Stocks Set To Gain Ground In Today’s Shortened Trading SessionBlack Friday is here, so shares of retailers will be on the move.
Stocks Move Closer To New Highs In Premarket Trading
S&P 500 futures are moving higher in premarket trading as traders prepare for a potential test of all-time high levels.
Today’s trading session will end at 1 p.m. ET as markets always close early the day after Thanksgiving. Trading volumes may be light as many traders will be absent from their desks.
That said, the market may still get to the test of all-time high levels. Yesterday, U.S. President Donald Trump stated that he would leave the office if the Electoral College voted for President-elect Joe Biden, eliminating any remaining fears about a messy transfer of power.
Black Friday is usually a good day for retailers, and their stocks may enjoy a strong trading session in anticipation of solid results of the holiday season. Shares of Amazon are mostly flat in premarket trading but Walmart is already moving higher.
Brexit Negotiations Continue As Deadline Looms
UK and EU have just a few more days to negotiate a Brexit deal or face a messy Brexit which may put additional pressure on the world economy at a time when it tries to deal with the second wave of the virus.
British Prime Minister Boris Johnson has recently stated that substantial differences remained but the deal was still within reach if EU was ready to compromise.
Global markets got used to such rhetoric so only GBP/USD found itself under some pressure. The market’s consensus is that a deal would be successfully negotiated, so a no-deal Brexit has the potential to send powerful shockwaves across markets.
Oil Remains Above The $45 Level As OPEC+ Prepares For Key Negotiations
OPEC+ countries will meet on November 30 and December 1 to discuss the extension of the current production cut deal. The original deal implied a production increase of 2 million barrels per day (bpd) from January 1, 2021.
This production increase is not a viable option in current market conditions as demand remains under pressure due to European lockdowns.
Meanwhile, oil managed to settle above the $45 level as traders expect that OPEC+ will provide the necessary support to the market. Anything less than a three-month extension of current production cuts will likely lead to a major sell-off in the oil market and put huge pressure on oil-related stocks.
For a look at all of today’s economic events, check out our economic calendar.