Stocks set to start the week higher
U.S. stock futures edged higher early Monday as market participants kept their sights on a slew of central bank meetings scheduled for this week.
As of 5:30 a.m. ET, futures tied to the blue-chip Dow were up 72 points, or 0.2% to 36,039. S&P 500 futures jumped 12.5 points, or 0.27% to 4,723 while the tech-heavy Nasdaq 100 futures climbed 56.5 points, or 0.35% to 16,386.25.
Attention is turning to a significant timetable of central bank meetings happening later this week, that are likely to drive financial markets.
The U.S. Federal Reserve will kick off its monetary policy meeting on Tuesday and announce its decision on Wednesday.
Economists widely expect that the Fed will quicken its pace to taper asset purchases following last week’s CPI data, which showed U.S. inflation accelerated at its fastest pace since 1982 in November.
The European Central Bank, the Bank of England, and the Bank of Japan are also due to meet this week.
Israeli study finds Pfizer vaccine is significantly effective against omicron
Meanwhile, new research out of Israel indicates that the Pfizer (NYSE: PFE) Covid-19 booster shot seemingly provides “significant protection” against the omicron variant, suggesting that booster shots could be vital in fighting it.
The study, which was done by Sheba Medical Centre and Israel’s health ministry, examined blood from 20 individuals who received two Pfizer shots 5-6 months earlier to the identical amount of individuals who were given a booster a month before.
Researchers also found that a regular booster vaccine is still more effective against the Delta variant.
The findings come after Pfizer announced last week that preliminary results of a laboratory study showed a third dose of its vaccine neutralizes the Omicron variant.
Arena Pharmaceuticals skyrockets 93% after agreeing to be acquired by Pfizer
Still on Pfizer, the drugmaker has agreed to acquire Arena Pharmaceuticals (NASDAQ: ARNA) in an all-cash deal worth $6.7 billion.
Pfizer said in a press release on Monday morning that it will buy all outstanding shares of Arena for $100 each, representing a 100.2% premium to the closing price of Arena stock on Friday.
Pfizer hopes the acquisition will help it expand its cancer and inflammatory disease treatment pipeline. The company said it expects to fund the deal with existing cash on hand.
As of writing, Arena stock was up $46.56, or 93.23% to $96.50 per share in the pre-market trading session.
