Stock Futures Flat as Investors Weigh Vaccine Timing, Risks of New Shutdowns

The Dow Jones today was off 64 points in pre-market hours as investors digest the latest rounds of earnings reports and COVID updates.

Let’s take a look at the numbers from Thursday before we get into the headlines driving the futures market. 

Here are the key headlines that are driving the Dow Futures this morning. Look for additional updates throughout the day.

The Rundown: Today’s Top Market Stories 

  • Federal Reserve Chairman Jerome Powell spoke Thursday about his concerns about the U.S. economy. Powell said he was worried about the many Americans who will face long-term consequences from this crisis. “We’re not going back to the same economy,” Powell said to the European Central Bank. “We’re recovering, but to a different economy and it will be one that is more leveraged to technology, and I worry that it’s going to make it even more difficult than it was for many workers.”
  • While everyone was talking about the Federal Reserve’s update, the real news is the ECB said it could adopt a digital currency. ECB Chief Christine Lagarde said that the central bank could soon create a digital currency that would alter the future of the Eurozone. Lagarde said it could be two to four years before the project begins, but this is the latest big development in cryptocurrencies. Bitcoin traded at $16,328 last night.
  • Oil prices are back under pressure after a string of bearish factors weighed on the commodity. WTI crude is back under $41 after the International Energy Agency slashed its demand outlook around the globe. In addition, U.S. inventory levels increased by 4.28 million barrels, according to the EIA. That said, the markets are still receiving support from the possibility that OPEC+ will extend production cuts well into 2021. 

COVID-19 Updates

Nearly every state in America has reported an uptick in COVID cases in the last 24 hours. Yesterday, Johns Hopkins data shows that daily cases have increased by at least 5% in 47 states. Hospitalizations are also up in 46 of those states. 

In Chicago, Mayor Lori Lightfoot has asked citizens in the city to cancel their Thanksgiving plans. She also asked people to stay indoors. Meanwhile, New York Governor Andrew Cuomo said that a new curfew on restaurants, bars, and gyms will start Friday. Earlier this week, an adviser to Joe Biden said that the nation may need to lockdown for four to six weeks. 

Today’s Top Stocks to Watch: DIS, CSCO

DIS: Walt Disney (DIS) shares are up 3.1% in premarket hours after the entertainment giant reported a huge jump in subscriptions for its Disney + service. The company has a staggering 73 million paid subscribers. The company also reported a smaller than expected loss for the quarter. It saw a 20-cent per share decline in Q3, much better than the 71-cent loss projected by analysts. The firm also easily beat revenue expectations.

CSCO: It was a hell of an earnings report for Cisco Systems (CSCO). The company’s EPS rounded out at $0.76, a figure that topped expectations by six cents. Revenue also easily beat expectations, although the figure was off 9% from the previous year. Total revenue registered at $11.85 billion and the firm hiked its forward guidance to levels that pleased Wall Street.