17 11 US PRE OPEN

U.S Futures sliding - Watch TSLA, WMT, HD, TMUS, BRK/B, COST

The S&P 500 Futures are sliding after they maintained their upward momentum yesterday. Investors' risk appetite was enlarged by Moderna's announcement of positive trial results of its COVID-19 vaccine.

Later today, the U.S. Commerce Department will report October retail sales (+0.5% on month expected) and September business inventories (+0.6% on month expected). The Federal Reserve will release October industrial production (+1.0% on month expected). The National Association of Home Builders will post Housing Market Index for November (85 expected).

European indices are searching for a trend. German Foreign Minister has declared he was "certain we will find a solution to EU Recovery Fund" after Poland and Hungary blocked the adoption of the 2021-2027 budget and recovery fund yesterday.

Asian indices closed slightly on the upside except the Chinese CSI which ended in the red.

WTI Crude Oil remains bullish. The U.S. Energy Information Administration (EIA) projected that the U.S. shale oil output would fall by 140K b/d to 7.51M b/d in December. Later today, American Petroleum Institute (API) will release the change of U.S. oil stockpile data for November 13.

US indices closed up on Monday, lifted by Energy (+6.5%), Automobiles & Components (+3.01%) and Banks (+2.95%) sectors.

Approximately 87% of stocks in the S&P 500 Index were trading above their 200-day moving average and 86% were trading above their 20-day moving average. The VIX Index declined 0.57pt (-2.47%) to 22.53, while Gold rose $0.53 (+0.03%) to $1889.73, and WTI Crude Oil jumped $1.27 (+3.16%) to $41.4 at the close.

On the US economic data front, Empire Manufacturing unexpectedly dropped to 6.3 on month in November (13.5 expected), from 10.5 in October.

The U.S dollar dips on concerns regarding new coronavirus restrictions in some U.S states and worries about White House transition.

The dollar index fell 0.29pt to 92.352.

U.S. Equity Snapshot

Tesla (TSLA), the electric-vehicle maker, is expected to surge as the company will join the S&P 500 Index before the open of trading December 21, announced S&P Dow Jones Indices.

Source: TradingView, GAIN Capital

Walmart (WMT), the retailer, climbs in extended trading as third quarter adjusted EPS and sales topped estimates.

Home Depot (HD), the home improvement specialty retailer, is losing ground premarket after announcing a 1 billion dollars compensation investment for its frontline workers. Separately, the company posted third quarter comparable sales up 24.1%, beating estimates. EPS was up to 3.18 dollars vs 2.53 dollars a year earlier.

T-Mobile US (TMUS), a wireless network operator, gained ground post market as Berkshire Hathaway (BRK/B), a holding company with a vast range of subsidiaries, disclosed a stake in the company.

Costco Wholesale (COST), an operator of a chain of warehouse stores, popped after hours after announcing a special cash dividend of 10 dollars per share.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.