Facebook, AmerisourceBergen, JPMorgan: What to Watch When the Stock Market Opens Today
Here’s what we’re watching ahead of the opening bell on Wednesday.
—U.S. stock futures are slipping as investors react to early results from Georgia’s runoff elections. Nasdaq-100 futures are taking the biggest hit, off 1.5% on expectations that a Democratic-controlled Senate would lead to tighter regulations on tech giants.
What’s Coming Up
—The Federal Reserve will release minutes of its December policy meeting at 2 p.m. ET. The central bank said at the time that large-scale purchases of government debt and mortgage securities would continue “until substantial further progress has been made” toward broader employment and inflation goals.
—The Energy Information Administration will report how much oil was in storage in the U.S. last week at 10:30 a.m. Crude supplies are expected to have fallen. Benchmark U.S. crude futures are back above $50 a barrel after breaching that level on Tuesday for the first time since last February on Saudi Arabia’s decision to cut extra barrels of output.
Market Movers to Watch
has promised greater scrutiny of tech giants that have powered the stock-market rally in recent years.
stock jumped 6.4% after the drug company agreed to buy the majority of
Walgreens Boots Alliance
‘s Alliance Healthcare businesses. Amerisource said it would pay $6.275 billion in cash and issue 2 million shares to Walgreens in exchange for European pharmaceutical wholesaler Alliance. Walgreens shares rose 2.4%.
shares rose 3% ahead of the bell in New York. Analysts at
bumped up their price target for the stock to $810, from $540, after the electric carmaker reported a record number of vehicle deliveries last year. Tesla shares closed at $735.11 Tuesday.
chief strategist at
Principal Global Investors.
That prospect is lifting bond yields, which tends to boost the profitability of banks’ lending books.
—Moderna shares traded 2.8% higher premarket. The European Union’s main drug regulator cleared the company’s vaccine for use, offering the region a second shot to fight coronavirus.
fell more than 3% ahead of the bell, reversing some of Tuesday’s gains.
—Shares in auto-equipment retailer O’Reilly Automotive dropped more than 7% premarket.
shares rose 4.4%, suggesting the mining stock will extend a rally dating back to March. Freeport has benefited from surging copper prices.
One sign of improving investor sentiment: Expectations for annual inflation over the next decade climbed above 2% this week for the first time since 2018. That rate, derived from the difference between nominal and inflation-protected Treasury yields, had fallen as low as 0.5% in March.
Chart of the Day
Investors betting on a continued economic rebound are increasingly looking beyond U.S. stocks. Investing in U.S. stocks, they say, has increasingly become a concentrated bet on the technology sector, which contributed more than half of the S&P 500’s 18% total return last year.