5 things to know before the stock market opens January 15, 2020
1. Dow to open steady ahead of US-China trade deal signing
A trader works as American flags are displayed on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, Nov. 29, 2016. Oil slid below $46 as OPEC members failed to bridge differences on production cuts, while a rally in metals fizzled.
Michael Nagle | Bloomberg | Getty Images
U.S. stock futures were pointing to a steady Wall Street open ahead of the U.S. and China signing their phase-one trade agreement Wednesday at the White House. Treasury Secretary Steven Mnuchin told CNBC on Wednesday morning that more U.S. tariffs on China would be rolled back if a phase-two trade deal were to be reached. The Dow Jones Industrial Average, S&P 500 and Nasdaq dropped from intraday all-time highs Tuesday after Bloomberg reported that Washington would not move to change existing tariffs for at least 10 months. CNBC’s Kayla Tausche reported that the countries had not agreed upon a path forward for tariffs, citing an administration source. The Dow managed to close higher Tuesday but not at a record. The S&P 500 and Nasdaq finished lower.
2. Target shares sink after the retailer reports soft holiday season sales
An increased number of mannequins feature clothing and shoes throughout the remodeled Target store in Orange, California.
Jeff Gritchen | MediaNews Group | Getty Images
Shares of Target were losing about 8% in the premarket after the retailer early Wednesday reported holiday sales that missed estimates. Target said that same-store sales during November and December were up just 1.4%. Toy sales were flat and electronics were down. Apparel and grocery sales were up. Digital sales rose 19%. Despite missing the overall sales mark during November and December, Target maintained its prior outlook for fourth-quarter earnings, with Q4 still tracking to be the company’s 11th consecutive quarter of same-store sales gains.
3. Strong bond trading revenues boosts Q4 bank results
wall street sign with new york stock exchange blured flags as background
Fischerrx6 | iStock | Getty Images
4. Trump tweets that US helps Apple on trade so it should help authorities
On Monday, Attorney General William Barr said Apple had not provided “substantive assistance” in unlocking the alleged Pensacola shooter’s two iPhones.
5. House to finally send Trump impeachment articles to the Senate
Senate Majority Leader Mitch McConnell (R) (R-KY) with House Minority Leader Rep. Nancy Pelosi (L) (D-CA).
The House of Representatives will vote Wednesday to send two articles of impeachment against Trump to the Senate. The House resolution is expected to serve three functions: To transmit the articles to the Senate, to name the House members who will serve as managers of the impeachment trial, and to fund the Senate trial itself. The handover will mark the end of a nearly monthlong delay in transmitting the documents, which House Speaker Nancy Pelosi orchestrated in an attempt to force trial-rules concessions out of Senate Majority Leader Mitch McConnell.