U.S. stock futures jumped on Sunday as investors await more COVID-19 vaccine updates amid revised restrictions for businesses in urban areas including New York City. Election developments will also be closely monitored along with a tsunami of major retail earnings.
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Dow futures added over 180 points as of 6:30 PM ET, Nasdaq futures over 100 points, and the S&P 24.
Investors will build on a robust week for U.S. stocks after the S&P 500 hit a fresh record and the Russell 2000, a benchmark of domestic-focused companies, also hit a record on Friday passing levels not seen since August 2018.
For the week, the Dow tacked on about 4%, the S&P over 2% while Nasdaq slipped 0.5%. This as global investors pumped a record amount of money into equity funds.
Sunday President Trump, via a tweet, sent mixed signals on the official outcome of the Presidential election, hinting that Joe Biden "won" a "rigged" 2020 presidential election, but adding that he is not conceding the race.
On the vaccine front, drug companies Pfizer, BioNTech, Eli Lilly, Regeneron and Moderna will remain in focus for potential updates.
Late Friday, President Trump discussed the progress being made and distribution plans, but also criticized Pfizer for not clarifying being part of Operation Ward Speed.
TickerSecurityLastChangeChange %PFEPFIZER INC.38.62+1.07+2.85%BNTXBIONTECH SE106.00+4.37+4.30%LLYELI LILLY & COMPANY142.38+1.35+0.96%REGNREGENERON PHARMACEUTICALS INC.566.43+9.65+1.73%MRNAMODERNA INC.89.39+1.58+1.80%Video
BIG WEEK FOR RETAIL EARNINGS
Looking ahead to earnings, Tuesday will kick-off a busy week for the world's biggest retailers including Walmart on Tuesday.
Target will follow on Wednesday. As for the home improvement chains, Home Depot reports on Tuesday followed by rival Lowe's on Wednesday. Both home retailers will give updates on whether lockdowns have boosted DIY improvement projects.
Space stocks will also likely see some action as investors await the launch of Elon Musk's SpaceX rocket Sunday evening setting the tone for more advances in the industry.
In other corporate news, Boeing may get word from the Federal Aviation Administration on whether its troubled 737 Max Jet can return to the skies.
TickerSecurityLastChangeChange %BABOEING COMPANY187.11+10.39+5.88%
Retail sales data will also figure prominently on the economic calendar with those stats due Tuesday. Economists are expecting sales for October to rise 0.5% down from a healthy 1.9% in September which was led by clothing, sporting goods, and autos. Excluding autos, sales may tick up 0.6% vs. 1.5% the prior month.
The National Association of Home Builders will also release it sentiment survey Tuesday, followed by housing starts and permits on Wednesday, both reports gauge future demand.
Oil hovered around the $40 per barrel level in early trading.
TickerSecurityLastChangeChange %USOUNITED STATES OIL FUND L.P.28.13-0.53-1.85%