Awaiting Iowa, stock futures bump higher

FAN Editor

As the Iowa caucuses kick off, U.S. investors remain a cool group.

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Stock futures ticked marginally higher in the extended session Monday adding onto gains seen at the close of Monday’s trading day.

Ticker Security Last Change Change %
SP500 S&P 500 3248.92 +23.40 +0.73%
I:DJI DOW JONES AVERAGES 28399.81 +143.78 +0.51%
I:COMP NASDAQ COMPOSITE INDEX 9273.40204 +122.47 +1.34%

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Investors will be watching to see how the candidates fare across the board and whether or not favored candidates in the polls thus far, including Sen. Bernie Sanders and former Vice President Joe Biden will keep that momentum.

MANUFACTURERS IN IOWA EYE 2020 RACE

Separately, earlier today, President Donald Trump used Iowa to hype his success in sealing multiple trade deals noting “Great times are coming, after waiting for decades, for our Farmers, Ranchers, Manufacturers and ALL…”

In the extended session, Alphabet,  parent of Google, saw shares drop after posting mixed results.

The stock dropped about 4 percent after closing higher on Monday.

Ticker Security Last Change Change %
GOOGL ALPHABET INC. 1,482.60 +49.82 +3.48%

The search giant posted $46.08 billion in revenue, missing estimates of $46.94 billion, while profits were stronger coming in at $15.35 per share, exceeding the $12.53-per-share forecast among analysts.

Elsewhere, Tesla saw a nice jump on Monday, the biggest percentage increase since May 2013, giving short-sellers, those betting the stock will fall, another dose of pain.

TESLA SHORT-SELLERS TAKE $2.5B HIT

Ticker Security Last Change Change %
TSLA TESLA INC. 780.00 +129.43 +19.89%

And in commodities news, oil entered a bear market, the fastest slide from the highs in the last seven years, according to the Dow Jones Market Data Group. Canceled flights and trains, falling tourism in China has brought oil demand to a near standstill.

 CORONAVIRUS PUSHES OIL INTO BEAR MARKET

Shares of exchange-traded funds that track U.S. oil and energy stocks tumbled.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 10.49 -0.35 -3.23%
XLE ENERGY SELECT SECTOR SPDR ETF 52.74 -0.70 -1.31%

Late Monday, the Chinese updated the coronavirus death toll which has hit 425 with over 20,438 infected by the virus.

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