Tesla, Zoom, Nike: What to Watch When the Stock Market Opens Today

 Tesla, Zoom, Nike: What to Watch When the Stock Market Opens Today

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Here’s what we are watching as markets kick into gear Monday.Futures tied to the S&P 500 dropped more than 2%, as a fast-spreading strain of coronavirus emerging from England prompted fresh travel restrictions, dealing another blow to prospects for the global economic recovery. Futures linked to the technology heavy Nasdaq-100 index fell 1.3%.

What’s Coming Up

Tesla
joins the S&P 500 today after closing at its latest record high on Friday. Shares in the electric vehicle maker dipped 5.5% premarket.

Financial data provider FactSet publishes quarterly earnings today, as does industrial machinery maker
Enerpac Tool Group.
In Washington, Congress will look to move forward on legislation for a $900 billion Covid-19 relief plan that leaders agreed upon over the weekend.

Market Movers to Watch

—Shares in travel companies dipped premarket amid fears of further travel restrictions.
Delta Air Lines
fell 9%, Southwest and United fell more than 6%, and Royal Caribbean shed 8.7%.
Boeing
was off nearly 7%.—Energy companies declined in off-hours trading as oil prices fell nearly 5% on fears travel restrictions could curb demand.
Occidental Petroleum
fell more than 11%. Natural gas company
ONEOK
fell more than 9.5%.—
Zoom Video Communications,
which has benefited from stay-at-home orders, jumped almost 5% premarket.


Nike
shares rose 3% in offhours trading. The sneaker and sportswear giant reported higher quarterly sales and profits when it updated investors after the market close on Friday.

A woman carries Nike shopping bags in Commerce, Calif., December 3, 2020.

A woman carries Nike shopping bags in Commerce, Calif., December 3, 2020.

Photo: lucy nicholson/Reuters

Market Fact

The British pound was on course for its steepest one-day fall against the U.S. dollar since the worst of March’s market rout as the continuing failure to arrive at a post-Brexit trade agreement and new measures in the U.K. to curtail the spread of Covid-19 weighed on British assets.

Chart of the Day

Tesla’s bull run has been so powerful that many bearish investors have abandoned their money-losing bets, sending short positions on the stock to a record low.  

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