US stock index futures rose sharply on Wednesday, a day after the S&P 500 equity benchmark advanced to its 21st record close for the year.
The S&P 500 (+0.95%) and Nasdaq (+1.71%) kicked off September on a strong note, as the tech sector (+1.91%) continued its rally, while data on manufacturing and construction came in better than expected.
Earlier this morning, the Stoxx Europe 600 Index advanced as much as +2.2%, with chemicals and technology shares among the top gainers.
Meanwhile, US Treasury Secretary, Steven Mnuchin, urged Congress to appropriate more money to combat the pandemic on Tuesday, and said he was ready to sit down with Democrats to resume negotiations.
Ahead, today's economic calendar includes; ADP National Employment data for August at 8:15am, Factory Orders for July at 10am and Crude Oil Inventories for the week ended August 28 at 10:30am EST.
In earnings; Macy's (M), CrowdStrike (CRWD), Five Below (FIVE), Rocket Cos. (RKT), Cloudera (CLDR), Zuora (ZUO) and Lands' End (LE) are all scheduled to report their latest quarterly financial results today.
TODAY'S TOP HEADLINES
Politics: Mnuchin Talks With Pelosi, Signals Urgency. (Bloomberg)
Treasury Secretary Mnuchin said the US economy needs additional fiscal stimulus to fully rebound, and he initiated a conversation with House Speaker Nancy Pelosi amid stalled negotiations on a package.
Today's Economical Announcements.
08:15AM - ★★★ - ADP Nonfarm Employ. (Aug) (Previous: 167K)
10:00AM - ★★☆ - Factory Orders (Jul) (Previous: 6.2%)
10:30AM - ★★★ - Crude Oil Inventories (Previous: -4.689M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Macy’s (M): [EARNINGS] Lost 81 cents per share for its second quarter, less than the $1.77 a share loss that Wall Street analysts were expecting. Revenue also beat Wall Street forecasts. Comparable-store sales fell more than expected, but Macy’s also saw a 53% jump in digital sales.
H&R Block (HRB): [EARNINGS] Reported quarterly profit of 55 cents per share, 5 cents a share above estimates. Revenue was slightly below Wall Street forecasts. Block’s results benefited from the three-month extension to tax filing season, with sales improvement for both assisted tax preparation and do-it-yourself products.
Peloton (PTON): [REVIEW] Was named a “top pick” at J.P. Morgan Securities, even with the shares having already tripled year-to-date, and increased its price target to a Street-high $105 per share. The firm notes strong demand for Peloton’s bicycles, but also points out that the company’s biggest challenge is keeping up with that demand.
Exxon Mobil (XOM): [NEWS] Is weighing possible worldwide job cuts, according to a company representative who spoke to Reuters. Exxon said it has evaluations underway on a country by country basis, and may “right-size” its business.
AMC Entertainment (AMC): [NEWS] Is re-opening 140 more theaters this week and plans to have about 70% of its U.S. locations open by this weekend.
Visa (V): [NEWS] US payment volume rose 7% in August compared to a year ago, according to a Securities and Exchange Commission filing.
Ford (F), General Motors (GM): [NEWS] Could benefit after research firm Autodata reported that U.S. sales rose above the 15 million mark in August for the first time since February.
Shoe Carnival (SCVL): [EARNINGS] Reported better-than-expected earnings, but both revenue and comparable-store sales fell below Wall Street forecasts. Like many other retailers, Shoe Carnival is not currently offering forward guidance due to economic uncertainties surrounding the pandemic.
Teladoc Health (TDOC): [UPGRADE] Was raised to “buy” from “hold” at Berenberg. The firm said that Teladoc will benefit from its merger with Livongo Health, a provider of digital disease management tools, even though both stocks have declined since the announcement last month.
Nvidia (NVDA): [REVIEW] Bank of America Securities increased its price target on the graphics chipmaker’s stock to a Street-high $650 per share, noting attractive pricing for Nvidia’s new gaming cards.
Guess (GES): [EARNINGS] Lost 1 cent per share for its latest quarter, smaller than the 58 cents a share loss that Wall Street analysts were anticipating. Revenue was also better than expected, and Guess announced the resumption of its dividend.
GAINERS: SHLL, HOME, DOCU, NLS, CHWY, PD, ZUO
DECLINERS: VIR, ARCT, ICPT, ARWR
CM Life Sciences (CMLFU) (Price: 10) (Est. Vol: $350.0M)
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