US stock markets are closed today, Thursday, November 26, 2020 in observance of the use holiday Thanksgiving. US stock markets will also close early tomorrow, “Black Friday” @ 1:00pm ET. DTG will resume posting on Monday, November 30, 2020 when markets are reopened for regular business hours. Hope everyone has a safe and enjoyable long holiday weekend!
Michigan certified Biden as the winner in their state. Within hours and without conceding or acknowledging a loss, President Trump has given the GSA the greenlight to start giving Joe Biden and his team access to national security briefings and access to transition funds. GSA Chief Emily Murphy claims the decision was her own (not Trump’s), however Trump quickly praised her for her loyalty and tweeted that Murphy has been “harassed, threatened, and abused” for not allowing the briefings earlier. The move is a start of transition to a Biden presidency while Trump continues to fight to hold his office.
Elon Musk is now the second richest person in the world to Amazon’s Jeff Bezos. Musk started 2020 as number 35, but his company Tesla’s (TSLA) stock has risen over 520% so far this year. Musk passed Bill Gates for the number 2 slot.
General Motors (GM) is withdrawing from a Trump lawsuit filed against California over their emission standards. GM CEO Mary Barra is urging other auto makers to do the same. Barra wrote, “We believe the ambitious electrification goals of the President-elect, California, and General Motors are aligned to address climate change by drastically reducing automobile emissions.”
McCormick & Co (MKC) is acquiring hot-sauce maker Cholula for $800M. McCormick has been negotiating a deal with the private equity firm L Catterton since 2019.
Earnings include BBY, GPS, JWN, DLTR, HPPQ, VMW, DKS, and ANF.
Economic data includes HPIs @ 9:00am ET, Consumer Confidence and Richmond Mfg Index @ 10:00am ET.
Volatility continues to shrink was we head into Thanksgiving.
No Size bias again as Size showed little interest during Globex.
It’s a shortened holiday week with US Thanksgiving on Thursday and a shortened trading day on Black Friday. Volume usually dries up during this week, but this is not a normal year with the coronavirus reducing holiday travel.
US coronavirus cases are now over 12.25M and approaching 257K deaths. Coronavirus vaccine progress continues to be positive. AstraZeneca announced their Covid-19 vaccine candidate is 90% effective.
Separately, the FDA gave emergency use authorization for Regeneron Pharmaceuticals’ (REGN) Covid-19 cocktail of antibody treatment of their intravenous infusion drugs casirivimab and imdevimab to people with the coronavirus over the age of 12. This is the same cocktail given to President Trump when he was hospitalized for Covid-19.
In vaccine distribution news, the chief scientific advisor the US Operation Warp Speed said some Americans will start receiving the vaccine in mid-December.
Earnings include URBN and WMG.
The economic calendar includes Chicago Fed @ 8:30am ET and Flash PMIs @ 9:45am ET.
Volatility continues to shrink.
No Size bias as Size trading was almost non-existent during Globex.