Investors hoping for a quick bounce in the stock market following Monday’s drubbing will be disappointed by action in the futures market this morning.
That makes sense. It’s Georgia runoff day, and that vote will determine whether Republicans or Democrats control the Senate. And that could determine not only whether there’s more stimulus, but also higher taxes. The outcome might not be known until Wednesday or even Thursday. Then there’s the counting of the electoral votes on Wednesday, which may or may not go smoothly.
We’ll also get December’s ISM manufacturing data, which will show how well the economy held up as Covid-19 cases surged, and how well businesses think the economy will do in the future.
(SNOW) has fallen 0.7% after Deutsche Bank cut its price target to $270 from $335 ahead of the expiration of the software company’s second lockup, which could see a surge of shares coming to market.
(FCX) has advanced 1.3%. Argus upgraded the mining stock to Buy from Hold.
(CHL) has gained 11%,
(CHA) has risen 9.4%, and
(CHU) has jumped 16% after the New York Stock Exchange decided not to delist them after all.
(JD) has gained 2% after getting upgraded to Buy from Hold at Stifel.
First Solar (FSLR) dropped 4.6% after getting cut to Sell from Buy at
(TSLA) has fallen just 0.5% despite getting cut to Underperform from Neutral at Exane BNP Paribas.
Write to Ben Levisohn at Ben.Levisohn@barrons.com