Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Trend is higher however. Too many strategists are calling for a pullback so we will go higher for now.

Covid-19 Statistics: 

Total Cases 14,534,035 from 14,357,264

Deaths 273,374 from 272,236

New Tests 1,634,532 from 2,169,756

New Cases 176,771 from 211,073 with positivity rate of 10.8% (down 0.8)

Daily Deaths 1,138

Current Hospitalizations 101,487 from 101,190

Capital Raises:

IPOs Priced: 

Secondaries Priced: NNDM of note.

Notes Priced of note: None of note.

Common Stock filings: MBIO NNDM  of note.

Selling Shareholders of note: ZYME of note.

Mixed Shelf Offerings: GLW EARN PDEX RIOT SCHW  of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Earnings Out After The Close:

Beats: None of note.

Flat:  None of note.

Misses: None of note.

News After The Close:

Fate Therapeutics (FATE) reports positive Phase One Study of FT516  with Ritiximab.

Nissan Motor (NSANY)  joins GM in backing President Trump in his stance against California emissions rule.

San Francisco issues stay at home from December 6th to January 4th.

Barron’s + on ABNB CRM GS BK FITB TFC PACW CMA CFA.

Ford Motor (F) to delay Ford Bronco SUV to summer from spring 2021 due to virus issues at suppliers.

McAfee (MCFE) Chief Product Officer resigns as of January 1st.

Senator David Perdue (R – GA) failed to show up for his debate with  R O on Sunday night.

President-Elect Joes Biden names California Attorney General Xavier Becerra to head HHS.

Dividend Increase: MORN PCH PNM 

Raises Guidance:  

Lowers Guidance: 

Stock Buyback New Or Increase: MORN

Hourly Action: 12/3 Close Updated. Earlier was stronger last week.

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.

S&P 500  +10   Dow Jones Industrial Average +102    NASDAQ +14    Russell 2000 +9.7 . Fair values are mixed to lower. Asia and Europe mixed. VIX is at from 22.88 this morning in futures. VIX closed at 21.28 from 20.77  and the three month futures at 24.56 from 24.49.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $137.55 from $137.64 with the yield at 0.92% from 0.92%.

Positive Sectors On Friday: Energy, Industrials, Materials and Real Estate of note.

Negative Sectors On Friday: Utilities of note. 

One Month Winners: Energy, Financials Real Estate and Industrials  of note.

Three Month Winners: Industrials, Communication Services, Utilities and Financials of note.

Six Month Winners: Consumer Cyclical, Industrials, Technology and Materials of note.

Twelve Month Winners: Technology, Consumer Cyclical, Communication Services and Healthcare of note.

Year to Date: Technology, Consumer Cyclical, Communication Services, Healthcare and Materials of note.

Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)

Today After the Close: COUP, CASY, SMAR, TOL, HQY, SFIX, EZPW of note.

Tuesday Before the Open: AZO, THO, HRB, CMD, JWA, GIII, CONN of note.

Earnings This Morning Of Note:

Beats: JKS +0.21.

Flat: none

Misses: none

Still to Report: HDS

Erlanger Research Advance/Decline Chart –  Updated 12/4 Close. 

Gap Ups & Down In Early Pre-Market:

Gap Up:

MTNB +16%, FATE +15%, PERI +12%, ATRA +12%, GSX +12%, KURA +11%, NGA +10%, HOOK +9%, SYRS +8%, LEGN +7%, AUTL +6%, GMDA +5%, PW +5%, KDMN +5%, SOL +4%

Gap Down:

APTO -27%, NNDM -18%, GOL -12%, RIOT -6%, CYAD -5%, JKS -5%, CAAS -4%, CLLS -4%

Rags & Mags: Highlighted Stories may be clicked through to the original story. 

Stocks Making The Biggest Moves – IAC F EK. (CNBC)

5 things to know before the market opens. (CNBC)

Biggest analyst calls of the day. (CNBC Pro)

Coronavirus Update:  UK to start vaccinations, U.S. cases continue to rise. (CNBC)

Tons of Phase studies announced by a variety of Biotechs and Pharmas.

International Game Technology (IGT) sells its Italian B2C Gaming Business for 950 million pounds (cash).

Paris Air Show cancelled for 2021 with next to be held in 2023.

Cisco (CSCO) to buy IMImobile for $730 million.

FDA to decide Pfizer (PFE) EAU approval on Thursday. (The Hill)

Goldman Sachs (GS) looks to move asset management decision. (Bloomberg)

Stock Index Trading:

Current through 12/4 close. Overall confidence remains at 100%.

Bold means a change from prior day.

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Updated through 12/4 close. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial. Volatility cannot end until the EVL Range becomes normal again, i.e. no blue highlighting. 

Economic:

October Consumer Credit is due out at 3:00 p.m. EST and is expected to come in at $9.08 from $16.28.

Geopolitical & Related:

President Trump will present the Presidential Medal of Freedom to Dan Gable at 12:00 p.m. EST. He then has lunch with the vice president.

Federal Reserve Governor Bowman to speak at 10:00 a.m. EST.

Investor Meetings & Conferences of Note:

GBT REGN UGI IONS RBA CNP SLG (Investor Day)  TRIL AUTL IMGN (Conference Call)  INTU EFX (Update) ECL INCY(webcast)

Sellside Conferences:  Raymond James Technology Conference (12/7-12/9) UBS Global Media Telecoms/Communication and Technology Conference (12/7-12/9) Capital One Securities Annual Energy Conference (12/7 to 12/9)

Industry Conferences: None of note.

M&A:

Upgrades & Downgrades:  Light morning of recommendations.