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A Peek Into The Markets: US Stock Futures Surge As FDA Authorizes Convalescent Plasma For Coronavirus Treatment

Pre-open movers

Benzinga · 08/24/2020 10:12

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, extending previous week’s gains. The U.S. FDA issued an emergency use authorization for investigational convalescent plasma for the treatment of hospitalized COVID-19 patients. The Trump administration is also exploring multiple options, including fast tracking AstraZeneca’s COVID-19 vaccine ahead of the impending presidential elections, the Financial Times reported Sunday.

Investors are awaiting earnings from Palo Alto Networks Inc (NYSE:PANW) and Bank of Montreal (NYSE:BMO). The Chicago Fed National Activity Index for July is scheduled for release at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average rose 226 points to 28,085 while the Standard & Poor’s 500 index futures traded gained 23.75 points to 3,416.25. Futures for the Nasdaq 100 index climbed 102.50 points to 11,664.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 5,703,580 with around 176,800 deaths. Brazil confirmed over 3,605,780 cases, while India reported a total of at least 3,106,340 confirmed cases.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $44.66 per barrel, while US WTI crude futures rose 0.7% to trade at $42.64 a barrel.


A Peek Into Global Markets


European markets were higher today, with the Spanish Ibex Index rising 1.3% and STOXX Europe 600 Index gaining 1.4%. The UK's FTSE index was trading higher by 1.6%, while French CAC 40 Index gained 1.8% and German DAX 30 rose 1.6%.

In Asian markets, Japan’s Nikkei rose 0.28%, Hong Kong’s Hang Seng Index rose 1.63% China’s Shanghai Composite Index rose 0.15% and India’s BSE Sensex rose 1%.


Broker Recommendation

Analysts at RBC Capital upgraded The Estée Lauder Companies Inc. (NYSE:EL) from Sector Perform to Outperform and raised the price target from $194 to $240.

Estee Lauder shares rose 4.4% to close at $207.01 on Friday.


Breaking News

  • Kazia Therapeutics Ltd (NASDAQ:KZIA) disclosed that the FDA has granted Orphan Drug Designation to its paxalisib for the treatment of malignant glioma, including DIPG.
  • Novartis AG (NYSE:NVS) disclosed that the phase three COMBI-i trial for a combination of drugs against a type of advanced skin cancer didn't meet the clinical requirements of the evaluation..
  • Bunzl PLC reported a rise in its pretax profit for the first half of the year and also reinstated its 2019 dividend.
  • Akasol AG swung to a net loss during the second quarter, recording a net loss of 4.66 million euros ($5.5 million), versus a year-ago profit of EUR36 million.