The dollar withdrew slightly from its nine-month high last week. US equity futures opened higher, and oil broke its seven-day losing streak. Pfizer Stocks was rising by 3.5%.
Investors are focussing on this week’s Jackson Hole symposium, where Fed chair Powell will speak.
WTI Oil futures recovered slightly by $2.12 to $64.26 per barrel, helped by the dollar index falling 0.3% after last week’s highs. The US index tracks the dollar against six major currencies, fell to 93.23.
Another reason for the bull run on Monday was the European solid economic activity. Asian stocks recovers after the vaccine rollout was fast-track.
Eurozone’s PMI dropped to 59.5 from last month’s 60.2 and is still above the 50 mark, which is the critical growth or contraction point.
Stock market movers today
Pfizer rose by 3.2% to $50.28 per share, pushed by the news that the Food & Drug Administration might grant them full approval for their COVI-19 vaccine today. The company is also acquiring Trillium Therapeutics, the Cambridge Mass-based cancer drug specialists, for $2.26 billion. Pfizer grants emergency use authorization in 2020 for the vaccine. BioNTech also gained 7.7%. Moderna’s stocks rose by 2.9%; they are awaiting FDA approval authorization.
Lyft Inc stocks fell by 5% and Uber technologies by 4.3%. The Superior Court of California in Alameda Country decided to overturn an initiative to classify employees as contract workers. As a result, both stocks slipped.
General Motors are in the process of recalling its Chevy Bolt due to lithium-ion batteries safety issues and are extending it to all electrified vehicles which were sold globally since 2019; the stock dropped by 2.05% to $47.80
This week’s quarter two end earnings reports are expected from Best Buy, Nordstrom, Salesforce, Gap, Dollar General, and HP Inc. It is anticipated that S&P 500 collective gains will reach $442.7 billion, which is 94.7% up from last year.
Europe Stoxx 600 recovered to gain 0.38%, a recovery from its worst week since February. The Nikkei also moved 1.78% to 27.494.24, rising from its 8-month low.