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Monday, January 24, 2022

5 things to know before the stock market opens on Thursday

Here is the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street Looks Slightly Higher After Nasdaq’s 3-Day Winning Streak

Traders work on the floor of the New York Stock Exchange (NYSE) on January 12, 2022 in New York.

Brendan McDermid | Reuters

US stock futures on Thursday edged up slightly ahead of what was expected to be another heated inflation report. The Nasdaq rose higher on Wednesday, led by tech stocks for a third straight session. The Dow Jones Industrial Average and the S&P 500 gained for the second day in a row, each down less than 1.5% from last week’s record close on Wednesday. The Nasdaq has more work to dig from its recent slide, which on Wednesday shed 5.4% from its latest record that closed in November.

  • Looking ahead, global alternative asset management firm TPG is set to launch its initial public offering on the Nasdaq on Thursday morning at $29.50 per share, after pricing in the middle of the expected range.
  • Moderna expects to report data by March from its COVID vaccine trials involving children aged 2 to 5. If the study is helpful, the company said it would file for emergency approval for vaccinations for that age group. Moderna’s shares were marginally lower in the premarket.

2. Delta Air Lines Reports Strong Earnings, Revenue; shares rise

Airplanes of Delta Air Lines at Hartsfield-Jackson Atlanta International Airport (ATL) in Atlanta, Georgia, United States, on Tuesday, December 21, 2021.

Eliza Nouvelles | Bloomberg | Getty Images

Shares of Delta Air Lines rose more than 1.5% in the premarket after the carrier posted its highest quarterly revenue since the end of 2019 on Thursday, bettering expectations for the fourth quarter to $9.47 billion. Earnings of 22 cents per share also beat estimates, thanks in part to stronger holiday bookings and more business travel. Delta said it expected a first-quarter loss, blaming the Kovid Omron version for higher costs and weaker-than-expected bookings. However, the airline is still seeing a further drop in travel demand and is also making profits this year.

3. Higher inflation numbers expected; Unemployment claims seen steady

Government’s December data on the Producer Price Index, which is scheduled for release on Thursday at 8:30 a.m. ET, is expected to show year-on-year growth of 9.8%. The November PPI, a measure of wholesale inflation, rose 9.6% year-on-year at the fastest clip on record. Thursday’s report comes after the December consumer price index rose 7% year over year at the fastest pace since June 1982. The reaction in the stock and bond markets was muted as, while higher, the CPI matched estimates.

Read Also:  Asian stocks mostly rallied following a Wall Street rally

Also at 8:30 a.m., the Labor Department is about to release its Thursday look at initial jobless claims. Economists expect a total of 200,000 first-time filings for unemployment benefits for the week ending January 8. This would be 7,000 less than last week, which anchored the data well around a level that is even lower than before the Covid pandemic, when new claims averaged around 215,000.

4. Senate Panel to Hear Brainard’s Fed Vice Chair Nomination

US Federal Reserve Board member Lyle Brainard after being nominated by US President Joe Biden to serve as Vice President of the Federal Reserve at the South Court Auditorium of the Eisenhower Executive Office building at the White House in Washington, US on November 22, 2021 they speak.

Kevin Lamarck | Reuters

The Senate Banking Committee holds a confirmation hearing Thursday at 10 a.m. ET to consider the nomination of Federal Reserve Governor Lyle Brainard to become the next Fed vice president. In prepared remarks, Brainard said controlling decades of high inflation is “the most important task” facing central bankers. Brainard’s prepared remarks stuck close to the monetary policy script used by Fed Chairman Jerome Powell at his confirmation hearing for a second term on Tuesday. He said the Fed will act as needed with higher interest rates and other measures to ensure inflation returns to the central bank’s 2% target from its current high.

5. Biden to Uncover Federal Response to Omicron Bounce

US President Joe Biden comments on voting rights during a speech on the grounds of Morehouse College and Clark Atlanta University on January 11, 2022 in Atlanta, Georgia.

Jonathan Ernst | Reuters

President Joe Biden plans to deliver remarks Thursday about his administration’s “boomous response” to the spiking in Covid cases due to the highly contagious Omicron variant. Biden will highlight the federal government’s efforts to use military medical personnel starting next week to help hospitals suffering from the twin problems of staff shortages due to a crush of Covid patients and sick health care workers. The president will also announce that six additional military medical teams will be deployed to Michigan, New Jersey, New Mexico, New York, Ohio and Rhode Island.

— Reuters and The Associated Press contributed to this report. Follow all market movements like a pro CNBC Pro, Get the latest on the pandemic with CNBC’s coronavirus coverage,

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World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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