31Dec2020 Pre-Market Commentary: Wall Street Is Poised To Wrap Up A Tumultuous 2020 With Surprisingly Strong Gains, Bitcoin Surged Above $29,237 Overnight, Now At 28521

Written by Gary

Premarket biggest movers: Exxon Mobil, Tribune Publishing, Apple, Tesla (SPY -0.07%. 2020 ends with around 20 million Americans still on jobless benefits.

Here is the current market situation from CNN Money
	European markets finished broadly lower on Wednesday with shares in London leading the region. The FTSE 100 is down 1.45% while Germany’s DAX is off 0.31% and France’s CAC 40 is lower by 0.22%.

What Is Moving the Markets

Here are the headlines moving the markets.
	Oilfield Service Giants Are Expanding Beyond Oil Tech The oilfield services sector is usually the one to suffer the most during an oil and gas industry downturn. This last crisis has been no exception in most respects. Drilling fell sharply this year in response to the demand slump in both oil and gas, budgets were cut and exploration plans shrunk. There was talk we might have already seen peak oil demand. The situation begged the question what happens to oilfield services beyond oil? To be fair, the world will need tens of millions of barrels of oil for decades to come, so beyond oil
	OPEC+ Compliance Continues To Exceed 100% OPEC+ fully complied with the supply cuts in November that the group agreed on, two sources from the group told Reuters. OPEC+ is scheduled to meet on January 4 to discuss how much the group will produce in February and beyond. The group is also set to meet monthly to determine the production quotas for the following month, after weighing market conditions. According to Reuters sources, OPECs compliance for November reached 104%. Compliance for OPECs alliesa group that includes Russiareached just 95% compliance. Combined,
	Will 2021 Be The Year Of Green Energy Stocks? Looking back, 2020 will be a thick chapter in the history books. This year will be remembered for all kinds of catastrophes, from public health to economic devastation. But it may also be remembered as the turning point for clean energy and the year that changed the worlds trajectory away from certain catastrophic climate change and toward a cleaner, greener energy landscape. 2020 was the year that showed us that oil is not, in fact infallible, and that peak oil is, in fact, inevitable–and its right around the corner if its
	Gazproms Oil Unit Plunges Into Crypto Mining Gazprom Neft, the oil unit of Russian gas giant Gazprom, has launched a cryptocurrency mining operation at one of its oil sites in Siberia, CoinDesk reported on Wednesday. Gazprom Neft, the third-largest oil producer in Russia, is using associated gas from an oilfield in the Khanty-Mansiysk region of northwestern Siberia to generate electricity it sells to the crypto mining operations, CoinDesk reports. Cryptocurrency mining requires a lot of electricity, and Siberia is thought to be an ideal place for crypto mining, the BBC said in a news story
	Oil Up Despite Another Rig Count Increase Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 3 to 351. The oil and gas rig count has risen for six weeks in a row for a total gain of 41. The oil rig count increased by 3 this week, while the number of gas rigs remained unchanged. The number of miscellaneous rigs were also unchanged. Total oil and gas rigs in the United States are now down by 445 compared to this time last year. The EIAs estimate for oil production in the United States stayed the same during the week ending December 25,
	Greek Shipowners Easily Evade Venezuela Oil Sanctions In January 2019, the Trump administration imposed sanctions on Venezuela’s oil shipping sector in an ongoing bid to force President Nicols Maduro from power. The sanctions deepened Venezuela’s already severe humanitarian crisis leading to runaway inflation and widespread fuel shortages. But the beleaguered nation can somewhat now breathe a sigh of relief after maritime intelligence firm Lloyd’s List reported that an Aframax tanker has loaded a third crude cargo destined for China via a ship-to-ship transfer five months after being sanctioned
	CDC says new Covid strain in U.S. could further stress ‘already heavily burdened’ hospitals The new variant “could lead to more cases and put even more strain on our already heavily burdened” hospitals, the CDC’s Dr. Henry Walke said.
	New York City wants to vaccinate 1 million residents against Covid in January, Mayor de Blasio says Mayor Bill de Blasio said the city will use schools, pop-up clinics and “whatever it takes” to reach 1 million people within the month.
	5 things to know before the stock market opens Thursday The stock market is poised to wrap up a tumultuous 2020 with surprisingly strong gains.
	Stocks making the biggest moves premarket: Exxon Mobil, Tribune Publishing, Apple, Tesla & more These are the stocks posting the largest moves before the bell.
	10 positive takeaways from 2020 as the year draws to a close As 2020 draws to a close, CNBC Make It looks at some of the major breakthroughs achieved this year and the positive shifts they foretell for 2021 and beyond.
	Oxford researcher confident Covid vaccines can be adapted to protect against future virus strains “If we have to make new vaccines, we can make them now that we’ve done the initial work,” Sir John Bell of Oxford University told CNBC.
	California has identified first case of new Covid strain found in UK, Newsom says California Gov. Gavin Newsom told Dr. Anthony Fauci Wednesday that the state has identified its first case of the new and more infectious strain of Covid-19.
	Colorado health officials are investigating a second suspected case of new Covid strain On Tuesday, Colorado health officials confirmed the nation’s first case of a new and potentially more infectious strain of Covid-19.
	JC Penney CEO Jill Soltau to leave retailer after it emerged from bankruptcy with new owners The company’s new owners are seeking a new leader after the legacy retailer emerged from bankruptcy.
