US Stock Futures Higher After Record Runs for S&P500, Nasdaq

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Principal Points

• Equity futures point to a higher open of the regular session on Tuesday
• Nasdaq on pace for a fresh intraday record high after yesterday’s all-time record close

Stock futures on Wall Street edged higher in pre-market trading on Tuesday following a broad-based upside move yesterday on the announcement that the US had granted full approval for the Pfizer/BioNTech Covid-19 vaccine.

Futures on the Dow Jones Industrial Average ticked up over 70 points. The S&P500 index is on pace to enter regular trading in the green as futures on the broad-market index were higher by over 10 points. Nasdaq futures were also positive, up almost half a percent.

The sustained move to the upside before the opening bell today comes after all three major stock gauges finished in positive territory on Monday. The S&P500 briefly touched an intraday record high and closed the session up about 0.8%.

The Dow Jones Industrial Average added more than 200 points on Monday as economically sensitive stocks jumped. The Nasdaq Composite surged to a new all-time closing record. The tech index gained 1.55% to finish the session at 14,942.65.

Big tech companies supported the move higher in the Nasdaq Composite. Elon Musk’s Tesla added 3.83%, or $26.04, to close $706.30. Shares of Facebook, Netflix, and Apple all gained 1% or more. Google-parent Alphabet and Amazon rallied 1.9%, and 2.1%, respectively.

The market started the week on a high note as investors hailed the announcement by the US Food and Drug Administration that the Pfizer jab has been granted full approval for use.

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Health experts now hope that more people would want to get vaccinated so that the US could reach a higher rate of protection in the face of the rapidly spreading Delta variant.

The decision by the FDA to change the status of the vaccine from emergency use authorization to full approval was praised by President Joe Biden who called on businesses to require their workers to get inoculated.

“Today I’m calling on more companies in the private sector to step up with vaccine requirements that will reach millions of more people,” President Biden said. “I call on you to do that—require it.”

The vaccine from Pfizer and BioNTech became the first Covid-19 vaccine to be granted full approval for use by US regulators.

In Europe today, all sectors of the Stoxx Europe 600 opened for trading in the green as investors have extended their optimism into a second straight day. Major European markets across the bloc also moved higher in the early hours of the regular session.

Traders and investors are already eyeing the Jackson Hole symposium slated for later this week. Largely expected to be market-moving, the event hosted by the Federal Reserve would present central bankers’ views on the economy and the path toward growth.

Moreover, the market is hoping to hear more about the Fed’s intention to pull back some of its $120bn a month in bond purchases by the end of the year. The annual conference will take place virtually Thursday through Saturday. The Fed’s Chair Jerome Powell will speak on Friday.

Cryptocurrencies today are trading flat to mildly positive. After Bitcoin hit $50,000 on Monday, the leading token had mostly traded sideways. In the early hours of Tuesday’s action, the original cryptocurrency is swinging between gains and losses near the opening level of $49,600 per coin.