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Macy's, Nvidia, Simon Property: What to Watch When the Stock Market Opens Today

11/19/2020 | 08:35am EST

By Mischa Frankl-Duval

Here's what we're watching as markets kick into gear Thursday:

-- U.S. stock futures edged lower as new restrictions imposed to curb rising coronavirus infection levels weighed on the economic outlook.

More than a quarter million Americans have died from Covid-19, and the timing of vaccine production remains an open question. Futures tied to the S&P 500, Nasdaq-100 and the Dow Jones Industrial Average all ticked down 0.1%.

Read our full market wrap here.

-- What's coming up. TurboTax maker Intuit Inc. and cloud-software company Workday will report quarterly earnings after markets close.

-- U.S. jobless claims, due at 8:30 a.m. ET, likely held relatively steady last week, indicating continued challenges for the U.S. economic recovery. Economists surveyed by The Wall Street Journal forecast that new unemployment claims came in at a seasonally adjusted 710,000 last week, up slightly from the 709,000 filed a week earlier.

-- U.S. existing-home sales come out at 10 a.m, with some economists expecting gains could moderate in October, and heading deeper into the fall, as the supply of for-sale homes dwindles and asking prices rise.

-- Olema Pharmaceuticals, which works on therapies for women's cancers, is expected to begin trading after pricing its IPO at $19 a share. Chinese cosmetics company Yatsen Holding is also expected to start trading today after pricing its American depositary shares at $10.50 apiece.

Market Movers to Watch

-- Macy's fell 3.3% after the retailer said net sales fell more than 20% in the third quarter, and reported its third quarterly loss in a row.

-- Square rose 4.8% after Mizuho raised its price target on the payment company to $300 from $225.

-- L Brands jumped over 16% after the company said strong sales at its Bath & Body Works chain had helped counter declining sales for its Victoria's Secret brand. The company's overall quarterly revenue climbed 14%.

-- Blank-check company CIIG Merger Corp. rose 14% after saying it had entered a business combination with electric-vehicle maker Arrival Ltd.

-- Simon Property Group fell 2% in premarket trade. The company yesterday priced an upsized public offering of stock at $72.50 per share.

-- Chip maker Nvidia fell 1.6% despite reporting better-than-expected revenue and earnings after market close yesterday.

-- Bank of New York Mellon fell 0.5% after Keefe, Bruyette & Woods cuts its rating on the stock.

-- Coronavirus-vaccine developers Moderna and Pfizer were both rising more than 1% ahead of the bell.

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(END) Dow Jones Newswires

11-19-20 0834ET

Stocks mentioned in the article
ChangeLast1st jan.
AHOLD DELHAIZE N.V. 1.51% 24.86 Real-time Quote.7.57%
ASTRAZENECA PLC 0.44% 7592 Delayed Quote.3.66%
BANK OF NEW YORK MELLON CORPORATION (THE) -2.06% 45.57 Delayed Quote.9.64%
CIIG MERGER CORP. 2.15% 29.97 Delayed Quote.4.34%
DJ INDUSTRIAL -0.57% 30814.26 Delayed Quote.1.26%
INTUIT INC. 1.50% 371.01 Delayed Quote.-2.33%
L BRANDS, INC. 0.49% 45.2 Delayed Quote.21.54%
MODERNA, INC. -0.05% 129.65 Delayed Quote.24.10%
NASDAQ 100 -0.73% 12803.932503 Delayed Quote.0.08%
NASDAQ COMP. -0.87% 12998.502287 Delayed Quote.1.87%
NVIDIA CORPORATION -2.58% 514.38 Delayed Quote.-1.50%
PFIZER INC. -0.14% 36.7 Delayed Quote.-0.30%
S&P 500 -0.72% 3768.25 Delayed Quote.0.32%
SIMON PROPERTY GROUP, INC -2.05% 93 Delayed Quote.11.34%
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