Markets looking to start the week higher as traders eye Fed symposium

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stock futures

Wall Street futures inch higher

U.S. stock markets look likely to the new week on a positive note ending with losses last week as Covid-19 delta variant worries spooked traders.

The Federal Reserve is expected to be in the spotlight later in the week, as it prepares to kick off its annual conference in Jackson Hole, Wyoming, where policymakers give more clues into what they may keep rising consumer prices in check.

As of 4:50 a.m. ET, futures tied to the blue-chip Dow implied a gain of 111 points, or 0.32% to 35,169.

S&P 500 futures jumped 13 points, or 0.29% to 4,450 while the technology-heavy Nasdaq 100 futures ticked up 50 points, or 0.33% to 15,137.

Pfizer, BioNTech rally as the FDA prepares to fully approve their Covid-19 vaccine

Meanwhile, the U.S. Food and Drug Administration could today fully approve the coronavirus jab developed by Pfizer (NYSE: PFE) and its German partner BioNTech (NASDAQ: BNTX), according to multiple media reports.

On Friday, the New York Times said in a report that the FDA is working to finalize negotiations and paperwork with Pfizer.

Americans are currently receiving the two-dose Pfizer shot under an emergency use authorization (EUA), which the agency granted late last year.

Full FDA approval could allow schools and government agencies to require vaccinations, and would allow the drugmakers to market the vaccine directly to the public.

As of this writing, Pfizer stock was indicated $1.58, or 3.24% higher to $50.30 in premarket trade Monday.

BioNTech stock advanced $18.65, or 5.35% to $367.33 per share.

Crude futures rebound despite virus concerns

On the commodities front, crude futures were also in the green territory early Monday, as traders shrugged off fears about the coronavirus delta variant inflicting more pain of the global economy.

As of 4:50 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were up $2.03, or 3.27% to $64.17 a barrel. International Brent crude futures edged up $2.13, or 3.29% to $66.88 a barrel.

Last week, both suffered heavy losses, weighed by delta variant concerns, hawkish Fed minutes, uneven U.S. economic recovery, and slowing growth in China.

Peloton, JD.com, Gap, Dell, Salesforce earnings on tap this week

Today’s earnings calendar includes JD.com (NASDAQ: JD), Palo Alto Networks (NYSE: PANW), Madison Square Garden (NYSE: MSGE), and Smart Share Global (NASDQ: EM).

Other notable earnings to watch to this week include Salesforce (NYSE: CRM), Best Buy (NYSE: BBY), Peloton (NASDAQ: PTON), Gap (NYSE: GPS), Dell (NYSE: DELL), Nordstrom (NYSE: JWN), Dollar General (NYSE: DG).

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