US stock futures rose on Thursday, as hopes for reassuring jobs data added to momentum from yesterday's positive vaccine developments.
The S&P 500 advanced +0.70% on Wednesday after Pfizer (PFE: +3%) and partner BioNTech (BNTX) released a study for their Covid vaccine which had shown a "strong immune response" in initial human trials.
Meanwhile, minutes of the Fed’s June meeting revealed that various participants viewed the economy as needing support “for some time”, which helped support the prospect of continued monetary easing.
The Fed policymakers assessed the substantial likelihood of additional virus outbreaks, which "could result in further economic disruptions and possibly a protracted period of reduced economic activity”.
Ahead, today's economic calendar includes; Weekly Jobless Claims, the US Nonfarm Payrolls report for June, the Unemployment Rate June and International Trade for May at 8:30am EST, followed by Factory Orders for May at 10am EST.
TODAY'S TOP HEADLINES
Coronavirus: Daily Virus-Case Count Crosses 50,000. (The WSJ)
New coronavirus cases in the US passed 50,000 for the first time to reach a single-day record, as some states and businesses reversed course on reopenings and hospitals were hit by a surge of patients.
Today's Economical Announcements.
08:30AM - ★★★ - Weekly Jobless Claims (Previous: 1.480M)
08:30AM - ★★★ - Nonfarm Payrolls (Jun) (Previous: 2.509M)
08:30AM - ★★★ - Unemployment Rate (Jun) (Previous: 13.3%)
08:30AM - ★★☆ - Exports (Previous: 151.28B)
08:30AM - ★★☆ - Imports (Previous: 200.69B)
10:00AM - ★★☆ - Factory Orders (May) (Previous: -13.0%)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Tesla (TSLA): [REVIEW] Wedbush Securities increased its price target on the stock to $1,250 from $1,000, saying its “bull case” could see the stock rise as high as $2,000. Wedbush’s rating on the stock remains “neutral.”
Nio (NIO): [NEWS] Delivered 3,740 vehicles during June, a monthly record, and exceeded prior guidance with second-quarter deliveries of 10,331 vehicles.
Nu Skin Enterprises (NUS): [NEWS] Raised its revenue outlook for the quarter that ended in June, on strong demand in the Americas and Europe. Nu Skin is scheduled to report earnings on August 5.
JetBlue (JBLU): [NEWS] Reached a deal with its pilots union that will avoid involuntary furloughs until May 1, 2021, according to a memo sent to its pilots and seen by Reuters. The memo did not give any further details.
American Airlines (AAL): [NEWS] Said it was overstaffed by about 8,000 flight attendants, and may seek to cut the workforce through voluntary leaves and early retirements.
Boeing (BA): [NEWS] Boeing and the Federal Aviation Administration (FAA) have completed a series of recertification test flights for the grounded 737 Max jet. The FAA will now conduct a data review, and still must approve a pilot training program and other details before the jet can return to service.
PG&E (PCG): [NEWS] Has exited bankruptcy protection, following the utility’s implementation of a financial restructuring plan approved by a judge and California state regulators.
Spotify (SPOT): [NEWS] Is considering adding video streaming features to its service to compete with Google’s YouTube, according to a report in online tech publication “Tech The Lead.”
DocuSign (DOCU): [REVIEW] RBC Capital increased its price target on the stock to $210 from $170, while maintaining an “outperform” rating. RBC sees the electronic signature technology company taking a disproportionate share of the workflow digitization market.
McDonald’s (MCD): [NEWS] Halted further reopenings of dine-in service at its restaurants, postponing them by three weeks due to a rise in Covid-19 cases. Restaurants, where dine-in service had already resumed, will be allowed to continue offering it if their local jurisdictions allow it.
Facebook (FB): [NEWS] CEO Mark Zuckerberg told employees at a video town hall meeting last week that he was reluctant to bow to the ongoing ad boycott, saying that advertisers would return “soon enough.” Facebook told CNBC that it is making real progress in keeping hate speech off its platforms, and that it does not benefit from this kind of content.
HollyFrontier (HFC): [NEWS] Cut its workforce in recent weeks, according to sources who spoke to Reuters. Refining profit margins have dropped amid the coronavirus pandemic, and refining companies have been slashing operating expenses.
Novartis (NVS): [NEWS] Will pay more than $729 million to settle US charges that the drugmaker paid illegal kickbacks to doctors and patients to help drug sales. Novartis accepted responsibility for many of the allegations, and said it is now a different company with a strong culture and commitment to ethics.
GAINERS: AXGN, SQ, ROKU, RARE, AMGN
DECLINERS: INO, SCS
Accolade (ACCD) (Price: 22) (Est. Vol: $220.5M)
Capstar Special Purpose (CPSR.U) (Price: 10) (Est. Vol: $240.0M)
Lemonade (LMND) (Price: 29) (Est. Vol: $319.0M)
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