The latest news showed that stock futures boosted in overnight trading. The rise started following the full approval of Pfizer and BioNTech’s coronavirus vaccine.
Remarkably, futures on the Dow Jones Industrial Average surged 60 points. Meanwhile, S&P 500 futures and Nasdaq 100 futures both saw gains of 0.2%.
Additionally, the market was up as shares sensitive to an economic rebound increased on the expectation that Pfizer’s approval would clear the path for more mandates amid the spread of the delta strain.
Furthermore, the S&P 500 closed Monday’s session 0.8% higher after hitting an intraday record high. The tech-heavy Nasdaq Composite soared nearly 1.5% to hit a record closing high. The Dow Jones Industrial Average gained by more than 200 points on Monday.
The market is waiting for the Jackson Hole symposium later this week. It is anticipated to be a market-moving event where central bankers could reveal their plans for tapering monetary stimulus. The Fed has started discussions to pull back its $120 billion a month bond-buying program by the end of 2021.
It is scheduled to take place virtually on Thursday. Meanwhile, Federal Reserve Chairman Jerome Powell will give a speech on Friday.
The second-quarter earnings season is winding down. Remarkably, more than 90% of S&P 500 firms reported results. S&P 500 is poised to increase its earnings by 94.7% year over year.
Shares in Asia-Pacific increased in Tuesday’s trade
Shares in Asia-Pacific increased in Tuesday trade. Notably, the tech-heavy Nasdaq Composite surged to a record closing high. The surge started after the FDA gave full approval for Pfizer’s vaccine.
Hong Kong’s Hang Seng index gained 1.56% by the afternoon as shares of Chinese tech companies listed in the city jumped. Tencent, an internet giant, surged 4.56%. Meanwhile, Meituan rose more than 9%, and Alibaba increased by 5%. The Hang Seng Tech index advanced 4.52%.
Mainland Chinese stocks gained as the Shanghai composite soared by 1%. Meanwhile, the Shenzhen component gained 0.856%.
According to Reuters, the U.S. SEC has started issuing new requirements to Chinese companies looking to list in New York. The step aims to raise investor awareness of the risks involved.
The Nikkei 225 in Japan increased 1.03%, as shares of conglomerate Softbank Group rose nearly 2%. The Topix index was boosted by 1.11%. South Korea’s Kospi advanced 1.44%.
In Australia, the S&P/ASX 200 gained 0.33%.
Moreover, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, expanded 1.31%.