Stock-index futures pointed to a higher start Monday as investors prepare for a tough earnings season and applaud news that the Food and Drug Administration granted “fast track” status to a pair of vaccine candidates produced by Pfizer Inc. and German biotech firm BoNTech SE.
What’s driving the market? Earnings season is set to kick off this week. The bar, as a result of the pandemic, has been set remarkably low and analysts will be watching results for clues to a third- and fourth-quarter rebound that skeptics say might be difficult to fulfill. Stocks have shaken off a renewed rise in the number of coronavirus cases, which have surged across much of the Sun Belt, though analysts have warned that the resurgence threatens to slow if not derail the rebound in economic activity after the sudden stop caused by lockdowns late in the first quarter and through much of the second quarter.
Read:China’s stock market just jumped 6%. This is a good thing and Westerners should be glad. No, really. Shares of PepsiCo Inc. PEP, +1.31% rose in premarket trade after the beverage and snack giant reported second-quarter profit and revenue that declined less than expected thanks to a resilient snacks and food business amid the COVID-19 pandemic.
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