Market Overview

Stock futures inch higher after a broad rally on Wall Street amid vaccine approval

Stock futures inch higher after a broad rally on Wall Street amid vaccine approval

Stock futures edged higher in early morning trading on Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine. Futures on the Dow Jones Industrial Average rose 84 points. S&P 500 futures and Nasdaq 100 futures traded in positive territory.

The market started the week on a high note as shares sensitive to an economic recovery jumped on optimism that the vaccine approval would clear path for more mandates in the face of the spread of the delta variant. The S&P 500 closed Monday’s session 0.8% higher after touching an intraday record high. The tech-heavy Nasdaq Composite rose about 1.5% to hit a record closing high. The Dow Jones Industrial Average gained more than 200 points on Monday.

Investor are eyeing the Jackson Hole symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.

The second-quarter earnings season is winding down with more than 90% S&P 500 companies having reported results. S&P 500 is poised to grow its earnings by 94.7% year over year, according to Refinitiv. Best Buy is set to release numbers before the bell Tuesday, and Nordstrom will report after the close.

Stock futures inch higher after a broad rally on Wall Street amid vaccine approval, CNBC, Aug 24

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