Dow nears best monthly gain since 1987

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U.S. equity futures were mixed Monday as the Dow Jones Industrial Average looks to cap off its best month since 1987.

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Dow Jones Industrial Average futures were trading lower by 172 points, or 0.58%, while S&P 500 futures were higher by 0.24% and Nasdaq futures edged up 0.04%.

Pre-market trading has both the S&P 500 and the Nasdaq on track to close in record territory. The Dow would need to fall 472.23 points to close below 29,438.14 for November to not be the best month for the index since January 1987.

S&P GLOBAL TO BUY IHS MARKIT IN DEAL VALUED AT $44B

Looking at stocks, e-commerce marketplaces Amazon Inc. and Shopify Inc. are pointing to a higher open in anticipation that Cyber Monday will be the biggest online shopping day in U.S. history. The COVID-19 pandemic is expected to fuel as much as $12.7 billion of sales, according to Adobe Digital Insights, up from last year’s record $9.4 billion.

Elsewhere, drugmaker Moderna Inc. announced the Phase 3 trial of its experimental COVID-19 vaccine displayed a 94.1% efficacy rate and is filing for emergency-use authorization on Monday.

Nikola Corp. shares were sharply lower ahead of the opening bell after the company announced General Motors will not be taking an equity stake as previously planned nor will it be an original equipment manufacturer for the Badger electric pickup truck. GM will instead integrate its fuel cell technology into Nikola’s zero-emission semi-trucks.

Looking at mergers, S&P Global will buy IHS Markit in a $44 billion deal, including debt. The deal, which is the largest of 2020, will pay IHS Markit shareholders 0.2838 S&P Global shares for each IHS Markit share they own.

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Looking at commodities, West Texas Intermediate crude oil was trading down 57 cents at $44.96 per barrel as OPEC members and their allies weighed an extension of production cuts. Gold, meanwhile, was off $13.50 at $1,774.60 an ounce.

Economic data remains light, with Chicago purchasing managers’ index crossing the wires at 9:45 a.m. ET and pending home sales due out at 10 a.m. ET.

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In Europe, Germany’s DAX 30 was trading higher by 0.4% while Britain’s FTSE 100 and France’s CAC 40 were lower by 0.05% and 0.28%, respectively.

Asian markets closed lower across the board with Hong Kong’s Hang Seng index down 2.06%, Japan’s Nikkei weaker by 0.79% and China’s Shanghai Composite index declining 0.48%.

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