Dow, S&P 500 Futures Confidently Higher After Russian Vaccine Claims

Futures on the S&P 500 are looking to open just below their all-time highs

Jake Scott
Aug 11, 2020 at 9:25 AM
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Futures on most of the major indexes are flying higher this morning, with the S&P 500 Index (SPX) looking to open within a chip shot of its record highs, and the Dow Jones Industrial Average (DJI) pointing to a nearly 350-point pop. This comes amid claims from Russian President Vladimir Putin that the country gave regulatory approval for the world's first coronavirus vaccine. This optimism isn't translating to futures on the tech-heavy Nasdaq-100 Index (NDX), which are pointing marginally lower and extending last night's losses

Continue reading for more on today's market, including: 

  • Options bulls piled on Square stock after an earnings beat.
  • Seres Therapeutic stock hit a four-year high on positive drug data.
  • Plus, Canada Goose anticipates revenue struggles; Novavax shares COVID-19 vaccine update; and American Express is set to make a big cash deal.

Futures Chart August 11

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.8 million call contracts traded on Monday, and 760,142 million put contracts. The single-session equity put/call ratio fell to 0.41, and the 21-day moving average stayed at 0.47.
  2. Outerwear manufacturer Canada Goose Holdings Inc (NYSE:GOOS) is down 5.6% ahead of the bell, after the company reported smaller-than-expected fiscal first-quarter losses. Revenue came in higher than analysts expected too, though the firm said it's still dealing with the negative effects of the pandemic this quarter and expects a major decline in year-over-year revenue. 
  3. Novavax, Inc. (NASDAQ:NVAX) said its manufacturing capacity will be able to cover the demand for its COVID-19 vaccine, estimating that as many as 600 million doses will be needed. The biotech plans on starting its phase three trial as soon as September. Despite the optimism, NVAX is down 4.3% before the open.
  4. According to a Bloomberg report, American Express Company (NYSE:AXP) is in talks to acquire small business lender Kabbage in an $850 million cash deal. As a result, the shares of American Express stock are up 2.5% in pre-market trading. 
  5. Economic data will pick up slightly today, with the National Federation of Independent Business (NFIB) index, and the most recent producer price index (PPI) due out. Earnings, will slow down, with reports from Canada Goose (GOOS), HUYA (HUYA), NIO (NIO), and Sysco (SYY) on tap. 

OV Buzz Chart Aug 11

 Asian Markets Higher After Dishing Out Sanctions; European Stocks Rising on U.S. Stimulus Hopes

Asian markets were mostly higher today, though China imposed retaliatory sanctions on 11 U.S. citizens in response to the U.S. sanctions on 11 individuals, focusing on lawmakers who were against China’s new security law. In response, China’s Shanghai Composite finished with a 1.2% loss, as investors eye the meeting at the end of the week between U.S. and China regarding the phase 1 trade deal. Elsewhere, Hong Kong’s Hang Seng gained 2.1%, while Japan’s Nikkei and South Korea’s Kospi, added 1.9% and 1.4%, respectively.

Stocks in Europe are shaking off mounting U.S.-China tensions, and instead are focusing on U.S. stimulus bill optimism. Though the U.K. reported its largest quarterly drop in employment for over a decade, with 220,000 fewer employed, London’s FTSE 100 still was up 2% at last check. Meanwhile, the German DAX has added 2.4%, and the French CAC 40 is up 2.7%.


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