A Peek Into The Markets: US Stock Futures Surge As FDA Authorizes Convalescent Plasma For Coronavirus Treatment

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, extending previous week’s gains. The U.S. FDA issued an emergency use authorization for investigational convalescent plasma for the treatment of hospitalized COVID-19 patients. The Trump administration is also exploring multiple options, including fast tracking AstraZeneca’s COVID-19 vaccine ahead of the impending presidential elections, the Financial Times reported Sunday.

Investors are awaiting earnings from Palo Alto Networks Inc PANW and Bank of Montreal BMO. The Chicago Fed National Activity Index for July is scheduled for release at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average rose 226 points to 28,085 while the Standard & Poor’s 500 index futures traded gained 23.75 points to 3,416.25. Futures for the Nasdaq 100 index climbed 102.50 points to 11,664.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 5,703,580 with around 176,800 deaths. Brazil confirmed over 3,605,780 cases, while India reported a total of at least 3,106,340 confirmed cases.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $44.66 per barrel, while US WTI crude futures rose 0.7% to trade at $42.64 a barrel.


A Peek Into Global Markets


European markets were higher today, with the Spanish Ibex Index rising 1.3% and STOXX Europe 600 Index gaining 1.4%. The UK's FTSE index was trading higher by 1.6%, while French CAC 40 Index gained 1.8% and German DAX 30 rose 1.6%.

In Asian markets, Japan’s Nikkei rose 0.28%, Hong Kong’s Hang Seng Index rose 1.63% China’s Shanghai Composite Index rose 0.15% and India’s BSE Sensex rose 1%.


Broker Recommendation

Analysts at RBC Capital upgraded The Estée Lauder Companies Inc. EL from Sector Perform to Outperform and raised the price target from $194 to $240.

Estee Lauder shares rose 4.4% to close at $207.01 on Friday.


Breaking News

  • Kazia Therapeutics Ltd KZIA disclosed that the FDA has granted Orphan Drug Designation to its paxalisib for the treatment of malignant glioma, including DIPG.
  • Novartis AG NVS disclosed that the phase three COMBI-i trial for a combination of drugs against a type of advanced skin cancer didn't meet the clinical requirements of the evaluation..
  • Bunzl PLC reported a rise in its pretax profit for the first half of the year and also reinstated its 2019 dividend.
  • Akasol AG swung to a net loss during the second quarter, recording a net loss of 4.66 million euros ($5.5 million), versus a year-ago profit of EUR36 million.
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Posted In: EarningsNewsEurozoneFuturesGlobalPre-Market OutlookMarketsA Peek Into The Markets
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