Dow, S&P eye new records ahead of jobs, manufacturing data

view original post

Investors continue to celebrate the new year as U.S. stocks eye another record-setting session ahead of key reports on jobs and manufacturing. 

Futures for all three of the major averages are higher by about 0.2%, putting the Dow Jones Industrial Average and S&P 500 on track to extend records hit Monday. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 36585.06 +246.76 +0.68%
SP500 S&P 500 4796.56 +30.38 +0.64%
I:COMP NASDAQ COMPOSITE INDEX 15832.798557 +187.83 +1.20%

Data on the number of job openings or JOLTS, due at 10 a.m. ET, is expected to come in at 11.075 million, just below the record 11.098 million reached during July. The ISM’s manufacturing purchasing managers index for December is expected to slip just over a point from November to 60.0, still signaling growth. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 54.83 +0.47 +0.86%

Oil also ticked higher to $76 per barrel ahead of OPEC’s first meeting of 2022. The allied oil-producing countries are expected to press ahead with restoring cutbacks in output made during the depths of the coronavirus pandemic as hopes grow that travel and demand for fuel will hold up despite the rapid spread of the omicron variant.

FORD DOUBLING F-150 LIGHTNING PRODUCTION

Ticker Security Last Change Change %
F FORD MOTOR CO. 21.77 +1.00 +4.81%

In stocks, Ford is in focus after the automaker has confirmed that it is increasing the planned capacity of the factory that will build the F-150 Lightning by nearly double to 150,000 trucks annually due to higher than expected demand. Toyota may also be active after Japan’s Nikkei reported the automaker is working on a new automotive software platform slated for 2025. 

Ticker Security Last Change Change %
MRNA MODERNA INC. 235.05 -18.93 -7.45%

Moderna, in an SEC filing, noted it is developing a single dose COVID-Flu treatment. Additionally, the company’s financial cushion is strong. “As we close our books for 2021, the company’s cash, cash equivalents and investments as of December 31, 2021, were more than $17 billion. We now have the resources to scale our investments and do even more to positively impact human health with mRNA medicines. This is just the beginning” according to the filing. 

Ticker Security Last Change Change %
AAPL APPLE INC. 182.01 +4.44 +2.50%
MSFT MICROSOFT CORP. 334.75 -1.57 -0.47%

Apple hit the $3 trillion mark Monday intraday, becoming the first U.S. company to hit the milestone. Microsoft is the next company closest to that value trading around $2.5 trillion. 

Ticker Security Last Change Change %
WMG WARNER MUSIC GROUP CORP. 42.95 -0.23 -0.53%

Warner Chappell Music purchased the extensive music catalog of David Bowie, stretching from the late 1960s to just before his death in 2016. More than 400 songs, among them “Space Oddity,” “Ziggy Stardust,” “Fame,” “Rebel Rebel” and “Let’s Dance” on 26 Bowie studio albums released during his lifetime, a posthumous studio album release, Toy, two studio albums from Tin Machine, as well as tracks released as singles from soundtracks and other projects, are included. Financial details were not disclosed. 

In cryptocurrencies, Bitcoin traded around the $46,000 level. 

Overseas Japan’s benchmark Nikkei 225 jumped 1.8% to 29,301.79 in Tokyo’s first trading day of 2022. Shares also rose in Australia, South Korea and Hong Kong, but edged lower in Shanghai.

The Associated Press contributed to this report.