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

By Jem Bartholomew 

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

Moderna jumped almost 5% 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.

Stocks benefiting from a work-from-home world rose premarket with Zoom Video Communications gaining 3.4%, Slack Technologies up 2.2% and DocuSign rising 1.2%.

Travel companies that performed well during Monday's market rotation after promising vaccine news slipped offhours, with Delta Air Lines sliding 2%, Norwegian Cruise Line Holdings down 2.1% and Royal Caribbean Group falling 2.3%.

Boeing Company dropped 2.1% 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 3.2% 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 to trade around $15,814.

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 10% premarket after the cannabis company reported a drop in third-quarter revenue that disappointed investors.

XPeng's U.S.-listed shares surged 9.1% 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.

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(END) Dow Jones Newswires

November 12, 2020 07:26 ET (12:26 GMT)

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