Market Overview

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

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 (NYSE: GS), UnitedHealth Group Inc (NYSE: UNH) and U.S. Bancorp (NYSE: 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 (NYSE: 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 (NASDAQ: 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 (NASDAQ: FB) is reportedly set to introduce officially licensed music videos on its social networking platform in the United States, TechCrunch reported.
  • GoHealth, Inc. (NASDAQ: 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 (NASDAQ: 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: A Peek Into The MarketsEarnings News Eurozone Futures Global Pre-Market Outlook Markets