FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
99,298,747Confirmed
2,128,755Deaths
71,351,509Recovered
Fetching Location Data…
Advertisement
Advertisement
Vladimir Zernov
U.S. Stock Market

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.

Advertisement

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US