Dow futures once turned positive Tuesday morning, up slightly from overnight trading as investors set their sights on a prolific week in Washington that includes the Federal Reserve's final policy-setting meeting of 2021, set to commence today, and the release of new prints on retail sales, housing starts and other economic data.
At 8:00 a.m. ET, Dow e-minis were down 4 points, or 0.01%, S&P 500 e-minis were down 9 points, or 0.19%, and Nasdaq 100 e-minis were down 77.75 points, or 0.48%.
The Federal Open Market Committee (FOMC) is scheduled to hold its two-day policy-setting meeting starting on Tuesday, followed by the release of the monetary policy statement and remarks from Federal Reserve Chair Jerome Powell Wednesday. An updated Summary of Economic Projections outlining individual members' outlooks for economic conditions and interest rates is set to accompany the statement.
The Fed has been under pressure to control rising inflation levels, as investors watch for clues of a faster taper that could set the stage for earlier rate hikes.
Markets await a trove of fresh economic data this week. November retail sales, out on Wednesday, are expected to rise by 0.8%, according to Bloomberg consensus estimates. And November housing starts are forecasted to see a month-over-month increase of 3.3%.
Meanwhile, Morgan Stanley projects the U.S. unemployment rate will drop to 3% in 2022.
Stocks making the biggest moves premarket:
GameStop – The videogame retailer – one of the so-called “meme” stocks – lost another 3.1% in the premarket following a nearly 14% tumble yesterday to its lowest close since March. GameStop had seen its stock slide last week after reporting a wider quarterly loss.
AMC Entertainment – The movie theater operator’s stock slid 6% in premarket trading, after extending a losing streak to 3 days with a more than 15% plummet Monday. Last week, CEO Adam Aron sold all his holdings in AMC while CFO Sean Goodman sold the bulk of his AMC stock.
Beyond Meat, Inc. – The maker of plant-based meat substitutes saw its stock jump 4.8% in premarket action, putting it in a position to break a 3-day losing streak. Piper Sandler upgraded the stock to “neutral” from “underweight,” saying a nationwide launch at McDonald’s(MCD) could happen within less than 3 months.
Pfizer – The drugmaker said a final study of its antiviral Covid-19 pill showed it to be 89% effective in preventing hospitalizations and deaths in high-risk patients, similar to what earlier studies had shown. It added that the drug appears to be effective against the omicron variant.
Tesla Motors – Tesla shares slid 1.5% in premarket trading after CEO Elon Musk sold more of his holdings to cover tax bills generated by the exercising of stock options. Tesla has dropped more than 20% from its all-time high and its overall market value has fallen back under the $1 trillion mark.
Weibo – Weibo slid 5.3% in the premarket after the China-based social networking company was fined 3 million yuan (about $471,000) by regulators, who said some of Weibo’s accounts and content violated various laws and regulations.
Terminix Global Holdings Inc – The pest control company’s shares soared 21.9% in the premarket after it agreed to be acquired by British rivalRentokilfor $6.7 billion in cash and stock.
Alcoa – The aluminum producer’s shares rallied 4.2% in premarket trading following news that the stock will be added to the S&P Midcap 400 Index prior to the opening of trading next Monday. It replacesHill-Rom Holdings, which is being acquired by Baxter International(BAX).
Dell Technologies Inc. – The computer maker’s stock was downgraded to “in line” from “outperform” at Evercore, which notes Dell’s nearly 60% appreciation this year ahead of what it sees as a moderating personal computer market. Dell lost 1.7% in the premarket.
Ralph Lauren – The apparel maker slid 3% in the premarket after a Goldman Sachs double downgrade to “sell” from “buy” on the thesis that brand momentum indicators are fading.
Neogen – The food safety company’s stock surged 12.1% in premarket trading after it announced a deal to combine itself with the food safety division of 3M(MMM).
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