Here’s what we are watching as markets kick into gear Monday.
—Stock futures surged, with the Dow poised to open almost 1,500 points higher. That would take the blue-chips gauge just short of the 30,000-point milestone. Progress toward a crucial Covid-19 vaccine gave markets fresh impetus at the start of the week. Read our full market wrap here.
—What’s coming up. Cleveland Fed President Loretta Mester will speak at a virtual Philadelphia Fed fintech conference at 1:30 p.m. ET. China’s consumer- and producer-price indexes for October are due out at 8:30 p.m.
Market Movers to Watch
surged over 12% and
‘s ADRs rose 24% in offhours trading. The drugmakers’ Covid-19 vaccine candidate proved better than expected at protecting people from Covid-19 in a pivotal study.Airlines and travel stocks surged higher on the vaccine news, which marks a milestone in the hunt for shots that can stop the global pandemic.
United Airlines Holdings,
Delta Air Lines
all jumped over 15%.
Royal Caribbean Group
were also among the biggest winners in early trading.
advanced almost 5% premarket after reporting third-quarter earnings that surpassed Wall Street’s expectations.
plunged 28% ahead of the market open. The company’s hopes to win regulatory approval for its experimental Alzheimer’s disease drug took a major hit Friday. An independent committee of outside experts assembled by the FDA voted that even the best available clinical data doesn’t show the drug to be effective.
climbed 11% ahead of the opening bell. Activist investor Elliott Management took a stake in the software company, The Wall Street Journal reported Sunday. The company also said early Monday that it would buy back $1 billion of shares through fiscal 2022.
Mainstays of this year’s tech-fuelled rally, including
slid lower in offhours trading. Smaller tech stocks were particularly hard hit: Online marketplace
dropped 11%, and
Zoom Video Communications