Daily mornings chai report.

The S&P 500 futures trade 25 points, or 0.7%, above fair value at around the 3720 level after President Trump signed the $900 billion stimulus and omnibus bill that funds the government through Sept. 30. The House will vote today to raise stimulus checks to $2000, but it's not likely to get 60 votes needed to pass in the Senate, which means the stimulus checks will remain at $600 for now. Recall, the stimulus/funding bills were originally passed by Congress last week, but President Trump wavered in signing it because he wanted $2000 stimulus checks. Separately, holiday retail sales excluding automotive and gasoline increased 3.0% yr/yr this expanded holiday season (Oct. 11-Dec. 24) with online sales up 49.0% compared to 2019. No other economic data will be released today. U.S. Treasuries have edged lower, pushing yields higher. The 2-yr yield is up one basis point to 0.13%, and the 10-yr yield is up two basis points to 0.96%. The U.S. Dollar Index is little changed at 90.29. WTI crude futures are up 1.1%, or $0.52, to $48.75/bbl. In U.S. Corporate news: AT&T (T 28.99, +0.30): +1.1% after "Wonder Woman 1984" made $16.7 million at the box office, which is the highest box office sales since the pandemic began. Nearly half of the HBO Max subscribers viewed the film on the streaming platform, according to CNBC. Pfizer (PFE 37.35, +0.08): +0.2% amid news that it will complete supply of an initial 200 million doses of its COVID-19 vaccine to the EU by September, according to Reuters. Reviewing overnight developments: Equity indices in the Asia-Pacific region began the week on a mostly higher note while markets in Australia and New Zealand were closed for Boxing Day. Japan's Nikkei: +0.7%, Hong Kong's Hang Seng: -0.3%, China's Shanghai Composite: UNCH, India's Sensex: +0.8%, South Korea's Kospi: +0.1%, Australia's ASX All Ordinaries: CLOSED. In economic data: China's November Industrial Profit 15.5% yr/yr (last 28.2%) Japan's November Industrial Production 0.0% m/m (expected 1.2%; last 4.0%) Hong Kong's November trade deficit HKD25.60 bln (last deficit of HKD36.80 bln). Imports 5.1% m/m (last 0.6%) and Exports 5.6% m/m (last -1.1%) In news: Alibaba remained pressured in Hong Kong as Chinese regulators intensified their scrutiny of Ant Group, which is partially owned by Alibaba. Japan will close its borders to non-Japanese visitors for the next month while South Korea will maintain its present restrictions for another week. Major European indices trade on a firmly higher note while the U.K.'s FTSE is closed for Boxing Day. STOXX Europe 600: +0.9%, Germany's DAX: +1.6%, U.K.'s FTSE 100: CLOSED, France's CAC 40: +1.2%, Italy's FTSE MIB: +0.9%, Spain's IBEX 35: +0.6%. In economic data: Spain's November Retail Sales -4.3% yr/yr (last -3.0%) France's November Jobseekers 3.586 mln (last 3.550 mln) In news: Overall trading volume is expected to be low throughout the week. The British Parliament will vote on the Brexit agreement on Wednesday. U.S. equity futures: S&P 500 Futures +25 @ 3721 DJIA Futures +163 @ 30272 Nasdaq 100 Futures +100 @ 12804 Overseas: Europe: DAX +1.6%, FTSE closed, CAC +1.2% Asia: Nikkei +0.7%, Hang Seng -0.3%, Shanghai unch Commodities: Crude Oil +0.46 @ 48.69 Nat Gas -0.233 @ 2.285 Gold -3.50 @ 1879.70 Silver +0.527 @ 26.435 Copper +0.0260 @ 3.5885 U.S. Summary: Earnings/Guidance (Full Earnings Calendar): Weibo (WB) beats by $0.06, beats on revs; guides Q4 revs below consensus General News: President Trump signs $900 bln stimulus and omnibus bill that funds government through September 30; House will vote today to raise stimulus checks to $2000, but it is not likely to get 60 votes needed to pass (which means the stimulus checks remain at $600 and rest of the bill remains the same) France, Canada, and Japan are among reporting cases of new coronavirus variant, according to The New York Times A bomb exploded in downtown Nashville on Christmas Day, which injured at least 3 people and damaged buildings. The suspect died in the explosion, according to The Wall Street Journal House will vote today to override President Trump's veto on the defense authorization bill with the Senate voting later this week. Both chambers are expected to have enough votes to override the veto. According to Mastercard SpendingPulse, holiday retail sales excluding automotive and gasoline increased 3.0% this expanded holiday season, running from October 11 through December 24 CDC will require air passengers arriving from the UK to test negative for COVID-19, via PCR or Antigen test UK will begin Oxford coronavirus vaccine rollout on January 4, according to Telegraph UK China will extend tariff exemptions for white oil and petroleum wax for another year, according to Reuters Alibaba (BABA): China wants Ant Group to overhaul its business, according to FT Alibaba (BABA) upsizes share repurchase program to $10 