A trader works at the New York Stock Exchange (NYSE) trading plant in Manhattan, New York, USA, on August 11, 2021.
Andrew Kelly | Reuters
Stock futures rose Monday in day-to-day trading after a broad rise in news that U.S. regulators granted full approval of Pfizer-BioNTech’s Covid vaccine.
Dow Jones industrial average futures rose 60 points. Futures S&P 500 and Nasdaq 100 grew 0.2%.
The market started the week strongly, as shares sensitive to the economic recovery jumped to optimism that vaccine approval would pave the way for more mandates in the face of the spread of the delta variant.
“Given the recent increase in cases and some of the disappointing economic data, this is one more step in the right direction and helps give confidence to those who would still be holding the vaccine,” said market strategist Ryan Detrick principal at LPL Financial.
The S&P 500 closed the session on Monday up 0.8% after hitting the intraday record high. The Nasdaq Composite, which has been technologically powerful, rose around 1.5% and hit a record high. The Dow Jones Industrial Average gained more than 200 points on Monday.
The investor is watching the Jackson Hole symposium later this week, which is expected to be a moving event where central bankers can detail their plans to reduce monetary stimulus. The Federal Reserve has begun talks to withdraw its $ 120 billion a month bond purchase program later this year.
The summit takes place virtually Thursday and Fed Chairman Jerome Powell will make a speech on Friday.
“The Fed may make a reduced announcement in September or November, but it will likely be a slow pace with no commitment on interest rate hikes.” said Edward Moya, senior market analyst at Oanda.
The second quarter earnings season ended with more than 90% of S&P 500 companies reporting results. According to Refinitiv, the S&P 500 is about to grow its profits by 94.7% year-on-year.
Best Buy is scheduled to launch numbers before the bell on Tuesday and Nordstrom will report after closing.