Paccar, United, Travelers: What to Watch When the Stock Market Opens Today
By Joe Wallace
Here's what we're watching ahead of the opening bell
-- Futures tied to the S&P 500 and Dow Jones Industrial
Average rose 0.3% and 0.2% respectively, suggesting both indexes
may eke out further gains after closing at record highs Wednesday.
Nasdaq-100 futures added 0.4%.
The dollar and oil prices are down. Read our full market wrap
What's Coming Up
-- Earnings are due before the bell from railroad operator Union
Pacific. Intel, IBM and CSX will report after markets close.
-- Weekly data on claims for jobless benefits will show whether
the labor market is starting to stabilize or deteriorating further.
Economists reckon around 925,000 workers filed for benefits,
holding steady after claims jumped at the start of the year. The
figures are due at 8:30 a.m. ET.
Market Movers to Watch
-- Baker Hughes shares dropped 4.8% after the oilfield-services
company reported a surprise adjusted loss.
-- Shares of Paccar jumped 4% ahead of the bell after the truck
maker said it would work with autonomous vehicle startup Aurora
Innovation to develop self-driving heavy-duty trucks. It is the
latest in a string of deals aimed at bringing automation to the
business that moves most of the freight in the U.S.
-- Kinder Morgan shares gained 2.8% in premarket trading after
the Houston-based energy-infrastructure firm said it expects a
significant increase in profits in 2021, following a year with
large impairments associated with its natural-gas pipelines.
-- United Airlines shares were off 2.3%. The airline late
Wednesday reported a net loss of $1.9 billion for the fourth
quarter and said it expects the pandemic will continue to weigh on
travel demand this year.
-- Travelers shares rose 1.1%. The property-casualty insurer
logged an increase in profit in the fourth quarter.
-- Ford Motor gained 4.8% before the bell, extending Wednesday's
rise of more than 8%.
So far in January, special-purpose acquisition companies have
raised nearly $15 billion, eclipsing a then-record total from all
of 2019, Dealogic figures through Tuesday show. They accounted for
nearly half of all money raised in initial public offerings last
year at $82 billion. The boom was part of a red-hot stretch in the
broader IPO market.
Chart of the Day
We keep being reminded that the stock market isn't the economy.
But then, is it possible for the market to go into a long bear run
even if the economy booms? Yes, although there is little record of
it ever happening, writes Heard on the Street columnist Justin
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(END) Dow Jones Newswires
January 21, 2021 08:11 ET (13:11 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.