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Wall Street Sees Narrowly Mixed Open, Biden's Stimulus Plan Eyed

01/14/2021 | 09:20am
(MT Newswires) -- US stocks were set for a narrowly mixed open Thursday as traders looked ahead for details on President-elect Joe Biden's planned economic stimulus, and digested details on weekly jobless claims.

Dow Jones Industrial Average futures gained 99 points or 0.3%, S&P futures increased 6.25 points or 0.2%, while Nasdaq futures rose 15 points or 0.1%.

Biden is expected to unveil details of his proposed stimulus package later in the day, which is anticipated to include an increase to the recent $600 checks for individuals.

Meanwhile, incumbent President Donald Trump became the first American president to be impeached twice after the US House of Representatives voted Wednesday to charge him for stoking last week's deadly riot on Capitol Hill.

Oil prices fell, with front-month global benchmarks Brent crude down 1.0% and US West Texas Intermediate crude down 0.8%, as fresh lockdown restrictions in China and Europe dented demand outlook for fuel.

At 8:30 am, data showed new unemployment claims of 965,000 in Jan. 9 week compared with estimates for 786,000 and the previous week's revised claims of 784,000. Import prices rose by 0.9% in December versus estimates for a 0.7% gain, while export prices rose 1.1% versus expected gain of 0.6%, according to Bloomberg data.

In other world markets, Japan's Nikkei closed 0.9% higher, Hong Kong's Hang Seng closed 0.9% higher, and China's Shanghai Composite closed 0.9% lower. Meanwhile, UK's FTSE 100 gained 0.5% and Germany's DAX index increased 0.3% in Europe's early afternoon session.

On the winning side, Express, Inc. (EXPR) shares surged more than 42.7% pre-bell after the company secured $140 million in additional financing to support its liquidity. DPW Holdings (DPW) shares soared 48.9% after the company it has started accepting pre-orders for its ACECool residential level 2 single electric vehicle charger. Organogenesis (ORGO) shares increased 33% after the company said it has enrolled the first patient in its knee osteoarthritis trial.

On the losing side, Viveve Medical (VIVE) shares fell 23% after the company priced an upsized $24 million underwritten public offering. Volt Information Services (VOLT) shares declined 16% after the company posted a wider fiscal Q4 net loss on lower revenue.

© MT Newswires 2021
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