More gains ahead for U.S. stocks
U.S. stocks are expected to extend gains once the market opens on Tuesday morning, a day after the Food and Drug Administration fully approved the Pfizer (NYSE: PFE)-BioNTech (NASDAQ: BNTX) coronavirus vaccine for people 16 years of age and older.
The vaccine, which will be marketed as Comirnaty, becomes the first to move beyond emergency use authorization (EUA) in the United States. It is still available under EUA for people between 12 and 15 years of age.
Following the full safety approval, New York City Mayor Bill de Blasio said that all public school teachers and other staffers will be required to get vaccinated with at least one Covid-19 vaccine dose by September 27.
As of 5:05 a.m. ET, futures linked to the blue-chip Dow Jones Industrial Average implied a gain of 44 points, or 0.12% to 35,325.
S&P 500 futures advanced 9.25 points, or 0.21% while the tech-heavy Nasdaq 100 futures added 69.75 points, or 0.46% to 15,374.25.
Trillium stock skyrocket as Pfizer agrees to acquire the cancer drug maker for $2.3 billion
Still on Pfizer, the drugmaker has agreed to acquire Trillium Therapeutics (NASDAQ: TRIL), a Canada-based company that focuses on blood-cancer therapies.
Pfizer said in a press release Monday that having acquired a stake of $25 million in September 2020, it now intends to buy the remaining outstanding shares at a price of $18.50 each.
The deal values Trillium at $2.22 billion and represents a 118% premium to the 60-day weighted average price of the stock.
Pfizer expects the acquisition to strengthen its leadership in oncology with addition of next-gen investigational immune-therapeutics for hematological malignancies.
Trillium stock surged $11.50, or 188.83% to close Monday’s regular session at $17.59 per share.
Crude futures inch higher as vaccine approval clears demand outlook
Crude futures were also soaring this morning as traders cheered the FDA’s full approval of the Pfizer-BioNTech coronavirus shot, a move that’s widely expected to convince unvaccinated Americans of the vaccine is safe and effective.
As of 4:50 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were marked 59 cents, or 0.90% higher to $66.23 a barrel. Global Brent crude futures gained 69 cents, or 1.01% to $69.06 a barrel.
Expectations are for more local and state governments, as well as private employers, to make vaccinations mandatory, with an aim of boosting economic recovery and re-openings, which will also boost fuel demand.
Intuit, Best Buy, Nordstrom report earnings today
On the earnings front, traders is expecting several companies to publish their quarterly financial results today.
Best Buy (NYSE: BBBY) is seen reporting earnings of $1.85 a share on revenue of $11.4 billion ahead of the opening bell.
Analysts expect Intuit (NASDAQ: INTU) to post earnings of earnings $1.68 a share and sales of $2.32 billion after the closing bell.
Nordstrom (NYSE: JWN) also reports after the market close and is seen coming out with earnings of 28 cents per share on revenue of $3.31 billion.
Other key earnings to keep an eye on today include Advance Auto Parts (NYSE: AAP), Urban Outfitters (NASDAQ: URBN), Medtronic (NYSE: MDT), and Toll Brothers (NYSE: TOL).
