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

11/19/2020 | 08:54am EST

By Mischa Frankl-Duval

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

-- U.S. stock futures fell as initial jobless claims came in higher than expected, and new restrictions imposed to curb rising coronavirus infection levels weighed on the economic outlook. 742,000 Americans filed new claims last week, up from 710,000 a week earlier.

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 and the Dow Jones Industrial Average ticked down 0.2%. Contracts on the tech-heavy Nasdaq-100 slipped 0.3%.

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. existing-home sales are due 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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Ahold Delhaize Buys Majority of Delivery Company FreshDirect

(END) Dow Jones Newswires

11-19-20 0853ET

Stocks mentioned in the article
ChangeLast1st jan.
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%
MACY'S -6.13% 13.01 Delayed Quote.15.64%
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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