S&P futures were flat, hovering near all time highs, after earlier briefly rising above 4,300 – Goldman’s year-end price target – before dipping back to the unchanged line as European stocks faded gains of as much as 1% as gains in cyclical shares offset declines in technology firms. Asian shares dipped as Covid-19 flareups threaten to hamper the recovery there. Dow e-minis were up 20 points, or 0.06%, S&P 500 e-minis were up 1 point, or 0.03%, and Nasdaq 100 e-minis were down 25.5 points, or 0.28%. The dollar rose while Treasuries dipped.
WTI crude surged almost 3%, rising above $75 a barrel, for the first time since 2018, as the market awaited a decision from OPEC+ on production levels for the coming months. OPEC+’s de facto leaders, Saudi Arabia and Russia, have a tentative agreement to increase output gradually, but are still negotiating a deal, delegates said as ministers gathered online on Thursday. The proposal under discussion would add about 2 million barrels a day to the cartel’s output between August and December, they said.
In premarket trading, Micron slipped 2.9% even as it beat estimates for quarterly profit and forecast fourth-quarter revenue above expectations. Didi jumped 8.5%, a day after its shares ended their first day of U.S. trading slightly over their initial public offering price of $14, and dropping more than 10% from the break price. Here are some of the other big premarket movers today:
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