bln from $6 bln AT&T (T): Wonder Woman 1984" made $16.7 mln at box office, which is highest box office since pandemic began; nearly half of the HBO Max subscribers viewed the film on the streaming platform - CNBC AstraZeneca (AZN) and Merck (MRK) receive retrieve approval in Japan for Lynparza treatment of advanced ovarian, prostate and pancreatic cancers Bristol-Myers (BMY) receives EMA validation for application for Zeposia for the treatment of ulcerative colitis CytoDyn (CYDY) receives FDA guidance for adding an open-label extension to Phase 3 Trial for severe-to-critical COVID-19 patients until trial data is unblinded; results of CD10 trial will not support an eIND request DISH Network (DISH) announced it reached a new, multi-year carriage agreement with Nexstar Media Group (NXST) Humanigen (HGEN) secures US patent for lenzilumab in preventing cytokine storm and neurotoxicity related to CAR-T Cell Therapy IMV (IMV) provides update on COVID-19 vaccine program; Preclinical safety, long duration of antibody titers and potential for protection demonstrated in preclinical immunogenicity and challenge studies Myovant Sciences (MYOV) and Pfizer (PFE) to collaborate to develop and commercialize Relugolix Pfizer (PFE) to supply an initial 200 mln doses of COVID-19 vaccine to EU by September, according to Reuters Tronox (TROX) Chariman and CEO takes leaves of absence; appoints interim officers United Therapeutics (UTHR) announces agreement to acquire priority review voucher M&A: No M&A news of note Syndicate: Nano Dimension (NNDM) prices offering of 33,333,334 of the Company's American Depositary Shares at a price of $7.50 per ADS IPOs: No IPOs expected to price Gapping Up/Down Gapping up: MYOV +27.5%, DPW +15.5%, AZN +4.1%, IWM +1.4%, MRK +1.1%, SPY +0.7%, QQQ +0.6%, DIA +0.6% Gapping down: NNDM -13.5%, WB -1.5%, VXX -1.1%, BABA -0.7% Analyst Research (see Upgrades/Downgrades calendarfor full list): Upgrades: No upgrades of note Downgrades: CNS Pharmaceuticals (CNSP) downgraded to Neutral from Buy at Ladenburg Thalmann Ocular Therapeutix (OCUL) downgraded to Neutral from Buy at H.C. Wainwright Others: Amesite (AMST) initiated with a Speculative Buy at The Benchmark Company; tgt $7 Amicus Therapeutics (FOLD) resumed with an Overweight at Cantor Fitzgerald; tgt raised to $30 Autolus Therapeutics (AUTL) resumed with a Buy at H.C. Wainwright; tgt $19 Kinnate BioPharma (KNTE) initiated with an Overweight at Piper Sandler; tgt $60 Kinnate BioPharma (KNTE) initiated with a Buy at Goldman; tgt $48 Kinnate BioPharma (KNTE) initiated with an Outperform at SVB Leerink; tgt $52 Kinnate BioPharma (KNTE) initiated with an Outperform at Wedbush; tgt $48 PAE (PAE) initiated with an Overweight at Morgan Stanley; tgt $11 RMR Group (RMR) initiated with a Buy at BTIG Research; tgt $45 Upcoming Events: Econ Data: No economic data of note Earnings Monday (Dec 28) Morning: WB Afternoon: None of note Tuesday (Dec 29) Morning: None of note Afternoon: None of note Wednesday (Dec 30) Morning: None of note Afternoon: None of note Thursday (Dec 31) Morning: None of note Afternoon: None of note Friday (Jan 01) Markets closed for New Years Day Asia & Europe detail: Asia: Nikkei +0.7%, Hang Seng -0.3%, Shanghai unch Equity indices in the Asia-Pacific region began the week on a mostly higher note while markets in Australia and New Zealand were closed for Boxing Day. Alibaba remained pressured in Hong Kong as Chinese regulators intensified their scrutiny of Ant Group, which is partially owned by Alibaba. Japan will close its borders to non-Japanese visitors for the next month while South Korea will maintain its present restrictions for another week. In economic data: China's November Industrial Profit 15.5% yr/yr (last 28.2%) Japan's November Industrial Production 0.0% m/m (expected 1.2%; last 4.0%) Hong Kong's November trade deficit HKD25.60 bln (last deficit of HKD36.80 bln). Imports 5.1% m/m (last 0.6%) and Exports 5.6% m/m (last -1.1%) ---Equity Markets--- Japan's Nikkei: +0.7% Hong Kong's Hang Seng: -0.3% China's Shanghai Composite: UNCH India's Sensex: +0.8% South Korea's Kospi: +0.1% Australia's ASX All Ordinaries: CLOSED ---FX--- USD/JPY: +0.1% to 103.67 USD/CNH: +0.4% to 6.5309 USD/INR: -0.1% to 73.51 Europe: DAX +1.6%, FTSE closed, CAC +1.2% Major European indices trade on a firmly higher note while the U.K.'s FTSE is closed for Boxing Day. Overall trading volume is expected to be low throughout the week. The British Parliament will vote on the Brexit agreement on Wednesday. In economic data: Spain's November Retail Sales -4.3% yr/yr (last -3.0%) France's November Jobseekers 3.586 mln (last 3.550 mln) ---Equity Markets--- STOXX Europe 600: +0.9% Germany's DAX: +1.6% U.K.'s FTSE 100: CLOSED France's CAC 40: +1.2% Italy's FTSE MIB: +0.9% Spain's IBEX 35: +0.6% ---FX--- EUR/USD: +0.1% to 1.2196 GBP/USD: -0.5% to 1.3486 USD/CHF: +0.1% to 0.8914