Gap, Deere, HP, Dell: What to Watch When the Market Opens Today

By Mischa Frankl-Duval 

Here's what we are watching as markets kick into gear Wednesday:

-- U. S. stock futures wavered a day after the Dow Jones Industrial Average breached 30000 for the first time, and as investors looked ahead to a packed day of economic data.

-- Futures tied to the S&P 500 were flat Wednesday, and Dow futures edged below the key milestone hit Tuesday. Nasdaq-100 futures were up 0.3%. -- What's coming up. U.S. durable-goods orders, due at 8:30 a.m. ET, are expected to increase for the sixth consecutive month, though some economists are forecasting a lackluster gain amid signs the recovery is losing momentum. Applications for unemployment benefits are expected to remain elevated in the week ended Nov. 21. Economists expect that data release at 8:30 a.m. will show unemployment claims ticked down to 733,000 last week from 742,000 a week earlier.

-- U. S. consumer spending has been a driving force for the recovery and economists are forecasting the sixth straight increase for household outlays in October. Data on personal spending will be released at 10 a.m.

-- The Federal Reserve releases minutes from its Nov. 4-5 meeting, a relatively uneventful session that highlighted risks to the economy from the pandemic.

Market Movers to Watch

-- Deere rose 2.5% premarket after the farm-equipment maker reported higher-than-expected net sales.

-- Gap fell more than 11% premarket after the clothing retailer's profit came in below Wall Street's expectations. Executives cautioned that rising Covid-19 infections could slow visits to stores during the critical holiday shopping period.

-- HP climbed 4.4% after the computing equipment maker's revenue beat analysts' expectations.

-- Fellow PC maker Dell fell 0.7% despite reporting per-share profit that came in ahead of analysts' expectations.

Must Reads Since You Went to Bed

Behind Dow 30000: A Self-Perpetuating Upward Spiral

Dow's Rise to 30000 Heralds a Broader Stock Rally Europe Doubles Down on Data Protection to Ward Off Silicon Valley, Chinese Influence

Politics Isn't Janet Yellen's Forte, but It's What She's In for Now

JD Health IPO Adds to Hale and Hearty Hong Kong Market

(END) Dow Jones Newswires

November 25, 2020 07:16 ET (12:16 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.