U.S. stock futures rose; the S&P 500 is on track to reach another all-time high. This push came from Pfizer’s full approval of their Covid-19 vaccine. The investor’s sentiments were bullish. The rest of the global markets also rebound in Tuesday’s trading session. U.S. stock the S&P 500 gained 0.2%, the Dow Jones Industrial Average 0.1%, and the Nasdaq Composite gained 0.4%.
Pfizer and partner BioNTech received full approval from the U.S. regulators for their Covid-19 vaccine. This means that more people will be able to get vaccinated, and the economy’s growth concerns could fade away.
Economists are weighing the Federal Reserve’s decision to push out its tapering plans amid a slowing down economy. However, stocks are trending with investor’s relying on solid corporate earnings reports and the rebound against the Covid-19 cases.
Cybersecurity company Palo Alto Network’s revenue was better-than-expected, and shares rose by 16% on Monday.
Another jump in shares came from CrowdStrike Holdings, which will be listed on the Nasdaq-100 this Thursday. The company’s shares increased by 6.1%. Best Buy’s sales increased in quarter two, and shares rose 6.7%.
Bond yields were up on Monday, the 10-year U.S. Treasury note gaining from 1.282% to 1.254%.
Global markets are recovering
In China, there is an increase in travel activity of major cities, giving oil a boost. This caused Brent crude to increase by 1.8% to $70 a barrel. Traffic in Beijing was 12% higher than last week, a sign that traffic activity is picking up.
In Europe, the Stoxx 600 was up 0.3%. And in Asia, shares of JD.com rallied, leading Chinese internet stocks. J.D. increased by 15% on Tuesday after the company reported an increase in revenue of $39.3 billion.
The Hang Seng index also recovered and gained 2.5%, with shares of Alibaba Group rising by 9.5% after a nine-day losing streak.
The Jackson Hole Symposium, which is due later this week, will reflect the central bank’s bond tapering plans. Fed Chair Jerome Powell will speak virtually at the conference. However, some economists feel that there won’t be a significant announcement, and it might be too soon for the Fed to start implementing tapering plans. MetaNews to update further.