Home / Business / Stock futures jump after Pfizer, hope BioNTech fuel Covid-19 vaccine

Stock futures jump after Pfizer, hope BioNTech fuel Covid-19 vaccine



Stock futures extended gains Monday morning after two drug companies received the “fast track” designation for developing their vaccine candidates against Covid-19.

PFE) and BioNTech SE (BNTX) announced that two of the company’s four investigations vaccine candidates received the designation from the US Food and Drug Administration, which is intended to accelerate both development and review of new drugs and vaccines. Both companies’ shares increased in pre-market trading. “Data-reactid =” 17 “> Pfizer (PFE) and BioNTech SE (BNTX) announced that two of the company’s four vaccine candidates for investigation received the designation from the US Food and Drug Administration, which is intended to accelerate both development and review of new drugs and Vaccines The shares in both companies increased in pre-market trade.

Florida reported a record 15,300 new Covid-19 cases as of Sunday, the highest one-day sum for any US state so far during the pandemic, while new deaths in Florida decreased by more than half compared to the previous day to 45. “data-reactid =” 18 “> Over the weekend, some states again reported a growing number of new coronavirus cases as parts of the country struggled to keep new infections afloat. Florida reported a record 15,300 new cases of Covid-19 as of Sunday, the highest one day in total for any US state so far during the pandemic, while new deaths in Florida decreased by more than half compared to the previous day to 45.

HAZE) Walt Disney World Resort began to open again in Florida on Saturday to join competitors including Comcast’s (CMCSA) Universal Studios and SeaWorld Entertainment when they opened their park gates to customers in the state. “data-reactid =” 19 “> Despite the ongoing state growth, Disney’s (DIS) Walt Disney World Resort reopened in Florida on Saturday to join competitors including Comcast’s (CMCSA) Universal Studios and SeaWorld Entertainment open their park gates for customers in the state.

Elsewhere, new deaths in Arizona rose for the third day in a row, with 86 reported as of Sunday. The state’s new fall count of 2,537 marked a step down from 3,038 from the day before. California’s 8,460 new cases were below the state’s average one-day search over the past seven days.

“The economic consequences of the second wave are quite clear, at least qualitatively. The recovery for the third quarter will be slower than we previously expected, but we hope some of the deferred spending will be pushed into the fourth quarter rather than completely abandoned, “Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a remark.

“The markets are caught in the middle. We have argued for months that a full recovery is due to three pillars, namely continued progress against the virus, the continuation of super-accommodating Fed policies and consistent support from fiscal policy, “he added. “Obviously, the first pillar has crumbled, and the third is now in limbo, with the Senate in-depth until July 20. The Fed can’t do everything, so we’re not surprised that the S&P 500 has been delineated since late May. “

NFLX), UnitedHealth Group (UNH) and Delta Airlines (FROM). Finance, which has been delayed so far this year, surpassed Friday’s course into the revenue season with the KBW Bank Index (KBW) rise by the most in five weeks at the end of last week. “data-reactid =” 25 “> As for other potential catalysts in the market, the second quarter season starts this week with a full dunk of big bank revenue with other early reporters including Netflix (NFLX), UnitedHealth Group (UNH) and Delta Airlines (DAL) Financial records, which have been delayed during the year so far, outperformed Friday on the way to the profit season, with the KBW Bank Index (KBW) rising at a maximum of five weeks at the end of last week.

according to data from FactSet from early July.Such a result would represent the largest year-on-year decline since the fourth quarter of 2008 and a steep downward adjustment from the estimate at March 31, which would have been a decrease of 13.6%. “Data-reactid =” 26 “> Market players have so far set a low barrier to second-quarter earnings across sectors, with coronavirus pandemic and measures taken to contain it at its most prevalent during the April to June period. The S&P 500 is 43 , 8% for the second quarter, according to data from FactSet from early July, such a result would represent the largest decline in earnings from the previous year since the fourth quarter of 2008, and a steep downward adjustment from estimates as of March 31, which would have been a decline of 13.6%.

7:26 am ET Monday: Futures extend profits after vaccine jumps rise further

Here were the most important movements in the markets as of 07:27 ET:

  • S&P 500 futures (ES = F): 3.201.75, up 23.25 points or 0.73%

  • Dow futures (YM = F): 26,191.00, up 214 points, or 0.82%

  • Nasdaq futures (NQ = F): 10,931.25, up 94 points, or 0.87%

  • Raw (CL = F): – $ 0.76 (-1.87%) to $ 39.72 per barrel

  • Gold (GC = F): + $ 12.90 (+ 0.72%) to $ 1,814.80 per ounce

  • 10-year Treasury (^ TNX): +1.3 bps to give 0.646%

18:02 ET ET Sunday: Stock futures contribute to Friday’s profits

Here were the key movements at the start of the overnight stay for US stock futures, from 6:02 PM ET:

  • S&P 500 futures (ES = F): 3,189.75, up 11.25 points or 0.35%

  • Dow futures (YM = F): 26,081.00, up 104 points, or 0.4%

  • Nasdaq futures (NQ = F): 10 857.25, up 20 points, or 0.18%

Guests wearing masks go to the entrance to Walt Disney World’s Magic Kingdom in Orlando, Florida, on Saturday, July 11, 2020. The theme park was reopened with limited capacity during the Coronavirus pandemic. (Stephen M. Dowell / Orlando Sentinel / Tribune News Service via Getty Images)

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