S&P 500 futures ticked higher on Monday, a day after setting a fresh record high and posting its fifth consecutive week of gains on Friday.

Optimism was buoyed by a shift in the approach to monetary policy from the Fed, which signaled to keep borrowing costs down for longer.

Investors also felt comfort in the economy’s reemergence from virus shutdowns and will watch new data for clues to further support this.

Still, with coronavirus infections in the US ticking up again and India becoming the world’s new epicenter, the pandemic is far from beaten.

In corporate news; Zoom Video Communications (ZM) and Rackspace Technology (RXT) will both reported their latest financials today.

TODAY'S TOP HEADLINES
Coronavirus: Deaths Surge In India. (Bloomberg)
India saw its Covid-19 fatalities surpass Mexico’s to give it the third-largest death toll globally, as the nation becomes the new epicenter.

ECONOMIC CALENDAR
Today's Economical Announcements.
00:00AM - ☆☆☆ - N/A (Previous: N/A)

STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Apple (AAPL): [NEWS] Begins trading on a post-split basis today, following its 4-for-1 stock split. With the reduction in Apple’s per-share price, UnitedHealth (UNH) now has the highest stock price among the 30 Dow stocks. Separately, the legal battle between Apple and Fortnite creator Epic Games escalated as Apple terminated Epic’s account in its App Store.

Tesla (TSLA): [NEWS] Will begin trading on a post-split basis today, following a 5-for-1 stock split.

Yum China (YUMC): [NEWS] Has begun taking orders for a secondary share listing in Hong Kong that could raise more than $2.5 billion, according to The Wall Street Journal.

United Airlines (UAL): [NEWS] Said it would permanently eliminate ticket change fees, as it tries to woo customers back after the pandemic-induced travel demand slump. United’s standard domestic ticket change fee had been $200.

Aimmune Therapeutics (AIMT): [NEWS] Switzerland’s Nestle will pay $2 billion to acquire full ownership of the US-based biopharmaceutical company, best known for its Palforzia treatment for peanut allergies. Nestle already had a 25.6% stake in Aimmune, and will pay $34.50 per share for the remainder compared to Aimmune’s Friday closing price of $12.60.

General Electric (GE): [REVIEW] JPMorgan Chase analyst Stephen Tusa removed his price target on GE, citing the lack of forward visibility. The firm’s rating on GE remains at “neutral,” although the report said the fair value of the stock is likely less than $5 per share.

Philips (PHG): [NEWS] Said the US government has canceled the bulk of an order for 43,000 ventilators, and it has cut its 2020 earnings outlook as a result. A US House panel had determined last month that the government had overpaid Philips by at least $500 million.

AT&T (T): [NEWS] Is exploring options for its DirecTV unit, according to people familiar with the matter who spoke to The Wall Street Journal. Apollo Global Management (APO) is said to be among the interested bidders for the satellite TV operator.

Gilead Sciences (GILD): [NEWS] Expanded the emergency use authorization for Gilead’s antiviral drug remdesivir, allowing use in all hospitalized patients with Covid-19. Previously, the treatment had been approved only for people with a severe form of Covid-19.

BlackRock (BLK): Received approval from China regulators to set up a mutual fund unit in that country, becoming the first global asset manager to receive such approval.

Beyond Meat (BYND): [UPGRADE] Citi upgraded the plant-based burger maker’s stock to “neutral” from “sell,” noting its underperformance since early July and its better-than-expected topline growth and saying the stock now offers a more balanced risk/reward profile.

Honeywell (HON), Amgen (AMGN), Salesforce (CRM): [NEWS] Will become members of the Dow Jones as of today, replacing Pfizer (PFE), Exxon Mobil (XOM) and Raytheon Technologies (RTX).

Berkshire Hathaway (BRKB): [NEWS] Acquired stakes of just over 5% in five large Japanese companies, including Mitsubishi, Mitsui and Sumitomo. Berkshire said it regarded the purchases as long-term investments and that it may boost its stakes to as high as 9.9%.

MOMENTUM STOCKS
GAINERS: NTNX, PLAY, RRGB, CHEF, BLMN, LYV, HGV, WDAY
DECLINERS: BIG, OLLI, FLGT

TODAY'S IPOs
None.

WE WILL SHOW YOU THE WAY!