Stock futures are ticking higher ahead of the final trading session before the Christmas holiday. Here’s what we’re watching in Thursday’s action:

• Novavax shares gained 2.6% premarket after it said its two-dose Covid-19 vaccine demonstrated “strong immune responses” against Omicron and other variants. Fellow vaccine maker Moderna shed 0.8%.
• U.S.-traded shares of JD.com dropped 6.7% ahead of the bell. Chinese social-media giant Tencent is shedding most of its stake in JD.com, saying that the e-commerce company has grown to the point where it no longer requires Tencent’s financial backing.

• Biotech firm Allakos was up 13% premarket. That would be a lot more exciting if it hadn’t closed down 90% the day before. Wednesday’s drop came after the company said two studies didn’t achieve statistical significance on patient reported symptomatic co-primary endpoints.
• Airline shares were inching up amid a holiday travel season that is expected to be busy despite Omicron anxieties. United Airlines gained 1.3%, Delta Air Lines added 1.1% and American Airlines gained 1.4%.
• Cruise operators’ shares were floating higher as well. Carnival gained 1.5%, Royal Caribbean rose 1.2% and Norwegian Cruise Line Holdings added 2.1%.
• Citigroup nudged up 0.6% premarket. The bank agreed to sell its consumer-banking business in the Philippines to a local lender, pressing ahead with its strategy to exit most of its retail operations in Asia and switch gears to grow in wealth management.
• Hertz shares added 2.3% premarket. The judge who oversaw the rental-car company’s chapter 11 restructuring trimmed bondholders’ requests for early repayment premiums and interest payments.

Chart of the Day

• Municipal bond investors are piling into exchange-traded funds, attracted by low costs and the ability to trade quickly.

Write to James Willhite at [email protected]

Source: https://www.wsj.com/articles/novavax-jd-com-carnival-what-to-watch-when-the-stock-market-opens-today-11640260718