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Foot Locker, Wrap Up, Birthday Wishes: Three Things to Watch

Published 19/11/2020, 20:51
Updated 19/11/2020, 20:52

By Christiana Sciaudone

Investing.com -- The Dow spent much of the day down, but rallied after lawmakers said they'd go back to the drawing board to discuss stimulus.  

In less good news, the Labor Department reported that 742,000 people filed for unemployment insurance in the week ended Nov. 14, above economists' forecasts for 707,000 claims. Signs of weakness in the labor market will likely continue as a surge in the virus shuts business down again.  

The U.S. reported a daily record of 1,900 deaths on Wednesday and the Centers for Disease Control and Prevention warned against travel ahead of Thanksgiving next week.  

On the plus side, AstraZeneca (NASDAQ:AZN) did provide a vaccine update showing it provides a strong immune response among older adults.

Victoria's Secret owner L Brands (NYSE:LB) jumped following earnings that topped analyst estimates, underpinned by strong results at Bath & Body Works. 

The week wraps up on a relatively slow note, with little in the way of earnings and economic data.   

Here are three things that may move markets tomorrow:

1 Nice kicks

We hope you like sneakers, because Foot Locker (NYSE:FL) is about all the earnings calendar has to offer. Analysts are expecting profit of 51 cents a share on sales of $1.89 billion, both of which are a tick down from the previous quarter. The company just maintained its quarterly dividend at 15 cents a share.

2. Wrapping up the week

It's been a bumpy week on Wall Street. Markets were elated when on Monday Moderna (NASDAQ:MRNA) said its vaccine is 94.5% effective. On Wednesday, Pfizer (NYSE:PFE) said its coronavirus vaccine is 95% effective with no serious side effects. Shares started out excited about both pieces of news, but have been on a downward trend since then.

The virus is raging and new restrictions are being put in place across the U.S. An unexpected rise in weekly jobless claims also didn't help. Same goes for a lack of stimulus, though our political leaders appear to be back in discussion (we've been hearing this story for months now), which helped bring shares back up a bit today. Luckily, we have ahead of us a shortened and possibly (thankfully) quiet Thanksgiving holiday week.  

3. Happy Birthday Mr. President-Elect

This is highly unlikely to move markets, but, as we mentioned, there's a drought of market-moving events on the schedule, so we would like to wish Joe Biden a very happy birthday. The president-elect of the United States turns 77. 

 

 

 

 

 

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