U.S. stock futures jumped on Sunday as investors await more COVID-19 vaccine updates amid revised restrictions for businesses in urban areas including New York City. Election developments will also be closely monitored along with a tsunami of major retail earnings.
STOCK FUTURES JUMP SUNDAY
Dow futures added over 180 points as of 6:30 PM ET, Nasdaq futures over 100 points, and the S&P 24.
|I:DJI||DOW JONES AVERAGES||29479.81||+399.64||+1.37%|
|I:COMP||NASDAQ COMPOSITE INDEX||11829.285546||+119.70||+1.02%|
Investors will build on a robust week for U.S. stocks after the S&P 500 hit a fresh record and the Russell 2000, a benchmark of domestic-focused companies, also hit a record on Friday passing levels not seen since August 2018.
NEW YORK’S ROLLBACK OF CORONAVIRUS REOPENINGS THREATENS RENTAL MARKET RECOVERY
For the week, the Dow tacked on about 4%, the S&P over 2% while Nasdaq slipped 0.5%.
This as global investors pumped a record amount of money into equity funds.
GLOBAL STOCK FUNDS SEE RECORD INFLOWS ON PFIZER’S VACCINE NEWS
Sunday President Trump, via a tweet, sent mixed signals on the official outcome of the Presidential election, hinting that Joe Biden “won” a “rigged” 2020 presidential election, but adding that he is not conceding the race.
TRUMP SAYS FOR FIRST TIME THAT BIDEN ‘WON,’ ADDS THAT HE IS NOT CONCEDING
Vaccine makers Pfizer, BioNTech, Eli Lilly, Regeneron and Moderna will remain in focus for potential updates.
Late Friday, President Trump discussed the progress being made and distribution plays but also criticized Pfizer for not clarifying being part of Operation Ward Speed.
|LLY||ELI LILLY & COMPANY||142.38||+1.35||+0.96%|
|REGN||REGENERON PHARMACEUTICALS INC.||566.43||+9.65||+1.73%|
BIG WEEK FOR RETAIL EARNINGS
Looking ahead to earnings, Tuesday will kick-off a busy week for earnings from the world’s biggest retailers including Walmart on Tuesday.
Target will follow on Wednesday. As for the home improvement chains, Home Depot reports on Tuesday followed by rival Lowe’s on Wednesday. Both retailers will give updates on whether lockdowns have boosted DIY improvement projects.
|HD||THE HOME DEPOT INC.||277.17||+0.93||+0.34%|
|LOW||LOWE’S COMPANIES INC.||159.23||+1.25||+0.79%|
Retail sales data will also figure prominently on the economic calendar with those stats due Tuesday. Economists are expecting sales for October to rise 0.5% down from a healthy 1.9% in September which was led by clothing, sporting goods and autos. Excluding autos, sales may tick up 0.6% vs. 1.5% the prior month.
The National Association of Home Builders will also release it sentiment survey Tuesday, followed by housing starts and permits on Wednesday, both reports gauge future demand.
Oil hovered around the $40 per barrel level in early trading.
|USO||UNITED STATES OIL FUND L.P.||28.13||-0.53||-1.85%|