Sign InKey Insights Before Friday's Stock Market Opening Bell
Alex Vellor
The Dow Jones Industrial Average demonstrated a robust performance, marking a 0.85% rise with 331.37 points added. This ascent extends its winning streak to seven consecutive days—the longest since December. Leading the surge, Home Depot and Caterpillar each advanced over 2%, significantly contributing to the index’s gains.
The broader stock market reflected a positive trend as well. The S&P 500 increased by 0.51%, and the Nasdaq Composite saw a modest rise of 0.27%. These gains came on the back of optimistic jobless claims data, sparking hopes among investors of potential Federal Reserve rate cuts later in the year. Here are the key news updates for today:
Gold Prices Rebound
In the commodities market, gold prices experienced an uplift. In Friday’s European trading, spot gold increased by 0.3% to $2,354.06 an ounce, while gold futures for June jumped 0.9% to $2,360.75 an ounce.
A weakening U.S. dollar and lower Treasury yields helped gold prices set up for their first weekly gain in three, buoyed by safe-haven demands amid geopolitical uncertainties and new U.S. trade tariffs on China.
Premarket Movers:
| Company | Stock Change | Event |
|---|---|---|
| Novavax (NASDAQ:NVAX) | soared 125% | signed a deal with Sanofi (NASDAQ:SNY) to develop its Covid vaccine starting next year |
| Moderna (NASDAQ:MRNA) | fell 2.6% | the FDA delayed the approval of its vaccine for respiratory syncytial virus to the end of May due to "administrative constraints" |
| Nvidia (NASDAQ:NVDA) | gained 1.3% | Taiwan Semiconductor Manufacturing (NYSE:TSM) reported a near 60% jump in April sales |
| Tesla (NASDAQ:TSLA) | rose 0.8% | reports the Biden administration was preparing more tariffs against its Chinese EV rivals |
| Dropbox (NASDAQ:DBX) | rose 1.9% | delivered a decent first-quarter earnings and revenue, overshadowing tepid guidance for the current quarter |
| SoundHound AI (NASDAQ:SOUN) | soared 14% | first-quarter revenue beat market estimates |
Novavax and Sanofi Partnership
Today, Novavax announced a significant collaboration with Sanofi to co-commercialize its Covid vaccine starting next year.
This agreement includes a $500 million upfront payment to Novavax and potential additional payouts, boosting Novavax’s shares significantly. The partnership aims to enhance vaccine availability and also tackle the flu, showcasing a strategic expansion in their product lines.
Oil Prices on the Rise
The energy sector also showed promising signs, with oil prices advancing on Friday.
U.S. crude futures increased by 0.6% to $79.72 per barrel, while Brent crude ascended by 0.5% to $84.33 a barrel. This increase is supported by optimistic data indicating a rise in demand from the U.S. and China, the top global consumers of crude oil. A decrease in U.S. crude inventories alongside strong import data from China suggested improving global oil demand.
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Alex Vellor
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