By Caitlin Ostroff 

Here's what we're watching as markets open Monday for the first trading session of 2021.

-- U.S. stock futures rose on hopes that continued government stimulus and the rollout of coronavirus vaccines will bode well for equities. Futures tied to the S&P 500 rose 0.5% Monday, while contracts lined to the Dow Jones Industrial Average gained 0.5%, pointing to gains for both gauges after the opening bell. Read our full market wrap here.

What's Coming Up

-- IHS Markit's U.S. manufacturing index for December is out at 9:45 a.m. ET.

-- U.S. construction spending for November, due at 10 a.m., is expected to increase 1.1% from the prior month.

Market Movers to Watch

-- Tesla shares rose 2.2% premarket. The electric-vehicle maker's sales soared in 2020 despite a drop in global demand for new cars during the Covid-19 pandemic. Tesla said Saturday that it delivered a record 499,550 vehicles globally last year, up from roughly 367,500 the previous year.

-- Roku gained 2.7% in premarket trading after The Wall Street Journal reported that Quibi is in advanced talks to sell its content catalog to Roku, as the short-form streaming service winds down its operations following an unsuccessful run.

-- Shares in The9 Ltd., an Internet company based in China, rose more than 70% premarket after the company said it signed an investment term sheet with investors to start a cryptocurrency business.

-- U.S.-listed shares of China's three large telecom carriers fell premarket after the New York Stock Exchange moved to delist the trio to comply with a U.S. government ban. Shares in China Mobile declined 3.3%, China Telecom fell 4.3% and China Unicom edged down 3%.

-- Bitcoin fell more than 6% against the dollar Monday, trading near 1 bitcoin buying $31,076.01. Bitcoin rallied strongly in the last two months of 2020 as a string of well-known investors and companies unveiled bitcoin holdings.

-- Shares in FLIR Systems rallied more than 20% after Teledyne Technologies agreed to buy FLIR in a cash-and-stock deal valued at approximately $8 billion.

-- Calithera Biosciences fell more than 50% premarket after a cancer treatment under development failed to meet the primary endpoint in a study. In response to the results, the company said it will cut approximately 35% of its workforce.

Market Fact

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite notched more than 100 record closes in 2020. The Dow rose 7.2% for 2020, the S&P 500 jumped 16% and the Nasdaq surged 44%. The Russell 2000 index of smaller-cap stocks gained 18%.

Chart of the Day

Investors ended one of Wall Street's wildest years on record by piling into everything from bitcoin to emerging markets, raising expectations that a powerful economic comeback will fuel even more gains.

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Roku Nears Deal to Buy Rights to Quibi's Content

Risk Takers Bet Asset-Backed Bonds Will Catch Up

 

(END) Dow Jones Newswires

January 04, 2021 08:15 ET (13:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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