Tuesday, December 1, 2020
Home Economy Zoom, Delta, Moderna: What to Watch When the Stock Market Opens Today

Zoom, Delta, Moderna: What to Watch When the Stock Market Opens Today

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Here’s what we are watching as markets kick into gear Thursday.

Stock futures slipped as new restrictions to curb the spread of coronavirus sparked concerns about further damage to the economy. Futures tied to the S&P 500 fell 0.3%, pointing to a decline in the gauge after the opening bell. Read our full market wrap here.

What’s coming up. Initial jobless claims, a proxy for layoffs, will be released by the Labor Department at 8:30 a.m. ET, with economists surveyed by The Wall Street Journal predicting new applications for unemployment benefits likely remained steady at high levels last week. October consumer prices are due at 8:30 a.m.
Palantir Technologies,
Walt Disney
and
Cisco Systems
will report earnings this afternoon.

Market Movers to Watch

Shares of companies that benefit from remote working arrangements were rising ahead of the bell Thursday.

Shares of companies that benefit from remote working arrangements were rising ahead of the bell Thursday.

Photo: Mark Lennihan/Associated Press

—Moderna climbed 3% in offhours trading after the biotech company said the first batch of data from its late-stage test of an experimental Covid-19 vaccine candidate was ready for analysis.

—Travel companies that performed well during Monday’s market rotation after promising vaccine news slipped offhours, with
Delta Air Lines
sliding 3.2%,
United Airlines Holdings
dropping 3.1%,
Norwegian Cruise Line Holdings
down 3% and
Royal Caribbean Group
falling 3.1%.

—Stocks benefiting from a work-from-home world rose premarket with
Zoom Video Communications
gaining 2.1%,
Slack Technologies
up 1.3% and
DocuSign
rising 1.5%.

—Boeing Company dropped 2.7% out of hours after the company said it expects a weaker global market amid the coronavirus pandemic, despite also releasing strong forecasts for China’s aircraft demand.


Occidental Petroleum
fell a further 3.7% in offhours trading after dropping 3.9% Wednesday. J.P. Morgan analyst Phil Gresh gave the company a bearish rating yesterday citing concerns over the oil price needed to cover its capital expenditures.

—Bitcoin briefly surged over $16,000 for the first time since 2018 before peeling back.


Hillenbrand
surged 5.4% ahead of the bell, after diversified industrial company swung to a loss in its latest quarter as expenses grew, but sales surged due to its acquisition of Milacron Holdings.


Sundial Growers
plunged around 9% premarket after the cannabis company reported a drop in third-quarter revenue that disappointed investors.


XPeng
‘s U.S.-listed shares surged over 7% offhours, as the China-based electric vehicle maker reported a more than fourfold jump in third-quarter revenue that beat analysts’ predictions despite posting an overall loss. Other U.S.-listed Chinese tech firms were also climbing, including JD.com and Pinduoduo.


Burlington Stores
climbed 3.8% before the bell, after Gordon Haskett said the company’s share price would rise to $262. Burlington closed Wednesday at $221.51.

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