Stock futures are up on vaccine hopes and economies reopening
Dow Jones Industrial Average (DJI) are soaring to kick off the holiday-shortened week, up over 500 points at last check, as investors unwind the optimism surrounding the reopening of the economy and potential for a coronavirus vaccine. Biotech company Novavax (NVAX) is making wavesthis morning, after announcing it had begun clinical trials on a potential COVID-19 vaccine over the weekend, with initial results expected in July. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are beginning the week up as well, even as coronavirus cases in the U.S. climb to over 1.6 million, according to Johns Hopkins University.
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Bulls are piling on Palo Alto stock after a positive third-quarter.Despite a dismal outlook, Deere stock captured a second-quarter beat.Plus, GILD making COVID-19 vaccine advances; Hertz files for bankruptcy: and a video game stock is upgraded.Stocks in Asia finished higher today after U.S. biotech company Novavax (NVAX) reported that it had begun the first human study of its potential coronavirus vaccine over the long weekend. Both Hong Kong's Hang Seng and the Kospi in South Koreaclosed 1.8% higher, and China's Shanghai Composite grabbed a 1% win. Meanwhile, Japan's Nikkei soared 2.6% after Japan's Prime Minister Shinzo Abe announced that the state of emergency will be lifted in the last five areas ofthe country.
In Europe, shares are also enjoying a bounce from Novavax's clinical trial, as well as a boost from travel stocks. London's FTSE 100 and the French CAC 40 are currently up 1.1% and 1%, respectively. Elsewhere, the DAX in Germany is posting a 0.6% gain after German business sentiment came in better than expected for May.