Futures point to a higher open
U.S. stock markets are set to start the week slightly higher as countries around the world continue to wage war against the novel coronavirus (COVID-19) pandemic.
By 7:25 a.m. ET, Dow futures were up 62.5 points, or 0.29% to 21,499. The S&P 500 futures rose 13.25 points, or 0.52% to 2,537.25 while the tech-heavy Nasdaq 100 futures indicated a gain of 45.5 points, or 0.6% to 7,614.
The number of people infected with the coronavirus worldwide has jumped to more than 723,700 while deaths have risen to over 34,000, according Johns Hopkins University. The U.S. is now the epicenter of the deadly virus, with more than 143,000 confirmed cases and over 2,400 deaths.
Crude futures tumble as demand concerns weigh
Crude futures were lower on Monday, pressured by the ongoing Saudi-Russia price war and concerns that oil demand growth will be limited because of the coronavirus pandemic.
By 7:25 a.m. ET, U.S. West Texas Intermediate crude futures were down $1.08, or 5.02% to $20.43. International Brent crude futures were at $26.41, down $1.54, or around 5.51%.
Amazon workers plan walkout at Staten Island facility
Meanwhile, Amazon (NASDAQ: AMZN) workers at the online retailer’s fulfillment center in Staten Island, New York, are planning a mass walkout on Monday to demand better protections and pay during the coronavirus pandemic, according to CNBC.
The walkout comes after one employee tested positive for the coronavirus at the facility. Chris Smalls, a manager assistant who is leading the walkout, says the workers want the facility closed down and completely sanitized before they return.
Anywhere between 50 to 200 employees are set to take part in the protest around 12:30 p.m. ET, according to Smalls. Amazon shares were little changed in premarket trading hours on Monday.
Abbott shares jump on FDA approval
In other news, shares of Abbott Laboratories (NYSE: ABT) jumped in premarket trading after the company received emergency use authorization (EUA) on Friday from the Food and Drug Administration for a coronavirus test that can deliver “positive results in as little as five minutes and negative results in 13 minutes.”
“With rapid testing on ID NOW, healthcare providers can perform molecular point-of-care testing outside the traditional four walls of a hospital in outbreak hotspots,” Abbott president and chief operating officer Robert Ford said in a statement.
The medical device maker expects to launch the test this week to select health care facilities that deliver urgent care and plans to ramp up production to deliver 50,000 tests a day.
As of this writing, Abbott shares were up $8.85, or 11.87% to $74.56 apiece in premarket trading session Monday.
