Stock futures point to a mixed start
U.S. stock futures pointing to a mixed start for stocks on Monday, after markets closed the previous week lower following a disappointing November jobs report.
As of 5:30 a.m. ET, futures tied to the blue-chip Dow Jones advanced 171 points, or 0.49% to 34,737. S&P 500 futures jumped 12 points, or 0.26% to 4,549 while the tech-heavy Nasdaq 100 futures dropped 18.75 points, or 0.12% to 15,699.
On Friday, the Dow shed 59.71 points to end the session at 34,580.08 after the U.S. Labor Department released a report that showed the economy added lower-than-expected jobs in November.
Employers added 210,000 jobs last month compared with Wall Street’s target of 573,000. The S&P 500 and the Nasdaq Composite tumbled 38.67 points and 295.85 points, respectively.
SEC sends subpoena to Lucid over its SPAC deal
Federal regulators have subpoenaed Lucid (NASDAQ: LCID), ramping up an investigation into the company’s blank-check deal, which was completed earlier this year.
The luxury electric-automaker said in a regulatory filing on Monday that the U.S. Securities and Exchange Commission (SEC) is seeking documents related to an investigation on its SPAC deal with Churchill Capital Corp.
“The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc and certain projections and statements,” Lucid said in the filing.
Shares of Lucid fell $6.88, or 14.55% to $40.39 apiece in the pre-market trading session Monday.
Crude futures soar as Saudi Arabia raises oil prices for buyers in the U.S. and Asia
Meanwhile, crude futures gained on Monday morning after Saudi Arabia raised oil prices for buyers in the U.S. and Asia, days after the Organization of the Petroleum Exporting Countries (OPEC) and its allies made an unexpected decision to continue hiking production.
State oil producer Saudi Aramco announced on Sunday it is raising official selling prices (OSPs) for all crude grades sold to Asia and the U.S. for a second straight month in January, despite the spread of the omicron Covid variant.
As of 5:30 a.m. ET, U.S. West Texas Intermediate crude futures were up $1.46, or 2.2% to $67.22 a barrel. Global Brent crude futures climbed $1.37, or 1.96% to $71.25 a barrel.
Last week, OPEC and their allies including Russia, a group known as OPEC+, agreed to continue raising oil output by 400,000 barrels per day in January.
