This is what we’ll be looking at as the markets kick off on Wednesday.
–US stock futures are ticking higher investors awaited the progress of the stimulus talks, new Federal Reserve guidelines and important economic data.
Futures pegged to the S&P 500 tapped 0.2% higher, indicating that the broad market meter may rise for a second day after the opening bubble of New York. Nasdaq-100 futures were up 0.2%.
New retail sales figures show that in recent weeks, US consumers have pulled back their purchases and curtailed Christmas shopping as the coronavirus pandemic triggered new business restrictions, potentially driving a six-month growth path.
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What is coming
– Surveys of purchasing managers, released from 9:45 am, are likely to indicate continued expansion in the US, albeit at a slower pace than in recent months.
—The Federal Reserve will release its latest policy statement and economic projections around 2pm
Market movers to keep an eye on
– American Outdoor Brands Inc..
AOUT 14.58%
climbed more than 10% premarket after the hunting equipment supplier made a profit for the last quarter as sales increased with more people, according to the company, which wanted to spend time on outdoor activities.
—Shares in Tilray Inc.
TLRY 23.08%
rose more than 20% in premarket trading after Bloomberg reported that it and Canadian cannabis company Aphria Inc..
APHA 2.83%
are in advanced discussions to merge. If the two merge, the combined company could become Canada’s largest marijuana producer. Shares of Aphria gained 5.5%.
– Good Times Restaurants GTIM 12.83%
Shares gained more than 7.7% premarket after fourth-quarter financial results showed the company swayed to earnings from the same period last year.
Social distance markers are displayed outside a Brinker International Inc. Chili’s Grill & Bar restaurant in Syracuse, NY, June 15, 2020.
Photo:
Maranie Staab / Bloomberg News
– The shares of Brinker International Inc. were down 4.6% in premarket trading after the restaurant operator said it would withdraw its fiscal expectations for the second quarter after a wave of Covid-19 cases triggered dining room closures. The company’s chains include Chili’s Grill & Bar and Maggiano’s Little Italy.
Shares in Southwest Airlines Co. fell 1.1% in the premarket after the airline said the number of cancellations is on the rise and the number of holiday reservations for December is decreasing.
Market fact
—The Euro Stoxx Banks Index is down more than 20% this year, compared to a 6% decline in the Euro Stoxx 50 blue chip index. The European Central Bank said Tuesday that lenders could start over with limited dividend payments next year after a nine-month ban.
Chart of the day
BP has bought a majority stake in the largest producer of carbon offsets in the US, doubling the bet that preserving forests will be key to achieving their carbon reduction targets.
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US consumers remain wary of spending early in the Christmas shopping season
MSCI drops Chinese stocks on the US blacklist
Congress leaders say they are closer to deal with Covid-19, end-of-year spending statement
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