Moderna, Simon, PNC: What to Watch When the Stock Market Opens Today

 Moderna, Simon, PNC: What to Watch When the Stock Market Opens Today

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Here’s what we are watching as markets kick into gear Monday.

Stock futures rose on optimism over potential Covid-19 vaccines, with the S&P 500 set to open higher after ending last week at a record level. Futures tied to the broad market gauge rose 0.8% while contracts tied to the Dow Jones Industrial Average climbed 1%. Read our full market wrap here.

What’s coming up. Cybersecurity firm
Palo Alto Networks
and Chinese tech company
Baidu
report earnings afternoon eastern time.

Market Movers to Watch

Production line where part of the Moderna coronavirus disease (COVID-19) vaccine will be produced, in Visp, Switzerland.

Production line where part of the Moderna coronavirus disease (COVID-19) vaccine will be produced, in Visp, Switzerland.

Photo: olivier maire/EPA/Shutterstock


Moderna
jumped almost 5% premarket ahead of expectations the company will report its Covid-19 vaccine candidate results soon.

Virgin Galactic gained 4% before the bell. Rival commercial aerospace company SpaceX successfully launched four astronauts into orbit Sunday, beginning regularly scheduled commercial flights to the International Space Station.

—Airliners and cruise companies, bellwethers for the travel industry’s outlook, gained premarket.
United Airlines Holdings
jumped 4%,
Delta Air Lines
climbed 2.8%,
Royal Caribbean Group
advanced 4.8% and
Norwegian Cruise Line Holdings
gained 4.7%.


PNC Financial Services Group
gained 1.8% premarket after agreeing to buy the U.S. arm of Spain’s
Banco Bilbao Vizcaya Argentaria
(BBVA) for $11.6 billion in one of the largest bank tie-ups since the financial crisis, The Wall Street Journal reported. BBVA’s U.S. listed ADR surged 16%.

—The PNC deal helped speed up the rotation from growth to value stocks in off-hour trading as financial stocks gained.
JPMorgan Chase
rose 1.1%,
Bank of America
gained 1.4%,
Wells Fargo
ticked up 1.3% and
Citigroup
advanced 1.4%.


Simon Property Group
jumped 3.8% off-hours after agreeing a cut-price takeover for mall developer
Taubman Centers,
The Wall Street Journal reported.


JD.com
‘s U.S. listed ADR advanced 6% ahead of the bell, after the Chinese e-commerce mammoth reported growth in revenue and gross merchandise value for the latest quarter that impressed investors.

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