Stock Futures Set to Extend Gains Amid Vaccine Tailwinds

Investors are still celebrating PFE's full vaccine approval from the FDA

Digital Content Manager
Aug 24, 2021 at 9:19 AM
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Stock futures are pointed higher this morning, after the three major benchmarks surged yesterday in response to Pfizer (PFE) and BioNTech's (BNTX) Covid-19 vaccine becoming the first of its kind fully approved by the U.S. Food and Drug Administration (FDA). Futures on Dow Jones Industrial Average (DJI) are up 25 points, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are in the black as well, following the latter's record closing high.

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

  • Tenet Healthcare stock could soon break even higher.
  • Schaeffer's V.P. of Research Todd Salamone dives into the key trendlines to follow right now.
  • Plus, Best Buy delivers earnings beat; PANW skyrockets on upbeat full-year forecast; and RV maker hikes up dividends.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Monday, compared to 803,336 put contracts. The single-session equity put/call ratio fell to 0.41 and the 21-day moving average fell to 0.53.
  2.  Best Buy Co Inc (NYSE:BBY) is surging today, last seen up 5.9% in electronic trading, after the tech retailer posted better-than-expected second-quarter earnings, as well as a revenue beat. The company attributed the positive results to a 19.6% jump in comparable-store sales. The equity is up 12.3% year-to-date.
  3. The shares of Palo Alto Networks Inc (NYSE: PANW) are also rallying, up 11.6% ahead of the bell, after the cybersecurity name's fiscal fourth-quarter earnings and revenue blew past Wall Street's expectations. Plus, the company hiked up its full-year forecast. The security had been cooling off since an Aug. 5, all-time high of $406.37, yet it still boasts a 38.3% year-over-year lead.
  4. Recreational vehicle concern Camping World Holdings Inc (NYSE:CWH) is up 6.3% before the open, after the company said it would double its quarterly dividend to 50 cents per share, which will be payable on Sept. 28 to applicable shareholders. Though the stock's rally to the $44 level earlier this month ultimately fell short, CWH remains up 43% year-to-date.
  5. Things will be quiet today on the economic data front, with only new home sales data on tap.

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Asian Markets Surge on Heels of Full Vaccine Approval

Markets in Asia finished today’s session higher, boosted by the FDA’s approval of the first Covid-19 vaccine. Hong Kong’s Hang Seng led the charge, tacking on 2.5%, despite news that the U.S. Securities and Exchange Commission (SEC) began issuing new disclosure requirements for Chinese companies that plan to list in New York. Elsewhere, South Korea’s Kospi added 1.6%, China’s Shanghai Composite was 1.1% higher, and Japan’s Nikkei rose 0.9%.

Stocks in Europe, meanwhile, are struggling for direction at midday. While vaccine news has investors optimistic, worries about imminent economic tapering from the U.S. Federal Reserve continues to weigh on sentiment. However, Germany’s DAX is up 0.3%, after the region’s second-quarter gross domestic product (GDP) grew by 1.6%. Rounding out the region, France’s CAC 40 is down 0.5%, while, London’s FTSE 100 is off by 0.3%.

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