Novavax, JD.com, Carnival: what to watch for when the stock market opens today
Futures contracts advance before the last trading session before the Christmas holidays. Here’s what we watch in Thursday’s action:
- Shares of Novavax gained 5.6% pre-market after it said its two-dose Covid-19 vaccine demonstrated “strong immune responses” against Omicron and other variants. Vaccine maker Moderna lost 0.5%.
- US-traded JD.com shares fell 8.3% before the bell. Chinese social media giant Tencent is divesting most of its stake in JD.com, saying the e-commerce company has grown to the point that it no longer needs Tencent’s financial backing.
- Airlines shares were gradually rising amid an expected busy holiday travel season despite Omicron concerns. United Airlines, American Airlines and Delta Air Lines each added 1.2%.
- Shares of cruise lines also rose. Carnival gained 2.1%, Royal Caribbean rose 1.2% and Norwegian Cruise Line Holdings rose 2.1%.
- Citigroup rose 0.2% pre-market. The bank agreed to sell its retail banking business in the Philippines to a local lender, continuing its strategy to abandon most of its retail operations in Asia and change course to expand into wealth management.
- Hertz shares slipped 1.2% before market. The judge who oversaw the restructuring of Chapter 11 of the car rental company reduced demands from bondholders for prepayment bonuses and interest payments.
Card of the day
- Investors in municipal bonds crowd into exchange-traded funds, attracted by low costs and the ability to trade quickly.
Write to James Willhite at [email protected]