Stock futures rose Tuesday morning, with the S&P 500 closing in on a record level as hopes for a vaccine and further stimulus spurred a global risk rally.
Russia’s President Vladimir Putin said Tuesday that Russia became the first country globally to give regulatory approval to a Covid-19 vaccine, with the move coming less than two months after human testing of the inoculation began. The vaccine still must complete final trials, though mass production is expected by the end of the year.” data-reactid=”17″>Russia’s President Vladimir Putin said Tuesday that Russia became the first country globally to give regulatory approval to a Covid-19 vaccine, with the move coming less than two months after human testing of the inoculation began. The vaccine still must complete final trials, though mass production is expected by the end of the year.
WYNN), Norwegian Cruise Line Holdings (NCLH), Carnival Corp. (CCL) and a host of airlines jumped amid the vaccine news, and after InterContinental Hotels (IHG) suggested an improvement in travel demand in first-half results released before the bell on Tuesday. The commentary added to other recent upbeat assessments of consumer sentiment around travel, with Marriott (MAR) on Monday also suggesting travel trends were improving from an April low. Chinese electric car-maker Nio (NIO) rose after giving strong deliveries and revenue guidance for the current quarter.
FB), Amazon (AMZN) and Netflix (NFLX) steadied in pre-market trading after declining on Monday. US crude oil futures added to gains after rising by the most in nearly 3 weeks as of Monday’s settlement. Gold stumbled below $2,000 per ounce, and Treasury yields rose as prices fell.
some states to push back, and New York Governor Andrew Cuomo said the order to have states chalk up a portion of the funds the proposed enhanced unemployment benefit “only digs the hole deeper” for states already grappling with budget deficits. Further stimulus discussions in Congress, however, hang in abeyance.” data-reactid=”24″>Investor attention remained locked on prospects of further fiscal stimulus from Congress, after President Donald Trump over the weekend unleashed a set of executive orders to provide some economic support without congressional action. The moves have already led some states to push back, and New York Governor Andrew Cuomo said the order to have states chalk up a portion of the funds the proposed enhanced unemployment benefit “only digs the hole deeper” for states already grappling with budget deficits. Further stimulus discussions in Congress, however, hang in abeyance.
considering a capital gains tax cut.
Focus on the status of fiscal stimulus, vaccine updates and on the simmering and ongoing US-China tensions is likely to eclipse Tuesday’s docket of economic data releases. Investors on Tuesday are set to receive the Bureau of Labor Statistics’ producer price index (PPI) at 8:30 a.m. ET, which will likely show a 0.3% increase in producer prices after what had been an unexpected decline in June, as producers’ pricing power stabilizes.
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7:35 a.m. ET Tuesday: Stocks point to higher open
Here were the main moves in markets, as of 7:35 a.m. ET:
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S&P 500 futures (ES=F): 3,371.25, up 18.5 points, or 0.55%
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Dow futures (YM=F): 27,936.00, up 257 points, or 0.93%
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Nasdaq futures (NQ=F): 11,104.00, up 32 points, or 0.29%
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Crude (CL=F): +$0.80 (+1.91%) to $42.74 a barrel
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Gold (GC=F): -$48.40 (-2.37%) to $1,991.30 per ounce
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10-year Treasury (^TNX): +3.4 bps to yield 0.608%
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6:15 p.m. ET Monday: Stocks open slightly lower
Here were the main moves in equity markets, as of 6:15 p.m. ET:
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S&P 500 futures (ES=F): 3,350.00, down 2.75 points, or 0.08%
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Dow futures (YM=F): 27,667.00, down 12 points, or 0.04%
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Nasdaq futures (NQ=F): 11,064.75, down 7.25 points, or 0.07%
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