Stock futures edge higher as Wall Street eyes Q2 earnings season

Wall Street

Markets poised for positive opening

U.S. stock futures were pointing to gaining on Friday morning as market participants await the second-quarter earnings season, which kicks off next week.

As of 5:00 a.m. ET, futures tied to the blue-chip Dow were indicated 142.5 points, or 0.42% to higher to 34,436.5. S&P 500 futures rose 12.62 points, or 0.29% to 4,325.62 while the tech-heavy Nasdaq 100 futures advanced 10.75 points, or 0.07% to 14,723.

The Dow Jones Industrial Average, S&P 500, and the Nasdaq closed with losses on Thursday, with banking sector taking a heavy beating.

While the upcoming earnings season is likely to reflect continued negative impact from the coronavirus pandemic, analysts expect trends to be better as vaccinations continue in full swing and economies continue to reopen.

Biden admin reportedly planning to blacklist more Chinese entities

Meanwhile, the U.S. government is planning to add at least 10 more Chinese companies and other entities to its economic blacklist, according to a report by Reuters.

The news publication says that the U.S. Department of Commerce will also include some companies from other countries as early as Friday.

Two sources familiar with the matter told Reuters that the companies are being blacklisted over allegations of high-tech surveillance and human rights abuses against Uighur Muslims in Xinjiang.

Last month, the department blacklisted five other companies and Chinese entities over alleged forced labor in China’s far western region.

Pfizer, BioNTech to request FDA authorization for a third booster for their Covid-19 jab

In other news, drugmaker Pfizer (NYSE: PFE) and its German partner BioNTech (NASDAQ: BNTX) have revealed that they will seek emergency authorization from the U.S. Food and Drug Administration for a third booster of their Covid-19 vaccine.

The companies are seeking the authorization based on early data showing that a third dose of their existing Covid-19 vaccine is safe and can sharply increase immune protection against the coronavirus, according to Pfizer research head Mikael Dolsten.

Dolsten said the drugmakers plan to ask the FDA to authorize the booster vaccine once more data is available and people could be given that shot six to eight months after the original two doses.

BioNTech stock was marked $8.82, or 4.24% to $216.75 per share in pre-market trading Friday while Pfizer shares was little changed.