	Operation Warp Speed chief says Covid vaccine distribution ‘should be better’ as U.S. misses goal “We agree that that number is lower than what we had hoped for,” Moncef Slaoui, chief advisor of Operation Warp Speed, said Wednesday.
	Watch live: New York Gov. Cuomo briefs the press on Covid pandemic as outbreak worsens New York Gov. Andrew Cuomo will hold a press briefing on the coronavirus Wednesday as the state reportedly searches for more hospital capacity.
	Trump blames states as he faces criticism for slow Covid vaccine rollout Biden Covid advisor Dr. Luciana Borio said the incoming administration will have to “dramatically ramp up” support to states to distribute the vaccine.
	AMC hopes to raise $125 million in fresh funding round as it fights bankruptcy In an effort to stave off bankruptcy, AMC has made an additional 50 million shares available for sale.
	2020 Ends With Around 20 Million Americans Still On Jobless Benefits 2020 Ends With Around 20 Million Americans Still On Jobless Benefits The total number of Americans on government unemployment benefits ended 2020 just below 20 million. 2019 ended with just 2 million on jobless claims… Source: Bloomberg Initial claims dropped on the week, back below 800k (787k vs 835k exp and 806k prior).. Source: Bloomberg After big drops last week, California (and New York) top the states with the biggest increase in jobless claims (as lockdowns acceler …
	“Rat Poison Squared” Bitcoin Tops $29k, Surpasses Berkshire Hathaway’s Market Cap “Rat Poison Squared” Bitcoin Tops $29k, Surpasses Berkshire Hathaway’s Market Cap Bitcoin surged above $29,000 overnight and, despite a quick dump (that we’ve seen at each big figure break), has stabilized there as mainstream interest and trading activity soars. Source: Bloomberg And at $539 billion, the largest cryptocurrencyÂ surpassedÂ the market cap yesterday of finance giant Berkshire Hathaway, the CEO of which, Warren Buffett,Â famously likenedÂ Bitcoin to œrat poison squared.
	The Rich Got Richer During COVID-19. Here’s How American Billionaires Performed The Rich Got Richer During COVID-19. Here’s How American Billionaires Performed We’ve all been affected by the pandemic-induced mayhem of 2020. But, as Visual Capitalist’s Carmen Ang notes, when it comes to finances, some have fared far better than others. WhileÂ job loss persistsÂ for Americans making less than $20 an hour, the rich have gotten richer. More specifically, the most wealthy American billionaires have seen their net worth bounce back dramatically, thanks to strong stock market performance. Here’s a look at who’s gotten richer since the market bottom in March 2020, and just how much their net worth has increased since then: Billionaire Net Worth Growth in 2020 Between March’s market bottom and December 2020, the billionaires included on this list grew their weal …
	Futures Flat On Final Day Of 2020 As Bitcoin Explodes To Fresh Record Futures Flat On Final Day Of 2020 As Bitcoin Explodes To Fresh Record US equity futures traded flat in the last trading session of the day, set to end a tumultuous year in muted fashion just shy of all-time highs alongside global markets which likewise traded at or near record levels. While global stock markets were muted on the last trading day of 2020 , Bitcoin’s tremendous rally this year refused to pause and rose another 0.3%, briefly surpassing $29,000, up about 50% for the month of December, its biggest monthly percentage gain since June 2019, bringing its year-to-date advance above 300%.
	Spent less, saved more: How we used our money this year Consumer spending fell 7.1%, says Barclaycard, which tracks half of all credit and debit card spending.
	Why have global stock markets gone up this year? Jobs around the world are being lost, but the global stock market is rising – what’s going on?
	Brexit: Dover-Calais route ‘will work well on 1 January’ Channel Tunnel operator Getlink says there will not be congestion when new trading rules begin later.
	2021: The year of capital challenge With the government’s hands tied due to a collapse in revenues and increased spending to fight the Covid-19 fallout, banks were forced to test the waters on private capital. The result is a wake-up call.
	Milliman Advisors selected as reporting actuary for LIC embedded value The firm was chosen from three in the race including EY Actuarial Services and Willis Towers Watson Actuarial Advisory.
	India Inc seeks reintroduction of single I-T structure Complex processIndustry said that current structure had made compliance on withholding tax a complex process for employers, leading to higher cost and tax leakages
	26 December 2020 Initial Unemployment Claims Rolling Average Again Worsens Market expectations for weekly initial unemployment claims (from Econoday) were 805 K to 935 K (consensus 830 K), and the Department of Labor reported 787,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 819,000 (reported last week as 818,250) to 836,750
	Need to Know: Top fund manager of 2020 warns more than half the S&P 500 is at risk from technological upheaval Technological innovation puts at risk whole swaths of industries ” energy, industrials, consumer discretionary, communications services, health care, and financial services, says a leading fund manager.
	IPO Report: IPOs in 2021: After a year of impressive pandemic offerings, these tech companies expect to keep it rolling After an unbelievable 2020 for IPOs, with young technology companies and blank-check offerings leading to the biggest year for Wall Street debuts since the heyday of the dot-com boom, companies are lining up in hopes that 2021 is a worthwhile sequel.
	What’s Worth Streaming: These streaming services were worth paying for in 2020 ” but might not be next year Netflix was the most popular for our streaming critic, but two other services ranked higher for quality shows. Here’s what consumers should take into consideration when spending their streaming money