Here’s what we are watching as markets kick into gear Monday.
—A 94.5% vaccine result from
boosted stock futures with the S&P 500 set to open higher after ending last week at a record level. Futures tied to the broad market gauge rose 1% while contracts tied to the Dow Jones Industrial Average climbed 1.7%. Tech heavy Nasdaq futures were slightly in the red, as investors shifted cash into pandemic losers and out of pandemic winners.
Zoom Video Communications
slipped 6%. Read our full market wrap here.
Market Movers to Watch
rocketed around 16% premarket after the company said its Covid-19 vaccine candidate demonstrated 94.5% efficacy in its Phase 3 trial.
—Virgin Galactic Holdings plunged 7.4% before the bell. Rival commercial aerospace company SpaceX successfully launched four astronauts into orbit Sunday, beginning regularly scheduled commercial flights to the International Space Station.
—Airliners and cruise companies, bellwethers for the travel industry’s outlook, surged premarket.
United Airlines Holdings
Delta Air Lines
Royal Caribbean Group
advanced 7.3% and
Norwegian Cruise Line Holdings
PNC Financial Services Group
gained 4.3% premarket after agreeing to buy the U.S. arm of Spain’s
Banco Bilbao Vizcaya Argentaria
(BBVA) for $11.6 billion in one of the largest bank tie-ups since the financial crisis, The Wall Street Journal reported. BBVA’s U.S. listed ADR surged 19%.
—The PNC deal helped speed up the rotation from growth to value stocks in off-hour trading as financial stocks gained.
Bank of America
advanced 4.2% and
‘s U.S. listed ADR slid around 2% ahead of the bell, after the Chinese e-commerce mammoth reported earnings for the latest quarter.
jumped 14.5% premarket after updating investors on the status of efforts to develop a Covid-19 vaccine, with regulatory approval to proceed with Phase 2 trials.