The Monday Market Minute
- Global stocks rebound amid improved risk appetite, but caution remains ahead of the Fed's Jackson Hole symposium later this week.
- European PMI data shows the region's recovery holding firm in August, while stocks rebound from their worst week since February.
- In the U.S., accelerating vaccine rates, impressive corporate earnings and a weaker dollar are adding to the session's bullish tone.
- Oil prices rise for the first day in eight, while the dollar index falls 0.3% from last week's nine-month high.
- U.S. equity futures suggest a modestly firmer start to the week with earnings from Best Buy, Salesforce and Nordstrom in focus, as well as the Federal Reserve's annual Jackson Hole symposium on Thursday.
U.S. equity futures traded higher Monday, while the dollar retreated from nine-month highs and oil prices snapped a seven-day losing streak, as investors eyed beaten-down stocks while moving cautiously towards this week's crucial Fed symposium at Jackson Hole, Wyoming, later this week.
A stronger-than-expected reading of economic activity in Europe for the month of August, a solid rebound in Asia stocks and an accelerating vaccination rate in the United States added to bullish tone Monday, with stocks looking to rebound from last week's decline.
The Composite PMI reading for the Eurozone economy -- the world's biggest -- slipped to 59.5 in August, from last month's decade high of 60.2, but remained firmly above the 50 point mark that separates growth from contraction.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies while often acting as a proxy for risk appetite, fell 0.3% from last week's nine-month high to trade at 93.23 in overnight dealing, a move that helped WTI crude futures for October delivery rise $2.12 per to $64.26 per barrel.
Bitcoin was also active, rising past the $50,000 mark for the first time since mid-May.
On Wall Street, with Fed Chairman Jerome Powell's Jackson Hole speech later this week firmly in focus, and the bulk of the second quarter earnings season already in the books, stocks are likely to see muted, August-like volumes over the next two or three sessions.
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Futures contracts tied to the Dow Jones Industrial Average are priced for a 175 point opening bell gain, while those linked to the S&P 500 are indicating a 15 point move to the upside. Nasdaq Composite futures are suggesting a modest 36 point head start to the trading day.
Pfizer (PFE) - Get Report shares were a notable pre-market mover, rising 3.2% to $50.28 each amid reports that the Food & Drug Administration could give full approval to the drugmaker's coronavirus vaccine later today.
Pfizer also agree a $2.26 billion takeover of Cambridge, Mass.-based cancer drug specialists Trillium Therapeutics.
Uber Technologies (UBER) - Get Report and Lyft Inc (LYFT) - Get Report were also active, falling 4.3% and 5% respectively, following a decision by the Superior Court of California in Alameda County to invalidate a 2020 ballot initiative that allowed ride-sharing and food delivery companies to classify employees as contract workers.
General Motors (GM) - Get Report was also on the move, falling 2.05% to $47.80 each after extending the recall of its Chevy Bolt to cover all of the electrified vehicles sold worldwide since 2019 amid concerns linked to the safety of its lithium ion batteries.
The tail end of the second quarter earnings season this week will include updates from Best Buy (BBY) - Get Report, Nordstrom (JWN) - Get Report, Salesforce (CRM) - Get Report, Gap Inc (GPS) - Get Report, Dollar General (DG) - Get Report and HP Inc (HPQ) - Get Report, with updates so far indicating collective S&P 500 profits will rise 94.7% from last year to $442.7 billion.
In overseas markets, Europe's Stoxx 600 benchmark rebounded from its worst week since February with an early 0.38% gain, while Japan's Nikkei 225 jumped 1.78% -- rising from an 8-month low -- to close at 27,494.24 points.
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