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U.S. Stock Futures Point to Gains on Wall Street

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09/14/2020 | 08:24am EDT

By Joe Wallace

U.S. stock futures rose Monday, signaling stocks may start the week on a firm footing after a bout of volatility driven by swings in technology shares.

Futures tied to the S&P 500 climbed 1.2%, while contracts linked to the technology-laden Nasdaq Composite gained 1.5%. The Nasdaq last week suffered its biggest one-week decline since the market crisis of March.

Monday's advance would extend a spell of outsize moves in both directions for global markets. Stocks have been buffeted by uncertainty about the U.S. presidential election, a slowing recovery in the world economy from the shock of Covid-19, and gyrations in tech shares that had driven markets higher since the spring.

"We're shifting into an environment of lower returns and higher volatility and this is not inconsistent with that," said James McCormick, global head of desk strategy at NatWest Markets.

"This isn't a message that we're going back to February, March markets," Mr. McCormick added, referring to the historic declines that took place when countries locked down to control Covid-19. "But I think the upside is going be a bit capped here until we get through some of these events and risks."

Investor sentiment was boosted by the resumption of clinical trials of AstraZeneca's experimental coronavirus vaccine in the U.K., analysts said. Studies were put on pause globally after a person who received the vaccine had an unexplained illness. Trials in other countries, including the U.S., remain on hold.

"There's a bit more positivity as regards vaccines," said Robert Carnell, head of research for Asia-Pacific at ING Groep. "The resumption of AstraZeneca trials will be seen in that light."

There were some big moves in individual stocks ahead of the opening bell in New York after a busy weekend for mergers and acquisitions.

Shares of Oracle jumped almost 10% premarket after the tech company won the bidding for the U.S. operations of video-sharing app TikTok, according to people with knowledge of the matter. The deal may be structured as a partnership, rather than an acquisition, The Wall Street Journal reported.

Shares of Nvidia rose almost 6% premarket after the chip maker neared a deal to buy British chip-designer Arm Holdings for more than $40 billion from SoftBank Group Corp. Shares in the Japanese technology conglomerate jumped 9%.

Investors appeared to welcome news that ViacomCBS is close to selling CNET Media Group to Red Ventures, pushing shares in the entertainment giant up 1.3%. Gilead Sciences slipped 1% after the pharmaceutical company said it would pay $21 billion to buy biotech Immunomedics and its prized breast-cancer drug.

In government bonds, the yield on 10-year Treasury notes edged up to 0.675%, from 0.668% Friday. Traders are awaiting the conclusion of the Federal Reserve's two-day monetary-policy meeting Wednesday, when the central bank is expected to hold interest rates steady.

The WSJ Dollar Index, which tracks the U.S. currency against a basket of others, slipped 0.2%.

U.S. crude-oil prices were roughly flat at $37.33 a barrel. In a monthly report, the Organization of the Petroleum Exporting Countries said the pandemic would reduce global oil demand by around 9.5% this year, more than the cartel previously forecast.

International stock markets were mixed. The Stoxx Europe 600 bounced between small gains and losses, China's Shanghai Composite Index closed up 0.6% and Japan's Nikkei 225 advanced 0.7%.

Among individual European stocks, Euronext fell 3.8% after the pan-European exchange operator said it had submitted an offer to buy Borsa Italiana from London Stock Exchange Group.

Write to Joe Wallace at Joe.Wallace@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.57% 8001 Delayed Quote.4.57%
DJ INDUSTRIAL 0.54% 28363.66 Delayed Quote.-0.61%
EURO / US DOLLAR (EUR/USD) 0.27% 1.18442 Delayed Quote.5.71%
GILEAD SCIENCES, INC. 0.76% 60.67 Delayed Quote.-6.63%
IMMUNOMEDICS, INC. 0.05% 87.86 Delayed Quote.315.22%
ING GROEP N.V. 2.08% 6.581 Delayed Quote.-39.68%
LONDON BRENT OIL 0.76% 42.68 Delayed Quote.-36.82%
LONDON STOCK EXCHANGE PLC -0.54% 8470 Delayed Quote.9.88%
NASDAQ 100 -0.02% 11662.91382 Delayed Quote.33.55%
NASDAQ COMP. 0.19% 11506.00579 Delayed Quote.28.23%
NIKKEI 225 0.18% 23516.59 Real-time Quote.-0.77%
NVIDIA CORPORATION -1.21% 534.44 Delayed Quote.127.13%
S&P 500 0.52% 3453.49 Delayed Quote.6.89%
S&P/CITIC 300 INDEX -0.25% 4090.33 Delayed Quote.16.68%
S&P/CITIC 50 INDEX -0.43% 4111.8 Delayed Quote.11.12%
SOFTBANK GROUP CORP. -0.01% 7088 End-of-day quote.49.03%
STOXX EUROPE 600 0.89% 363.43 Delayed Quote.-13.36%
STOXX EUROPE 600 NR 0.90% 799.39 Delayed Quote.-11.71%
WTI 0.74% 40.83 Delayed Quote.-35.02%
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