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Futures Pointing To Initial Strength On Wall Street

wallstreet sept05 23nov20 lt

Following the mixed performance seen last week, stocks may move to the upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 179 points.

The upward momentum on Wall Street comes as traders react to additional upbeat news regarding a potential coronavirus vaccine.

AstraZeneca (AZN) announced the its vaccine candidate being developed in collaboration with Oxford University had an average efficacy of 70 percent.

The drug maker said one dosing regimen showed vaccine efficacy of 90 percent when given as a half dose, followed by a full dose at least one month apart, while another dosing regimen showed 62 percent efficacy when given as two full doses at least one month apart.

Adding to the positive sentiment, the FDA has granted an emergency use authorization for Regeneron's Covid-19 antibody treatment, while purportedly helped President Donald Trump fend off the disease.

Buying interest may be somewhat subdued, however, as traders also continue to grapple with concerns about the recent spike in coronavirus cases leading to new restrictions and lockdowns.

A lack of major U.S. economic data may also keep some traders on the sidelines along with the upcoming Thanksgiving Day holiday.

Extending the trend seen over the past couple sessions, stocks turned in a lackluster performance for much of the trading day on Friday before showing a significant move late in the session. The major averages came under pressure in late-day trading, closing firmly in negative territory.

The major averages finished the session near their worst levels of the day. The Dow slid 219.75 points or 0.8 percent to 29,263.48, the Nasdaq fell 49.74 points or 0.4 percent to 11,854.97 and the S&P 500 dropped 24.33 points or 0.7 percent to 3,557.54.

For the week, the major averages turned in a mixed performance. While the Nasdaq inched up by 0.2 percent, the Dow and the S&P 500 fell by 0.7 percent and 0.8 percent, respectively.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday, although the Japanese markets were closed for a holiday. China's Shanghai Composite Index jumped by 1.1 percent, while South Korea's KOSPI surged up by 1.9 percent.

Meanwhile, the major European markets have turned mixed on the day. While the U.K.'s FTSE 100 Index has edged down by 0.2 percent, the French CAC 40 Index is up by 0.4 percent and the German DAX Index is up by 0.5 percent.

In commodities trading, crude oil futures are climbing $0.47 to $42.89 a barrel after rising $0.52 to $42.42 a barrel last Friday. Meanwhile, after climbing $10.90 to $1,872.40 an ounce in the previous session, gold futures are sliding $9.20 to $1,863.20 an ounce.

On the currency front, the U.S. dollar is trading at 103.75 yen versus the 103.86 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1894 compared to last Friday's $1.1857.

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