(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)
* Boeing surges on 737 MAX jet approval
* Pfizer gains on improved final vaccine trial data
* Lowe’s slides after forecast disappoints
* Target, TJX rise after results beat
* Futures up: Dow 0.4%, S&P 0.2%, Nasdaq 0.1% (Adds comments, details; updates prices)
Nov 18 (Reuters) - Wall Street was set to open slightly higher on Wednesday as fresh signs of a COVID-19 vaccine fueled bets of faster economic revival next year, while Boeing surged after it won U.S. approval to resume flights of its 737 MAX jet.
The planemaker’s shares jumped about 6.5% in premarket trading as it geared up to resume deliveries of the jet after a 20-month grounding following two fatal crashes.
The news also lifted shares of airlines. American Airlines gained 1.9% and Southwest Airlines added 2.5% as the carriers laid out plans to fly the aircraft again.
Meanwhile, Pfizer Inc said it would apply for emergency U.S. authorization of its COVID-19 vaccine within days and disclosed final results from a late-stage trial that showed it was 95% effective. The drugmaker’s shares rose 2.9%.
The announcement comes after Moderna Inc on Monday released preliminary data for its COVID-19 vaccine, showing similar effectiveness.
“With earnings announcements coming in better than expected from the retail space and the positive news on Boeing, it should drive interest in cyclicals,” said Robert Pavlik, senior portfolio manager at Dakota Wealth, New York.
“It is sort of a mad rush because the thinking is that the economy is going to be in better shape six months to a year from now.”
Target Corp rose 2.8% after the big-box retailer blew past expectations for quarterly profit and sales, as its quick delivery services boosted online shopping.
Discount store operator TJX Companies Inc rose about 4% after beating quarterly sales estimate.
At 08:28 a.m. EST, Dow E-minis were up 0.39%, S&P 500 E-minis were up 0.22% and Nasdaq 100 E-minis gained 0.13%.
The benchmark S&P 500 and the blue-chip Dow retreated from all-time highs on Tuesday as glum U.S. retail sales data, as well as the specter of fresh restrictions dampened demand for risky assets.
The number of reported global daily deaths from the coronavirus stood at its highest ever on Tuesday, as the virus’s global epicenter the United States entered winter.
Lowe’s Cos Inc tumbled 6% as the home improvement chain forecast holiday-quarter earnings largely below analysts’ estimates.
Reporting by Shivani Kumaresan, Sruthi Shankar, Medha Singh, Shriya Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.