On November 30, American stock indices closed in negative territory. The S&P 500 index fell 0.46% to 3622 points, the Dow Jones lost 0.91%, the NASDAQ fell 0.06%. The month ended with profit taking in cyclical sectors and capital flow into growth stocks. The tech sector looked strongest, adding 0.66%. The correction in the energy sector intensified amid the uncertainty surrounding the OPEC + meeting, and it lost 5.37%.
The agreement between Nikola (NKLA: -27%) and General Motors (GM: -2.7%) disappointed investors, as it does not include GM investments in Nikola’s business.
S&P Global (SPGI: + 3%) and UK-based IHS Markit (INFO: + 7.4%) have announced a share swap merger. The volume of the transaction will amount to $ 44 billion.
Currently, global stock exchanges are showing positive dynamics. On the eve, the final data on the effectiveness of the antikovid vaccine from Moderna, which was estimated at 94.1%, were presented. The company has applied for an emergency review of its drug with the FDA. After the close of the main session the day before, the American regulator set the date for the meeting of the special committee for December 17. Market participants are awaiting vaccine approval from both Moderna and Pfizer in December. In addition, they estimate that about 40 million doses, enough to inoculate 20 million people, will be available by the end of the year. This supports the positive sentiment in the markets. Note, however, that optimistic expectations regarding an early start of vaccination have been maintained since October, so their influence on the dynamics of trading is becoming more limited.
US Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell will deliver their presentations to the Senate Banking Committee today. Mnuchin is expected to reiterate the proposal to channel $455 billion in unused funds under special lending programs for fiscal stimulus. It is not excluded that the hope that a small package of economic support will be adopted before the inauguration of the new president will again act as a factor of optimism. However, major disagreements between Democrats and Republicans remain on this issue.
Asian stock markets closed in the green. Japan’s Nikkei rose 1.34%, China’s CSI300 rose 1.60%, and Hong Kong’s Hang Seng climbed 0.86%. European indices are trading in positive territory. EuroStoxx 50 adds 1%.
Vague appetite for risk. The 10-year Treasury rate rises to 0.85%. Brent oil futures are rising above $ 48. Gold rises in price to $ 1790.
ISM Manufacturing PMI for November is due today. The indicator is expected to decrease from 59.3 in October to 58.0. The worsening epidemiological situation harms production to a much lesser extent than in the spring, since local restrictions apply only to the service sector.
Today Top Movers
NIO Limited (NIO) reported gain of +3.21% in premarket session on Tuesday after revealed its November 2020 delivery results.
Smart EV firm Xpeng Inc. (XPEV) is up +7.90% in early morning session on Tuesday following the declaration of its vehicle delivery results for November 2020.
In Tuesday’s pre-market session Hexo Corp (HEXO) surged +15.18% in its share price and the firm recently revealed that it will participate in the Cowen 2020 Boston Cannabis Conference on Wednesday, December 2, 2020.
Top Upgrades & Downgrades
Barclays turned bullish on FedEx Corporation (FDX) , upgrading the stock to ” Overweight” from “Equal-Weight ” and assigning a $360.0 price target.
Evercore Partners Inc (EVR) has won the favor of Keefe, Bruyette & Woods’s equity research team. The firm upgraded the shares from Market Perform to Outperform.
Earlier Tuesday B of A Securities its rating on BioNTech SE (NASDAQ:BNTX) stock to Neutral from Buy. With shares trading at around $126.63, the Wall Street firm thinks BioNTech ‘s stock could gain more than 1.92%.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Appian Corp (APPN) has been changed to Underweight from Equal-Weight.
Analysts at RBC Capital downgraded IHS Markit Ltd. (INFO)’s stock to Sector Perform from Outperform on Tuesday.
Latest Insider Activity
Kandi Technologies Group Inc. (KNDI) Director Wang Lin announced the sale of shares taking place on Nov 25 at $15.00 for some 1,000 shares. The total came to more than $15000.0.
Slack Technologies Inc. (WORK) Chief Technology Officer Henderson Cal sold on Nov 25 a total 96,155 shares at $30.99 on average. The insider’s sale generated proceeds of almost $46485.0.
Onconova Therapeutics Inc. (ONTX) Chief Financial Officer Guerin Mark Patrick declared the purchase of shares taking place on Nov 27 at $0.26 for some 4,614 shares. The transaction amount was around $1200.0.
Coty Inc. (COTY) Director Singer Robert S bought on Nov 27 a total 362,482 shares at $6.80 on average. The purchase cost the insider an estimated $34,000.
Earnings To Watch Today
Top US earnings releases scheduled for today include Lufax Holding Ltd (NYSE:LU) . It will announce its Sep 2020 financial results. The company is expected to report earnings of $0.14 per share.
Analysts expect salesforce.com inc. (NYSE:CRM) to report a net income (adjusted) of $0.75 per share, when the bank releases its quarterly results shortly. Revenue for the fiscal quarter ended Oct 2020 is predicted to come in at $5.25B.
ReneSola Ltd (SOL) , is due to announce earnings after the market closes today. It expected to report revenues of $9.9M in recently concluded three-month period.