Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Jones Futures Rise 100 Pts; Positive Pfizer Vaccine News Helps

Stock MarketsDec 08, 2021 13:42
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Peter Nurse   

Investing.com - U.S. stocks are seen opening higher Wednesday, continuing the recent rally after Pfizer (NYSE:PFE) said its booster shot, in conjunction with the previous two doses, can nullify the Omicron variant.

At 7:25 AM ET (1225 GMT), the Dow Futures contract was up 100 points, or 0.3%, S&P 500 Futures traded 14 points, or 0.3%, higher and Nasdaq 100 Futures climbed 45 points, or 0.3%.

Fresh gains are expected on Wall Street Wednesday after the U.S. drugmaker, and its partner BioNTech (NASDAQ:BNTX), stated Wednesday that three doses of their vaccine are effective at neutralizing the Omicron variant.

In the first official statement from vaccine manufacturers on the likely efficacy of their shot against Omicron, BioNTech and Pfizer said in a joint statement that two vaccine doses resulted in significantly lower neutralizing antibodies but that a third dose of their vaccine increased the neutralising antibodies by a factor of 25. Preliminary findins from South Africa, where the variant was first detected, earlier showed a significant drop in neutralizing antibodies in patients with only two vaccine doses.

The major indices closed firmly higher on Tuesday, adding to Monday’s gains, as public health officials said it appeared the new Omicron strain was not as deadly as previous variants. This is seen as reducing the chances of further lockdowns in the U.S. which would damage the current rebound in economic activity.

The Dow Jones Industrial Average rallied almost 500 points, or 1.4%, on Tuesday, while the S&P 500 and Nasdaq Composite posted their best days since March, gaining 2.1% and 3%, respectively. The DJIA is now 2.3% from its record peak, while the S&P 500 and Nasdaq are just 1.2% and 3.2% from their all-time highs, respectively.

That said, the news surrounding the Covid virus was not all good Wednesday, with reports suggesting that the U.K. government is about to reintroduce social distancing restrictions prompting more uncertainty.

Away from Covid news, investors are likely to start focusing once more on the Federal Reserve’s intentions ahead of next week’s meeting, especially after the central bank recently signalled a faster monetary tightening.

Last week’s nonfarm payrolls number disappointed, and this means close attention is likely to be paid to the release of the Job Openings and Labor Turnover Survey, at 10 AM ET (15:00 GMT). 

The number of job openings is likely to have fallen again in October, with economists calling for 10.369 million in the month, down from 10.438 million in September. 

In terms of corporate news, Amazon (NASDAQ:AMZN) is likely to be in the spotlight Wednesday after thousands of users of the online retail giant’s services suffered an outage during the previous session. 

Robinhood (NASDAQ:HOOD) will also be in focus after the online trading platform announced it is seeking a termination of the resale of its shares by certain investors, potentially removing a near-term overhang.

Crude prices pushed higher Wednesday, continuing the week’s strong gains, ahead of the release of the latest crude oil supply data from the U.S. Energy Information Administration, due at 10:30 AM ET.

The equivalent numbers from the American Petroleum Institute, released on Tuesday, showed a draw of a surprisingly large drop in crude stocks of over 3 million barrels last week.

By 2 AM ET, U.S. crude futures traded 0.2% higher at $72.18 a barrel, while the Brent contract rose 0.4% to $75.73. Both benchmarks posted gains of just under 5% on Monday and over 3% on Tuesday.

Additionally, gold futures rose 0.1% to $1,785.40/oz, while EUR/USD traded 0.2% higher at 1.1280.

 

Dow Jones Futures Rise 100 Pts; Positive Pfizer Vaccine News Helps
 

Related Articles

KLA-Tencor Earnings, Revenue Beat in Q2
KLA-Tencor Earnings, Revenue Beat in Q2 By Investing.com - Jan 27, 2022

Investing.com - KLA-Tencor reported on Thursday second quarter earnings that beat analysts' forecasts and revenue that topped expectations. KLA-Tencor announced earnings per...

Western Digital Earnings, Revenue Beat in Q2
Western Digital Earnings, Revenue Beat in Q2 By Investing.com - Jan 27, 2022

Investing.com - Western Digital reported on Thursday second quarter earnings that beat analysts' forecasts and revenue that topped expectations. Western Digital announced...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email