Stocks looked set to continue their Friday rally as global economic data show that Delta has dinged the recovery but not ended it. Pfizer stock, Exxon Mobil, and Lyft were on the move.
The Dow Jones Industrial Average gained 172.59 points, or 0.5%, while the S&P 500 rose 0.6% and the Nasdaq Composite advanced 0.9%.
Momentum from Friday’s rally remained in place following a weekend to reconsider. That rally began after Dallas Federal Reserve President Rob Kaplan said he would reconsider his views on how quickly the Fed should reduce its bond purchases if the Covid-19 Delta variant damages the economy too much.
There were also signs that the global economy will be able to weather the spread of the Delta variant. The EU Purchasing Managers Index for August was 59.5, just missing estimates of 59.7, though the reading still showed a solid expansion of economic activity. Investors are looking for signs that global economic growth is not being hurt too much by the Delta variant, which has dinged demand in some areas, while also blocking off supply chains.
“Futures are modestly higher on momentum from Friday’s rally and following mixed (but not bad) global PMIs,” writes Tom Essaye, founder of Sevens Report Research.
That take was seemingly confirmed by strength in the energy market as the price of crude rose 4.5% to $64.91 a barrel, helping boost Exxon Mobil (XOM), which rose 3.1%, and Chevron (CVX), which gained 2.5%.
Here are six stocks making moves in Monday’s premarket action:
Pfizer (PFE) stock gained 3.2% as the Food and Drug Administration is expected to fully approve its Covid-19 vaccine. The vaccine had received emergency use authorization in 2020.
AMC Entertainment (AMC) rose 3.6%. It’s the highest trending name on StockTwits.
PayPal (PYPL) stock rose 1.6% as the company will allow customers in the U.K. to buy and sell cryptocurrencies.
JD.Com (JD) stock rose 1.5% after beating estimates on both revenue and earnings per share.
Lyft (LYFT) has fallen just 0.2% after being down 4.6% in premarket trading, while Uber (UBER) has advanced 0.3% after dropping 2.9% after a California judge ruled Prop 22 unconstitutional.
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