterly earnings.

-- Agilent Technologies fell 2.9% despite reporting a revenue jump that beat analysts' expectations.

-- Tesla rose 4.4% before the bell. FuelCell Energy gained 2.9%.

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(END) Dow Jones Newswires

11-24-20 0919ET

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