US stock futures were posted higher on Thursday, a day after the House of Representatives voted to impeach President Donald Trump for abuse of power and obstruction of justice.
The impeachment has had little effect on stock prices as it's widely expected that the Senate won't vote to remove Trump from office.
This development falls during a period rounded growth in this year’s record-breaking equity rally, as details on the recent US-China trade deal remain vague, positioning investors in a hold-and-wait pattern.
Central banks are likewise on hold, with policy makers in England, Japan, Taiwan and Norway leaving interest rates unchanged today.
These developments come after Wednesday's session, where US stocks ended narrowly mixed, having nudged a small fraction higher, as a dimmer outlook from FedEx (FDX -10.03%) damped investors’ optimism over the economy.
The S&P 500 index gained just +0.01% into the close. The Nasdaq Composite ended +0.08% higher. The Dow lost -0.07% of its value.
Ahead, today’s economic calendar includes; Weekly Jobless Claims and the Philadelphia Fed Business Outlook Survey for December at 8:30am EST, followed by Existing Home Sales for November at 10am EST.
Earnings reports are expected today from; Nike (NKE), Darden Restaurants (DRI), Conagra Brands (CAG), Rite Aid (RAD), Accenture (ACN) and Sanderson Farms (SAFM).
TODAY'S TOP HEADLINES
Politics: House Votes to Impeach President Trump. (The WSJ)
The House impeached President Trump in a momentous set of votes late Wednesday, making him the third president since America’s founding to face a Senate trial, and laying bare the deep partisan divisions on Capitol Hill and across the country.
ECONOMIC CALENDAR
Today's Economical Announcements.
08:30AM - ★☆☆ - Weekly Jobless Claims (Previous: 252,000)
08:30AM - ★★★ - Philly Fed Manuf. (Dec) (Previous: 10.4)
10:00AM - ★★★ - Existing Home Sales (Nov) (Previous: 5.46)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Rite Aid (RAD): [EARNINGS] Reported quarterly profit of 54 cents per share, compared with a consensus estimate of 9 cents a share. Revenue also beat forecasts, with results boosted by better expense control and increased prescription business at Rite Aid pharmacies.
Herman Miller (MLHR): [EARNINGS] Beat estimates by a penny a share, with quarterly profit of 88 cents per share. The office furniture maker’s revenue came in below analysts’ forecasts. The company said its results were impacted by lower-than anticipated order levels in an uncertain economic environment, although it added that profit came in at the higher end of its forecasts despite those difficulties.
Seattle Genetics (SGEN): [NEWS] The drugmaker won US approval for their experimental drug to treat advanced bladder cancer, the first such drug to win Food and Drug Administration approval.
Conagra Brands (CAG): [EARNINGS] Beat estimates by 6 cents a share, with adjusted quarterly earnings of 63 cents per share. Revenue topped estimates as well. The maker of food brands like Birds Eye, Healthy Choice, and Vlasic also raised the amount of cost synergies related to its 2018 acquisition of Pinnacle Foods.
Green Dot (GDOT): [NEWS] Announced the retirement of Chief Executive Officer and founder Steve Streit, as well as Chief Financial Officer Mark Shifke. The financial technology company’s chairman, William Jacobs, will serve as interim CEO.
Micron Technology (MU): [EARNINGS] Reported adjusted quarterly earnings of 48 cents per share, a penny a share above estimates. The chip maker’s revenue came in above Wall Street forecasts as well. Micron said the current-quarter would represent the bottom of what’s been a difficult period for the memory chip market. The news is also giving a boost to other chip stocks like Western Digital (WDC) and Nvidia (NVDA).
Darden Restaurants (DRI): [EARNINGS] Earned an adjusted $1.12 per share for its latest quarter, 5 cents a share above estimates. Revenue was slightly below forecasts. Sales at restaurants open at least a year rose 2%, in line with analysts’ forecasts.
TiVo (TIVO): [NEWS] Will merge with technology licensor Xperi (XPER) in a stock-swap deal. TiVo shareholders will own about 53.5% of the combined company.
Accenture (ACN): [EARNINGS] Reported quarterly profit of $2.09 per share, 9 cents a share above estimates. Revenue also beat forecasts, and Accenture raised the lower end of its 2020 adjusted earnings forecast.
FactSet (FDS): [EARNINGS] Beat estimates by 16 cents a share, with quarterly profit of $2.58 per share. The provider of financial information services saw revenue miss forecasts. The bottom line was helped by an increase in profit margins.
Boeing (BA): [REVIEW] Boeing’s debt rating was cut one notch by Moody’s, as the grounding of the jet maker’s 737 Max aircraft continues. Moody’s said it sees long term risk to Boeing’s reputation following its move to suspend production of the jet in January.
MOMENTUM STOCKS
GAINERS: NEO, LDOS, SUM, BBBY, GES
DECLINERS: NTLA, FDX
TODAY'S IPOs
None.
