Stocks see choppy session ahead of Georgia Senate outcome
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Stocks bounced between losses and gains in early trading Tuesday as investors position themselves for 2021 and ahead of the Georgia Senate race outcome.
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|I:DJI||DOW JONES AVERAGES||30322.31||+98.42||+0.33%|
|I:COMP||NASDAQ COMPOSITE INDEX||12786.959123||+88.51||+0.70%|
All three of the major U.S. averages were trading higher by 0.3%.
Investors are awaiting the Tuesday evening run-off election for the two Senate seats from Georgia, determining whether the Republicans will hold onto their slim majority or Democrats will take control of both chambers of the legislative branch.
DOW DROPS OVER 382 POINTS WITH TIGHT GEORGIA ELECTION AHEAD
Oil remains in focus as OPEC members continue discussions, West Texas Intermediate crude rose 1.2% to $48.19 per barrel.
|XLE||ENERGY SELECT SECTOR SPDR ETF||39.10||+1.13||+2.98%|
|USO||UNITED STATES OIL FUND L.P.||33.90||+1.53||+4.73%|
In leadership news, Qualcomm named Cristiano Amon as the incoming CEO. Steven Mollenkopf plans to retire.
And Gary Cohn, former head of President Trump's National Economic Council, is joining IBM as Vice Chairman. Cohn, in a tweet, said "I am honored to be joining IBM" amid "unpredictable times."
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||125.37||+1.35||+1.09%|
Overnight, the New York Stock Exchange, owned by Intercontinental Exchange, said it would scrap its plans to delist three Chinese telecom companies.
|ICE||INTERCONTINENTAL EXCHANGE INC.||113.45||+0.06||+0.05%|
|CHL||CHINA MOBILE LTD.||29.29||+2.41||+8.95%|
|CHU||CHINA UNICOM LTD.||6.39||+0.89||+16.18%|
Instead, American depository shares of China Mobile, China Unicom and China Telecom will continue to trade on the exchange after the NYSE cited "further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control."
Tuesday will see the release of ISM's manufacturing index for December. Economists expect a reading of 56.4, down from a prior reading of 57.5.
Minutes from the most recent FOMC meeting will also be released on Tuesday.
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In other asset classes, bitcoin rebounded after it touched the $30,000 level, last trading at $31,442.60.
Gold also rose, gaining 0.2% to trade at $1,951,30 an ounce.
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