Tesla, Intel, Deere: What to Watch When the Stock Market Opens Today
|01/14/2021 | 07:19am|
By Paul J. Davies
Here's what we're watching ahead of Thursday's opening bell.
-- S&P 500 futures gained 0.2%, potentially extending Wednesday's advance, which lifted the index to its second-highest level in history. Futures linked to the Dow Jones Industrial Average added 0.3%. Read our full market wrap here.
What's Coming Up
-- President-elect Joe Biden is due to give a speech later outlining the scale of his proposed spending package to support households and businesses through the pandemic.
-- Weekly new jobless claims out this morning are expected to still be high with accelerating Covid-19 cases leading to more restrictions. Forecasts for 800,000 new claims would be slightly above last week's 787,000.
-- Earnings reports are due before the market open from BlackRock, Delta Air Lines and First Republic Bank. Progress Software will give an update after the close.
Market Movers to Watch
-- Tesla shares are down 1.8% ahead of the bell. On Wednesday, while Elon Musk was tweeting about sea shanties and Starship engine tests, U.S. safety regulators demanded a recall of nearly 160,000 Tesla cars. Model S and Model X touch screens can fail after a few years of use, affecting some safety functions.
-- Intel is posting more gains premarket, up 2.1%, after its 7% jump on Wednesday. The chipmaker booted Bob Swan out as chief executive after activist hedge fund Third Point demanded changes. He'll be replaced by Pat Gelsinger, chief at VMware.
-- KLA, a $45 billion industrial-electronics firm, is up 3.5% premarket, leading gainers on Thursday and extending a 12% rally since the start of 2021.
-- Deere shares gained 2.8% premarket. Investors hope an economic recovery driven by Covid-19 vaccines and government largesse will boost cyclical stocks. The tractor maker is also up 12% so far this year.
-- Diamondback Energy is down 1.3% premarket following a slip on Wednesday. But the stock was still more than 27% higher year-to-date at last night's close, so no reason for tears here.
Gasoline prices rose 8.4% in December, accounting for more than 60% of the overall increase in consumer prices for the month, according to the Labor Department.
Chart of the Day
When lenders start reporting fourth-quarter earnings this week, investors will want to know if they should expect another whiplash kind of year.
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(END) Dow Jones Newswires