The King’s College professor Brian Brenberg gives his take on the markets as the Dow hits 30,000.
Stock futures traded mixed Wednesday morning, a day after the Dow Jones Industrial Average eclipsed 30,000 for the first time.
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Dow futures were lower by 75 points, or 0.25%, while S&P 500 futures and Nasdaq futures were both higher by 0.15%.
Early trading suggests oil majors Exxon Mobil Corp. and Chevron Corp. were set for a pullback despite West Texas Intermediate crude oil trading up 43 cents at $45.34 per barrel.
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Retailers that saw strong gains in recent sessions due to optimism surrounding a COVID-19 vaccine were set to open sharply lower with Gap Inc. and Macy’s Inc. among the biggest decliners in premarket trading.
Nordstrom Inc. bucked the downtrend in the retail sector after the company swung to an unexpected quarterly profit as digital sales in the three months through September totaled $1.6 billion, or 54% of revenue. The department store anticipates “pent-up customer demand” as a COVID-19 vaccine is distributed to the masses.
Elsewhere in earnings, Deere & Co. reported stronger-than-expected quarterly earnings and forecast a higher fiscal year 2021 profit amid higher crop prices and improving fundamentals in the agricultural sector.
Meanwhile, Tesla Inc. shares were on track for a higher open after climbing above $500 for the first time since September, when shares split 5-for-1.
Economic data due out is plentiful ahead of the Thanksgiving holiday. The second estimate for third-quarter gross domestic product will be released at 8:30 a.m. ET alongside October durable goods orders and weekly jobless claims.
October new home sales, October personal income and spending, and November consumer sentiment will all cross the wires at 10 a.m. ET.
Minutes from the Federal Reserve’s meeting earlier this month are due out at 2 p.m. ET.
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European markets were lower across the board with Britain’s FTSE 100 pacing the decline, off 0.55%. Elsewhere, Germany’s DAX 30 and France’s CAC 40 were lower by 0.37% and 0.22%, respectively.
In Asia, Japan’s Nikkei 225 added 0.5%, Hong Kong’s Hang Seng index edged up 0.31% and China’s Shanghai Composite index lost 1.19%.
