US pre-open: Futures in the green following Pfizer-BioNTech jab's full FDA approval
By Iain Gilbert
Date: Tuesday 24 Aug 2021
(Sharecast News) - Wall Street futures had stocks opening higher on Tuesday following yesterday's rally.
As of 1215 BST, Dow Jones futures were up 0.18%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.20% and 0.31% firmer, respectively.
The Dow Jones closed 215.63 points higher on Monday, extending gains recorded in the final session of what was an otherwise losing week for major averages.
Futures ticked up yet again in pre-market trading on Tuesday as news that US regulators had granted full approval for Pfizer and BioNTech's Covid-19 vaccine continued to boost sentiment.
AvaTrade's Naeem Aslam said: "Stock futures in the United States and Europe are rising today, reflecting a resurgence of investor confidence bolstered by the approval of Pfizer-Covid BioNTech's vaccine by the FDA.
"The vaccine news aided markets in starting the week on a positive note, with stocks associated with economic recovery showing strength on Monday. The stock market's recovery was facilitated by optimism that the approval would serve as a foundation for additional steps to accelerate economic growth, which is currently slowed by the advance of cases caused by the delta variant. The approval is critical because it will persuade people who are still hesitant to get their vaccinations due to concerns about unwarranted side effects."
On the macro front, July new homes sales data will be published at 1500 BST.
In the corporate space, retailer Best Buy reported better-than-expected second-quarter results ahead the bell, with the group raising its full-year same-store sales outlook after posting a comparable sales growth of 20% and operating income growth of 40% year-on-year.
Still to come, Urban Outfitters, Nordstrom and Toll Brothers will all report after the close.
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