A Peek Into The Markets: US Stock Futures Climb Following Moderna's Covid-19 Vaccine Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting gains in the previous session. Investors are awaiting earnings results from Goldman Sachs Group Inc GS, UnitedHealth Group Inc UNH and U.S. Bancorp USB. The Empire State manufacturing index for July and data on import and export prices for June will be released at 8:30 a.m. ET. Data on industrial production for June will be released at 9:15 a.m. ET. Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 12:00 p.m. ET, while the Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 3,431,574 with around 136,466 deaths. Brazil confirmed over 1,926,824 cases, while India reported a total of at least 936,181 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 248 points to 26,739 while the Standard & Poor’s 500 index futures traded rose 23.40 points to 3,207.00. Futures for the Nasdaq 100 index climbed 51 points to 10,697.25.

Oil prices traded higher as Brent crude futures rose 1.6% to trade at $43.58 per barrel, while US WTI crude futures rose 1.7% to trade at $40.97 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.


A Peek Into Global Markets


European markets were higher today, with the Spanish Ibex Index rising 0.5% and STOXX Europe 600 Index gaining 0.9%. The UK's FTSE index was trading higher by 1%, while French CAC 40 Index rose 1.2% and German DAX 30 climbed 1%.

In Asian markets, Japan’s Nikkei rose 1.59%, Hong Kong’s Hang Seng Index rose 0.01%, China’s Shanghai Composite Index slipped 1.56% and India’s BSE Sensex rose 2%.


Broker Recommendation

Analysts at Evercore ISI Group upgraded Wells Fargo & Company WFC from In-Line to Outperform and raised the price target from $26 to $27.

Wells Fargo shares rose 1% to $24.50 in pre-market trading.


Breaking News

  • Moderna Inc MRNA issued a positive update on its coronavirus vaccine. Moderna's vaccine drug "induced anti–SARS-CoV-2 immune responses in all participants, and no trial-limiting safety concerns were identified. The company also said it remains on track to deliver approximately 500 million doses of the vaccine per year beginning in 2021.
  • Facebook Inc FB is reportedly set to introduce officially licensed music videos on its social networking platform in the United States, TechCrunch reported.
  • GoHealth, Inc. GOCO priced its 43.5 million share IPO at $21 per share. The shares are projected to begin trading on The Nasdaq Global Select Market today.
  • Google GOOGL announced plans to buy a 7.73% stake in Reliance's Digital unit Jio for $4.5 billion.
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Posted In: EarningsNewsEurozoneFuturesGlobalPre-Market OutlookMarketsA Peek Into The Markets
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