Here’s what we’re watching as markets kick into gear on Tuesday.
—U.S. stock futures are ticking down as investors await the outcome of two electoral races in Georgia that will determine control of the Senate, suggesting that major indexes could take back some of the losses suffered on the first trading day of 2021. Read our full market wrap here.
What’s Coming Up
—Manufacturing data from the Institute for Supply Management will be out at 10 a.m. ET and are expected to show an expansion in December, although at a slower pace than the previous month.
—
Citigroup
is hosting a virtual conference on the global technology, media and telecommunications sectors. Executives from
Verizon,
VZ 0.17%
Entravision and
Lumen Technologies
LUMN -0.31%
are scheduled to speak at the event.
—Data-storage company
Smart Global Holdings
SGH 2.68%
will be one of the first to report earnings this year after markets close.
Market Movers to Watch
—Reversal of fortune: The New York Stock Exchange scrapped a plan to delist Chinese telecom stocks
China Mobile,
CHL -5.89%
China Telecom
CHA -5.48%
and
China Unicom.
CHU -3.17%
Their U.S.-listed shares were surging premarket.
A China Telecom store in Hong Kong, Jan. 4, 2021.
Photo:
Roy Liu/Bloomberg News
—Snack-food giant
Mondelez International
MDLZ -0.94%
is reportedly close to buying Hu Master Holdings, a maker of paleo chocolate bars.
—
Bionano Genomics
BNGO 133.77%
shares are down more than 25% in premarket trading, after the biotech company surged over 100% on Monday. It published a study on autism in the Journal of Personalized Medicine, and has been one of the most actively traded stocks on Fidelity.
—Shares of data-storage company
Micron Technology
MU -1.50%
are up 3.4% premarket, on track to reverse Monday’s decline.
—
TransDigm Group,
TDG -5.04%
a manufacturer of components for aircraft, is up close to 5% premarket, nearly reversing Monday’s 5% dip.
Market Fact
The Dow and the S&P 500 on Monday both notched their biggest one-day declines since late October, retreating sharply from records set just days ago.
Chart of the Day
U.S.-listed special-purpose acquisition companies, or SPACs, raised $82 billion in 2020, a more-than-sixfold increase from the year before and a figure greater than all of the money previously raised, according to Dealogic.
Must Reads Since You Went to Bed
NYSE Scraps Plans to Delist Chinese Telecom Stocks
Georgians Vote in Runoff Races That Will Determine Senate Control
Mondelez Nears Deal to Buy Rest of Paleo Chocolate-Bar Maker Hu
2020 SPAC Boom Lifted Wall Street’s Biggest Banks
Amazon Banned From Using AWS Logo in China Trademark Ruling
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