US pre-open: Futures mixed following record setting gains in previous session

Wall Street stocks were mixed ahead of a slew of data and after the Dow Jones closed out the previous session above 30,000 for the first time in its history.

As of 1225 GMT, Dow Jones and S&P 500 futures were 0.17% and 0.04% lower, respectively, while Nasdaq-100 futures had the index opening 0.27% higher.

The Dow Jones closed 454.97 points higher on Tuesday after the Trump administration finally signalled its willingness to begin the transition process.

Wednesday's main focus will be a slew of US data, with mortgage applications up to the plate first.

According to the Mortgage Bankers Association of America, mortgage applications increased by 3.90% in the week ended 20 November after having fallen in both of the last two weeks. Homebuyer mortgage applications rose 3.5%, while applications to refinance a home shot up 4.5%.

Still to come on the macro front, durable goods orders, second-quarter GDP growth estimates and jobless claims data will all be published at 1330 GMT, while October's PCE price index, new home sales and the University of Michigan's consumer sentiment index will be released at 1500 GMT.

Minutes from the latest Federal Open Market Committee's meeting will be published at 1900 GMT.

Rising coronavirus cases were also in focus, with the total number of confirmed Covid-19 cases in the US having now topped 12.4m, according to Johns Hopkins University.

SpreadEx's Connor Campbell said: "After climbing more than 450 points on Tuesday following confirmation that Biden can start the formal transition process, the Dow finished at 30,046, just about hefting itself above that landmark level.

"That record does perhaps mask the violent nature of the pandemic Stateside, where daily cases are approaching 200,000 – Texas alone recently added 14,000 in the space of 24 hours – and total deaths now sit at 259,000. It is going to take a hell of a nationwide strategy to get that under control, and that's at its present levels – god knows where it will be when Biden takes over from Trump, who seems to have completely checked out from managing the virus since his election loss."

In corporate news, Deere & Co smashed fourth-quarter earnings estimates by $0.90 per share and offered full-year net income guidance of $3.6bn to $4.0bn.