U.S Futures mixed- Watch HPQ, IBM, DE, GPS, F, JWN


The S&P 500 Futures are little changed after they rallied further yesterday

Trading floor 2

The S&P 500 Futures are little changed after they rallied further yesterday, pushing the Dow Jones Industrial Average (+455 points or 1.54% to 30046) to close above the key 30,000 level for the first time. Investors were encouraged by news reports that formal transition for Joe Biden's potential administration has begun, and that Biden would appoint former Federal Reserve Chair Janet Yellen as his would-be Treasury Secretary.

Later today, the U.S. Federal Reserve will release its latest FOMC meeting minutes. The U.S. Labor Department will post initial jobless claims in the week ending November 21 (0.73 million expected). The Commerce Department will post the second estimate of 3Q annualized GDP (+33.1% on quarter expected), October durable goods orders (+0.9% on month expected), wholesale inventories (+0.4% on month expected), personal spending (+0.4% on month expected), personal income (flat on month expected) and new home sales (0.98 million units expected). The University of Michigan will publish its final readings of Consumer Sentiment Index for November (77.0 expected).

European indices are posting a pull back after a positive open.

Asian indices closed on the upside except the Chinese CSI. NZD/USD hit 0.7000 for the first time since June 2018, as it was widely expected that New Zealand may not see further interest-rate cuts.

WTI Crude Oil is still bullish. The American Petroleum Institute (API) reported that U.S. crude-oil inventories rose 3.8M barrels in the week ending November 20 (+0.1 million barrels expected). Later today, the International Energy Agency (EIA) will release official crude oil inventories data for the same week (+0.2 million barrels expected).

U.S indices closed up on Tuesday, lifted by Banks (+5.52%), Energy (+5.16%) and Automobiles & Components (+4.66%) sectors.

Approximately 90% of stocks in the S&P 500 Index were trading above their 200-day moving average and 80% were trading above their 20-day moving average. The VIX Index fell 1.02pt (-4.5%) to 21.64 and WTI Crude Oil jumped $1.82 (+4.23%) to $44.88 at the close.

On the U.S economic data front, the Conference Board's Consumer Confidence Index fell to 96.1 on month in November (98.0 expected), from a revised 101.4 in October.

Gold edges higher on consolidating U.S dollar.

Gold rose 4.89 dollars (+0.27%) to 1812.49.

The dollar index was flat at 92.23.

U.S. Equity Snapshot

HP (HPQ), a provider of computers, printers and printer supplies, jumped after hours after disclosing fourth quarter adjusted EPS of 0.62 dollar, beating forecasts, up from 0.60 dollar a year ago on net revenue of 15.3 billion dollars, higher than anticipated, down from 15.4 billion dollars a year earlier. The company also issue current quarter earnings guidance that beat estimates.

Source: TradingView, GAIN Capital

IBM (IBM), an IT company, plans to cut about 10,000 jobs in Europe, according to Bloomberg.

Deere & Co (DE), a manufacturer of agricultural and construction equipment, reported fourth quarter sales down 0.5% to 8.66 billion dollars, beating estimates. EPS was up to 2.39 dollars from 2.27 dollars a year earlier. The company expects fiscal 2021 net income between 3.6 and 4 billion dollars, above forecasts.

Gap (GPS), a retailer of apparel, dived postmarket after announcing third quarter EPS of 0.25 dollar, missing estimates, down from 0.53 dollar a year ago. 

Ford Motor (F), the automobile manufacturer, was donwgraded to "equalweight" from "overweight" at Morgan Stanley.

Nordstrom (JWN), the North American fashion retailer, gained ground postmarket after posting third quarter earnings that beat estimates.

Dollar Tree (DLTR), a discount store chain, was downgraded to "neutral" from "overweight" at JPMorgan. 

Dell Technologies (DELL), a computer technology company, released third quarter adjusted EPS of 2.03 dollars, exceeding the consensus, up from 1.75 dollar a year ago on revenue of 23.5 billion dollars, above forecasts, up from 22.9 billion dollars a year earlier. 

Autodesk (ADSK), a provider of computer-aided design software, reported third quarter adjusted EPS of 1.04 dollar, just ahead of estimates, up from 0.78 dollar a year ago on revenue of 952.0 million dollars, also above expectations, up from 842.7 million dollars a year earlier.

More from Equities

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account