Two of the four experimental coronavirus vaccines developed by Pfizer and BioNTech were granted 'fast track' status by the FDA
Futures on the Dow Jones Industrial Average (DJI) are trading roughly 200 points above fair value this morning, as earnings season looks to kick off this week. Wall Street is also boosted by news that two of the four experimental coronavirus vaccines jointly developed by U.S. drug name Pfizer (PFE) and German-based biotech BioNTech (BNTX) were both granted 'fast track' status by the U.S. Food and Drug Administration (FDA). These headlines are smoothing over another jarring spike in Florida coronavirus cases over the weekend, bringing total recorded cases in the U.S. to over 3 million. Meanwhile, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are climbing higher on the news, too, as reopening-adjacent stocks gain ahead of the bell.
Continue reading for more on today's market, including:
- Another look at last week's wild trading with Schaeffer's 5-Minute Market Rundown.
- One overlooked tech stock that has also been traveling in record-high territory.
- Plus, PEP pops after earnings; Tesla's Model Y SUV gets a lower price tag; and the retailer with reliable profitability.
5 Things You Need to Know Today
- The Cboe Options Exchange
(CBOE) saw 1.64 million call contracts traded on Friday, and 761,454 put
contracts. The single-session equity put/call ratio rose to 0.46, and the
21-day moving average rose at 0.53.
- .The shares of PepsiCo,
Inc. (NASDAQ:PEP) are up 2.6% at $137.90 in pre-market trading following a
second-quarter earnings and revenue beat. PEP saw a strong quarter for its
snack offerings, but is choosing to withhold financial guidance due to COVID-19 uncertainty.
- Tesla Inc (NASDAQ:TSLA)
just announced it would cut the price of its Model Y SUV by $3,000. The
electric vehicle's starting price is now at $50,000, just four months after its
market release. In response, TSLA is up 6.3% at $1,641.28. Tesla stock is up a remarkable 269% in 2020.
- Atlantic Equities initiated coverage on big box retailer Costco Wholesale Corporation (NASDAQ:COST), giving it an "overweight" rating and $375 price target -- a 15% premium to Friday's close. The analyst praised Costco's predictable profitability and membership model.
- The week will start out
slow with the Federal Budget on tap.
Overseas Markets Eye Economic Growth Data, Approaching Earnings Season
Stocks in Asia started the week higher, as investors looked ahead to the release of China’s economic growth data, brushing off coronavirus concerns as well as U.S.-China tensions. Japan’s Nikkei rose 2.2%, closely followed by China’s Shanghai Composite, which ended 1.8% higher. Elsewhere, South Korea’s Kospi and Hong Kong’s Hang Seng rose 1.7% and 0.2%, respectively.
European stocks are also higher, with investors across the pond looking forward to the approaching earnings season despite a surge in coronavirus cases. At last check, France’s CAC 40 was up 1.5%, London’s FTSE 100 was up 1.4%, and the German DAX was up 1.3%.