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Pfizer, McDonald's, Delta, Biogen, F5 Networks: 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 surged, with the Dow poised to open almost 1,800 points higher. That would take the blue-chips gauge just short of the 30,000-point milestone. Progress toward a crucial Covid-19 vaccine gave markets fresh impetus at the start of the week. Read our full market wrap here.

What’s coming up. Cleveland Fed President Loretta Mester will speak at a virtual Philadelphia Fed fintech conference at 1:30 p.m. ET. China’s consumer- and producer-price indexes for October are due out at 8:30 p.m.

Pfizer shares surged higher after the drugmaker said its Covid-19 vaccine proved to be better than expected in late-stage trials.

Pfizer shares surged higher after the drugmaker said its Covid-19 vaccine proved to be better than expected in late-stage trials.

Photo: pfizer/Reuters

Market Movers to Watch

Pfizer
surged over 12% and
BioNTech
‘s ADRs rose 24% in offhours trading. The drugmakers’ Covid-19 vaccine candidate proved better than expected at protecting people from Covid-19 in a pivotal study.Airlines and travel stocks surged higher on the vaccine news, which marks a milestone in the hunt for shots that can stop the global pandemic.
United Airlines Holdings,
Delta Air Lines
and
Southwest Airlines
all jumped over 15%.
Royal Caribbean Group
and
Lyft
were also among the biggest winners in early trading.

McDonald’s
advanced almost 5% premarket after reporting third-quarter earnings that surpassed Wall Street’s expectations.

Biogen
plunged 28% ahead of the market open. The company’s hopes to win regulatory approval for its experimental Alzheimer’s disease drug took a major hit Friday. An independent committee of outside experts assembled by the FDA voted that even the best available clinical data doesn’t show the drug to be effective. 

F5 Networks
climbed 11% ahead of the opening bell. Activist investor Elliott Management took a stake in the software company, The Wall Street Journal reported Sunday. The company also said early Monday that it would buy back $1 billion of shares through fiscal 2022.

Mainstays of this year’s tech-fuelled rally, including
Amazon.com,
Facebook,
PayPal Holdings
and
Netflix
slid lower in offhours trading.  Smaller tech stocks were particularly hard hit: Online marketplace
Etsy
dropped 11%, and
Zoom Video Communications
fell 13%.

In contrast, finance and real estate stocks made large gains ahead of the opening bell.
American Express,
Wells Fargo,
Bank of America
and
JPMorgan Chase
advanced around 10% or more. In real estate,
Simon Property Group
and
Taubman Centers
jumped higher on the prospect of a rebound in shopping malls’ fortunes.

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